First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| SENIOR LOANS (a) - 110.4% | ||||||||
| Advertising - 1.8% | ||||||||
| New Insight Holdings, Inc. (Research Now), Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 8.84%, 12/20/2024 | 4,944,240 | 4,489,097 | ||||||
| WH Borrower, LLC (aka WHP Global), Term Loan B - First Lien | ||||||||
| (SOFR 1 Month + 5.50%, 0.50% Floor), 8.42%, 2/15/2027 | 2,992,500 | 2,865,319 | ||||||
| 7,354,416 | ||||||||
| Aerospace & Defense - 1.6% | ||||||||
| HDT Holdco, Inc., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.75%, 0.75% Floor), 9.42%, 7/8/2027‡ | 2,848,101 | 2,658,233 | ||||||
| MAG DS Corp., Term Loan B - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 7.75%, 4/1/2027‡ (b)(c) | 1,629,076 | 1,498,750 | ||||||
| New Constellis Borrower LLC, Term B Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 7.50%, 1.00% Floor), 10.62%, 3/27/2024‡ | 2,949,748 | 2,458,128 | ||||||
| 6,615,111 | ||||||||
| Agricultural & Farm Machinery - 0.3% | ||||||||
| Hydrofarm Holdings Group, Inc., Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 8.38%, 10/25/2028‡ (b)(c) | 1,212,835 | 1,091,551 | ||||||
| Air Freight & Logistics - 1.8% | ||||||||
| AIT Worldwide Logistics, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.75%, 0.75% Floor), 7.04%, 3/30/2028 (c) | 990,000 | 909,562 | ||||||
| LaserShip, Inc., Term Loan - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 7.50%, 0.75% Floor), 10.38%, 4/30/2029‡ | 4,000,000 | 3,120,000 | ||||||
| Omni Intermediate Holdings, LLC (Omni Logistics), Term Loan 2021 - First Lien | ||||||||
| (SOFR 3 Month + 5.00%, 1.00% Floor), 8.69%, 12/30/2026‡ (b)(c) | 3,280,493 | 3,231,286 | ||||||
| 7,260,848 | ||||||||
| Airlines - 1.7% | ||||||||
| AAdvantage Loyalty IP Ltd., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.75%, 0.75% Floor), 7.46%, 4/20/2028 | 1,200,000 | 1,165,800 | ||||||
| American Airlines, 2017 Class B Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 2.00%), 12/14/2023 (d) | 6,000,000 | 5,940,000 | ||||||
| 7,105,800 | ||||||||
| Alternative Carriers - 0.9% | ||||||||
| Zayo Group Holdings, Inc., 2022 Incremental Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 4.25%), 7.28%, 3/9/2027 | 4,134,957 | 3,614,470 | ||||||
| Apparel, Accessories & Luxury Goods - 0.9% | ||||||||
| Outerstuff LLC, Closing Date Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 8.67%, 12/31/2023‡ | 4,115,421 | 3,710,751 | ||||||
| Application Software - 6.9% | ||||||||
| Apex Analytix, Inc. (Montana Buyer, Inc.), Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 5.75%, 0.75% Floor), 8.06%, 7/22/2029‡ (b)(e) | 2,695,652 | 2,641,739 | ||||||
| AppHub, Term Loan - First Lien | ||||||||
| (SOFR 6 Month + 5.75%, 1.00% Floor), 10.01%, 9/29/2028‡ (b)(c)(e) | 2,675,011 | 2,634,886 | ||||||
| CDK Global, Inc. (Central Parent, Inc.), Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 4.50%, 0.50% Floor), 6.67%, 7/6/2029 | 5,000,000 | 4,828,425 | ||||||
| Certify, Inc., Fourth Amendment Delayed Draw Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 8.02%, 2/28/2024‡ (b)(e) | 400,000 | 400,000 | ||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 1 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Certify, Inc., Fourth Amendment Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.50%, 1.00% Floor), 8.02%, 2/28/2024‡ (b)(c)(e) | 1,000,000 | 1,000,000 | ||||||
| Great Dane Merger Sub, Inc. (CommerceHub), Term Loan B2 - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 7.00%, 0.75% Floor), 10.12%, 12/2/2028 | 5,000,000 | 4,012,500 | ||||||
| Helios Software Holdings, Inc. (ION Corporates), Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 3.75%), 7.45%, 3/5/2028 | 1,000,000 | 948,755 | ||||||
| PDFTron Systems, Inc., 2022-1 Incremental Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 5.50%, 1.00% Floor), 8.56%, 7/15/2027‡ (b)(c)(e) | 3,491,250 | 3,430,153 | ||||||
| PDFTron Systems, Inc., July 2021 Delayed Draw - First Lien | ||||||||
| (SOFR 3 Month + 5.50%, 1.00% Floor), 8.56%, 7/15/2027‡ (b)(c)(e) | 357,991 | 351,726 | ||||||
| PDFTron Systems, Inc., July 2021 Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 5.50%, 1.00% Floor), 8.56%, 7/15/2027‡ (b)(c)(e) | 1,113,863 | 1,094,370 | ||||||
| Precisely (Pearl Debt Merger Sub 1, Inc.), 2021 Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.00%, 0.75% Floor), 6.78%, 4/24/2028 | 1,994,962 | 1,762,220 | ||||||
| Rocket Software, Inc., Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 4.25%), 7.37%, 11/28/2025 | 994,845 | 953,888 | ||||||
| TMA Buyer, LLC, Delayed Draw - First Lien | ||||||||
| (SOFR 3 Month + 6.25%, 1.00% Floor), 9.38%, 9/30/2027‡ (b)(e) | 147,826 | 145,240 | ||||||
| TMA Buyer, LLC, Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.25%, 1.00% Floor), 8.87%, 9/30/2027‡ (b)(c)(e) | 1,245,283 | 1,223,490 | ||||||
| Veracode (Mitnick Corporate Purchaser, Inc.), Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 4.75%, 0.50% Floor), 7.39%, 5/2/2029 | 3,000,000 | 2,838,750 | ||||||
| 28,266,142 | ||||||||
| Asset Management & Custody Banks - 2.0% | ||||||||
| Doxa Insurance Holdings LLC, Second Amendment Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 9.92%, 12/4/2026‡ (b)(c)(e) | 2,892,932 | 2,835,073 | ||||||
| Oak Point Partners, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.25%, 1.00% Floor), 7.78%, 12/1/2027‡ (b)(c)(e) | 2,801,289 | 2,773,276 | ||||||
| Orion Group Holdco, LLC, Delayed Draw Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.50%, 1.00% Floor), 8.51%, 3/19/2027‡ (b)(e) | 598,291 | 586,325 | ||||||
| Orion Group Holdco, LLC, First Amendment Incremental Loan - First Lien | ||||||||
| (SOFR 6 Month + 5.50%, 1.00% Floor), 8.51%, 3/19/2027‡ (b)(c)(e) | 2,186,686 | 2,142,952 | ||||||
| 8,337,626 | ||||||||
| Auto Parts & Equipment - 0.7% | ||||||||
| Power Stop, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.75%, 0.50% Floor), 7.82%, 1/24/2029‡ | 3,980,000 | 3,004,900 | ||||||
| Brewers - 0.4% | ||||||||
| City Brewing Company, LLC, Term Loan B - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 3.50%, 0.75% Floor), 6.18%, 3/31/2028 | 1,989,950 | 1,568,747 | ||||||
| Broadcasting - 1.1% | ||||||||
| A-L Parent LLC (Learfield), Initial Term Loans - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 3.25%, 1.00% Floor), 6.37%, 12/1/2023 | 1,979,003 | 1,638,861 | ||||||
| Allen Media, LLC, Initial Term Loan (2021) - First Lien | ||||||||
| (SOFR 3 Month + 5.50%), 9.20%, 2/10/2027 | 1,989,794 | 1,728,634 | ||||||
| Univision Communications, Inc., Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 4.25%, 0.50% Floor), 7.79%, 6/24/2029 | 1,000,000 | 977,500 | ||||||
| 4,344,995 | ||||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 2 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Casinos & Gaming - 2.3% | ||||||||
| 888 Acquisitions Limited, Term Loan B - First Lien | ||||||||
| (PRIME 3 Month + 4.25%), 8.53%, 6/30/2028‡ | 1,000,000 | 868,335 | ||||||
| Golden Nugget, Inc., Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 4.00%, 0.50% Floor), 6.46%, 1/27/2029 | 1,990,000 | 1,851,735 | ||||||
| J&J Ventures Gaming, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.00%, 0.75% Floor), 7.67%, 4/7/2028 | 1,989,950 | 1,895,437 | ||||||
| Jack Ohio Finance (Jack Entertainment), Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 4.75%, 0.75% Floor), 7.87%, 10/4/2028‡ | 4,966,922 | 4,855,166 | ||||||
| 9,470,673 | ||||||||
| Commercial Printing - 0.6% | ||||||||
| Astra Acquisition Corp. Term B Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.25%, 0.50% Floor), 8.37%, 10/25/2028 (c) | 2,971,403 | 2,540,549 | ||||||
| Commodity Chemicals - 1.1% | ||||||||
| A&A Global Imports, LLC, Revolving Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 6/1/2026‡ (b)(e) | 8,932 | 8,843 | ||||||
| A&A Global Imports, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.00%, 1.00% Floor), 9.12%, 6/1/2026‡ (b)(c)(e) | 1,766,422 | 1,748,758 | ||||||
| USALCO, LLC, Term Loan A - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 9.67%, 10/19/2027‡ (b)(c)(e) | 2,977,500 | 2,932,837 | ||||||
| 4,690,438 | ||||||||
| Communications Equipment - 1.1% | ||||||||
| SonicWALL, Inc., Term Loan - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 7.50%), 10.48%, 5/18/2026 | 4,640,000 | 4,352,320 | ||||||
| Construction Materials - 1.6% | ||||||||
| Foley Products Co LLC, Initial Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 4.75%, 0.50% Floor), 8.45%, 12/29/2028 | 4,974,559 | 4,750,704 | ||||||
| Smyrna Ready Mix Concrete LLC, Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 4.25%, 0.50% Floor), 7.38%, 3/23/2029 | 1,995,000 | 1,910,213 | ||||||
| 6,660,917 | ||||||||
| Construction & Engineering - 1.3% | ||||||||
| Amentum Government Services Holdings LLC (AECOM Technology Corp), Tranche 2 Term Loan - Second Lien | ||||||||
| (SOFR 3 Month + 7.50%, 0.75% Floor), 10.86%, 2/15/2030‡ | 2,000,000 | 1,850,000 | ||||||
| Amentum Government Services Holdings LLC (AECOM Technology Corp), Tranche 3 Term Loan - First Lien | ||||||||
| (SOFR 6 Month + 4.00% + 0.35% CSA, 0.50% Floor), 7.56%, 2/15/2029‡ | 1,995,000 | 1,910,213 | ||||||
| TriStrux, LLC, Delayed Draw Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 9.67%, 12/23/2026‡ (b)(e) | 321,748 | 313,704 | ||||||
| TriStrux, LLC, Revolver - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 9.67%, 12/23/2026‡ (b)(e) | 163,555 | 159,466 | ||||||
| TriStrux, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 8.25%, 12/23/2026‡ (b)(c)(e) | 919,582 | 896,593 | ||||||
| 5,129,976 | ||||||||
| Consumer Finance - 1.0% | ||||||||
| NAC Holding Corporation (National Auto Care/Jaguar), 2021 Delayed Draw Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.50%, 1.00% Floor), 8.23%, 9/28/2024‡ (b)(c)(e) | 991,050 | 988,573 | ||||||
| NAC Holding Corporation (National Auto Care/Jaguar), DDTL D - First Lien | ||||||||
| (SOFR 3 Month + 5.50%, 1.00% Floor), 8.60%, 9/28/2023‡ (b)(e) | 115,909 | 115,619 | ||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 3 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| NAC Holding Corporation (National Auto Care/Jaguar), Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.50%, 1.00% Floor), 8.23%, 9/28/2024‡ (b)(c)(e) | 1,908,337 | 1,903,566 | ||||||
| Riveron Acquisition Holdings, Inc., 5th Amendment Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 8.00%, 5/22/2025‡ (b)(c)(e) | 400,088 | 400,088 | ||||||
| Riveron Acquisition Holdings, Inc., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 9.42%, 5/22/2025‡ (b)(c)(e) | 504,039 | 504,039 | ||||||
| 3,911,885 | ||||||||
| Distributors - 0.8% | ||||||||
| Highline Aftermarket Acquisition, LLC, Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 4.50%, 0.75% Floor), 7.62%, 11/9/2027 | 944,976 | 848,116 | ||||||
| Project Castle, Inc. (Material Handling Systems Inc/MHS/Deliver Buyer), Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 5.50%, 0.50% Floor), 7.74%, 6/1/2029 (c) | 3,000,000 | 2,557,500 | ||||||
| 3,405,616 | ||||||||
| Diversified Capital Markets - 0.4% | ||||||||
| Reich & Tang Deposits Network, Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.50%, 1.00% Floor), 7.75%, 10/27/2027‡ (b)(c)(e) | 928,667 | 914,737 | ||||||
| Reich & Tang Deposits Network, Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 5.50%), 8.62%, 10/27/2027‡ (b)(c)(e) | 650,543 | 640,785 | ||||||
| 1,555,522 | ||||||||
| Diversified Chemicals - 0.5% | ||||||||
| AgroFresh, Inc., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.25%, 1.00% Floor), 9.37%, 12/31/2024 (c) | 1,896,468 | 1,865,650 | ||||||
| Diversified Metals & Mining - 0.8% | ||||||||
| Form Technologies (Dynacast), Term Loan (2/21 New Money Last Out) - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 9.00%, 1.00% Floor), 11.98%, 10/22/2025‡ (c) | 287,853 | 250,433 | ||||||
| Form Technologies (Dynacast), Term Loan B (2/21 First Out) - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.50%, 1.00% Floor), 7.48%, 7/22/2025 (c) | 327,617 | 289,941 | ||||||
| Prince International Corporation (PMHC II, Inc.), Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 4.25%, 0.50% Floor), 6.98%, 4/21/2029 | 3,166,325 | 2,569,679 | ||||||
| 3,110,053 | ||||||||
| Diversified Support Services - 1.6% | ||||||||
| Archer Systems, LLC, Revolver - First Lien | ||||||||
| (SOFR 3 Month + 6.50%, 1.00% Floor), 10.06%, 8/11/2027‡ (b)(e) | 75,000 | 74,063 | ||||||
| Archer Systems, LLC, Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.50%, 1.00% Floor), 8.91%, 8/11/2027‡ (b)(c)(e) | 6,333,333 | 6,254,166 | ||||||
| 6,328,229 | ||||||||
| Education Services - 0.7% | ||||||||
| American Public Education, Term Loan B - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.50%, 0.75% Floor), 8.02%, 9/1/2027‡ | 2,924,051 | 2,777,848 | ||||||
| Electronic Equipment & Instruments - 0.9% | ||||||||
| VeriFone Systems, Inc., Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.00%), 7.00%, 8/20/2025 | 4,036,426 | 3,639,101 | ||||||
| Electronic Manufacturing Services - 1.0% | ||||||||
| Creation Technologies, Inc., Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.50%, 0.50% Floor), 7.79%, 10/5/2028‡ | 249,375 | 208,228 | ||||||
| Natel Engineering Co, Inc., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 10.42%, 4/30/2026‡ (c) | 3,955,261 | 3,678,393 | ||||||
| 3,886,621 | ||||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 4 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Environmental & Facilities Services - 0.8% | ||||||||
| Belfor Holdings, Inc., Term Loan B - First Lien | ||||||||
| (SOFR 1 Month + 4.25%, 0.50% Floor), 7.28%, 4/6/2026‡ | 1,994,911 | 1,964,987 | ||||||
| OWL Landfill Services, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.75%, 1.00% Floor), 8.87%, 6/30/2026‡ (b)(e) | 1,394,118 | 1,376,692 | ||||||
| 3,341,679 | ||||||||
| Health Care - 0.7% | ||||||||
| BCDI BHI Intermediate 2, LP (Basic Home Infusion), Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month, 1.00% Floor), 9.67%, 9/29/2028‡ (b)(c)(e) | 2,951,076 | 2,906,810 | ||||||
| Health Care Facilities - 0.7% | ||||||||
| ConvenientMD (CMD Intermediate Holdings, Inc.), Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 8.67%, 6/9/2027‡ (b)(c)(e) | 1,732,500 | 1,732,500 | ||||||
| Quorum Health Resources (QHR), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 8.82%, 5/28/2027‡ (b)(c)(e) | 1,065,169 | 1,054,517 | ||||||
| 2,787,017 | ||||||||
| Health Care Services - 9.9% | ||||||||
| Accelerated Health Services LLC (Athletico), Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 4.25% + 0.15% CSA, 0.50% Floor), 7.95%, 2/15/2029 (c) | 1,995,000 | 1,796,747 | ||||||
| Anne Arundel Dermatology Management, LLC, DDTL A - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 8.92%, 10/16/2025‡ (b)(c)(e) | 115,505 | 113,195 | ||||||
| Anne Arundel Dermatology Management, LLC, DDTL B - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 8.92%, 10/16/2025‡ (b)(c)(e) | 195,651 | 191,738 | ||||||
| Anne Arundel Dermatology Management, LLC, DDTL C - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 7.06%, 10/16/2025‡ (b)(e) | 12,680 | 12,426 | ||||||
| Anne Arundel Dermatology Management, LLC, Restatement Date Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 8.92%, 10/16/2025‡ (b)(c)(e) | 1,906,069 | 1,867,948 | ||||||
| Boston Clincial Trials LLC (Alcanza Clinical Research), Incremental Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%), 7.50%, 12/15/2027‡ (b)(c)(e) | 3,682,891 | 3,646,062 | ||||||
| Boston Clincial Trials LLC (Alcanza Clinical Research), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 7.50%, 12/21/2027‡ (b)(c)(e) | 749,063 | 741,572 | ||||||
| CC Amulet Management, LLC (Children's Choice), 2021 Revolver - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 7.63%, 9/1/2026‡ (b)(e) | 34,857 | 34,160 | ||||||
| CC Amulet Management, LLC (Children's Choice), 2021 Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.00%, 1.00% Floor), 7.63%, 8/31/2027‡ (b)(c)(e) | 1,701,101 | 1,667,079 | ||||||
| Civitas Solutions, Inc. (National Mentor Holding), Term Loan - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 7.25%, 0.75% Floor), 10.93%, 3/2/2029‡ | 5,000,000 | 3,662,500 | ||||||
| Community Based Care Acquisition, Inc., Delayed Draw Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 7.64%, 9/16/2027‡ (b)(c)(e) | 865,859 | 857,200 | ||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 5 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Community Based Care Acquisition, Inc., Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 7.50%, 9/16/2027‡ (b)(c)(e) | 2,251,280 | 2,228,768 | ||||||
| Dermatology Intermediate Holdings III, Inc. (Forefront), Delayed Draw - First Lien | ||||||||
| (SOFR 3 Month + 4.25%, 0.50% Floor), 6.85%, 4/2/2029‡ | 133,325 | 127,325 | ||||||
| Dermatology Intermediate Holdings III, Inc. (Forefront), Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 4.25%, 0.50% Floor), 6.85%, 4/2/2029‡ | 1,680,827 | 1,605,190 | ||||||
| Endo1 Partners, Delayed Draw - First Lien | ||||||||
| (SOFR 3 Month + 5.00%, 1.00% Floor), 8.28%, 3/24/2026‡ (b)(c)(e) | 1,995,211 | 1,965,283 | ||||||
| Epic Staffing Group (Cirrus) (Tempus), Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 6.00%, 0.50% Floor), 9.03%, 6/28/2029‡ (b) | 3,294,070 | 3,145,837 | ||||||
| IPM MSO Management, LLC, Delayed Draw Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.50%, 1.00% Floor), 8.58%, 6/17/2026‡ (b)(c)(e) | 100,506 | 100,506 | ||||||
| IPM MSO Management, LLC, Initial Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.50%, 1.00% Floor), 10.21%, 6/17/2026‡ (b)(c)(e) | 838,179 | 838,179 | ||||||
| IPM MSO Management, LLC, Second Amendment Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.50%), 8.61%, 6/17/2026‡ (b)(c)(e) | 230,141 | 230,141 | ||||||
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.25%, 1.00% Floor), 8.37%, 12/6/2027‡ (b)(c)(e) | 1,747,663 | 1,725,817 | ||||||
| Lighthouse Lab Services (LMSI Buyer, LLC), Revolver - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 10/25/2027‡ (b)(e) | 223,152 | 220,921 | ||||||
| Lighthouse Lab Services (LMSI Buyer, LLC), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 8.67%, 10/25/2027‡ (b)(c)(e) | 1,951,545 | 1,932,029 | ||||||
| NAPA Management Services Corp, Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 5.25%, 0.75% Floor), 8.43%, 2/23/2029 (c) | 3,980,000 | 3,591,950 | ||||||
| NSM Top Holdings Corp (National Seating & Mobility, Inc.), Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 5.25%), 7.77%, 11/16/2026‡ | 3,984,642 | 3,626,024 | ||||||
| Point Quest Acquisition LLC, Revolver - First Lien | ||||||||
| (SOFR 6 Month + 6.00%, 1.00% Floor), 9.78%, 8/14/2028‡ (b)(e) | 261,905 | 257,976 | ||||||
| Point Quest Acquisition LLC, Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.00%, 1.00% Floor), 8.89%, 8/14/2028‡ (b)(c)(e) | 2,357,143 | 2,321,786 | ||||||
| Women's Care Holdings, Inc., Term Loan B - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 8.25%, 0.75% Floor), 11.62%, 1/14/2029‡ (c) | 2,179,247 | 2,040,320 | ||||||
| 40,548,679 | ||||||||
| Health Care Supplies - 0.9% | ||||||||
| Lifescan Global Corporation, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%), 8.29%, 10/1/2024 (c) | 4,371,838 | 3,557,583 | ||||||
| Health Care Technology - 2.2% | ||||||||
| AG Parent Holdings LLC (ArisGlobal), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.00%), 8.12%, 7/31/2026‡ (c) | 4,974,425 | 4,822,083 | ||||||
| Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 3.75%, 1.00% Floor), 6.87%, 2/16/2024 | 2,860,104 | 2,547,867 | ||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 6 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| nThrive, Inc. (fka Precyse Acquisition Corp.), Term Loan - Second Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.75%, 0.50% Floor), 9.87%, 12/17/2029 | 2,000,000 | 1,727,500 | ||||||
| 9,097,450 | ||||||||
| Heavy Electrical Equipment - 0.7% | ||||||||
| Arcline FM Holding, LLC (Fairbanks), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.75%, 0.75% Floor), 7.00%, 6/23/2028‡ | 2,970,000 | 2,769,525 | ||||||
| Home Furnishings - 0.3% | ||||||||
| Serta Simmons Bedding, LLC, Second Out Priority Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 7.50%, 1.00% Floor), 8/10/2023 (d) | 1,915,171 | 1,024,616 | ||||||
| Hotels, Resorts & Cruise Lines - 3.7% | ||||||||
| Alpine X, Delayed Draw Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.00%, 1.00% Floor), 9.60%, 12/27/2027‡ (b)(e) | 608,762 | 602,674 | ||||||
| Alpine X, Revolver - First Lien | ||||||||
| (SOFR 3 Month + 6.00%, 1.00% Floor), 8.07%, 12/27/2027‡ (b)(e) | 160,876 | 159,267 | ||||||
| Alpine X, Second Amendment Incremental Term Loan 2022 - First Lien | ||||||||
| (SOFR 3 Month + 6.00%, 1.00% Floor), 9.60%, 12/27/2027‡ (b)(c)(e) | 1,000,000 | 990,000 | ||||||
| Alpine X, Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.00%, 1.00% Floor), 8.00%, 12/27/2027‡ (b)(c)(e) | 948,119 | 938,638 | ||||||
| AP Gaming I LLC (American Gaming Systems), Term Loan (2/22) - First Lien | ||||||||
| (SOFR 3 Month + 4.00% + 0.10% CSA, 0.75% Floor), 7.13%, 2/15/2029 (c) | 3,980,000 | 3,830,750 | ||||||
| Mileage Plus Holdings, Inc., Term Loan B - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 8.78%, 6/26/2027 | 3,921,577 | 3,948,891 | ||||||
| Stats, LLC (Peak Jersey Holdco Ltd), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%), 8.19%, 7/10/2026 (c) | 4,974,425 | 4,704,960 | ||||||
| 15,175,180 | ||||||||
| Household Products - 0.5% | ||||||||
| Lash Opco LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 7.00%, 1.00% Floor), 11.78%, 3/18/2026‡ (b)(c)(e) | 1,908,718 | 1,899,175 | ||||||
| Human Resource & Employment Services - 1.5% | ||||||||
| Addison Group (AG Group Holdings, Inc.), Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 4.00%, 0.50% Floor), 7.03%, 12/29/2028 | 3,980,000 | 3,890,450 | ||||||
| Danforth Buyer, Inc., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 8.92%, 12/9/2027‡ (b)(c)(e) | 1,516,319 | 1,493,575 | ||||||
| Skillsoft Corp., Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 5.25%, 0.75% Floor), 7.96%, 7/14/2028 | 945,846 | 812,009 | ||||||
| 6,196,034 | ||||||||
| Industrial Machinery - 1.3% | ||||||||
| Engineered Machinery Holdings, Inc. (WP Deluxe Merger Sub, Inc. (Duravant)), Term Loan - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.50%, 0.75% Floor), 10.17%, 5/21/2029‡ | 500,000 | 476,563 | ||||||
| Restaurant Technologies, Inc. (Eagle Parent Corp.), Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 4.25%, 0.50% Floor), 7.80%, 4/2/2029 | 2,218,858 | 2,164,307 | ||||||
| SPX Flow, Inc., Term Loan B - First Lien | ||||||||
| (SOFR 1 Month + 4.50%, 0.50% Floor), 7.63%, 3/18/2029 | 3,000,000 | 2,786,250 | ||||||
| 5,427,120 | ||||||||
| Insurance Brokers - 2.1% | ||||||||
| Newcleus, LLC, Delayed Draw - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 9.42%, 8/2/2026‡ (b)(e) | 31,638 | 31,085 | ||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 7 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Newcleus, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 9.42%, 8/2/2026‡ (b)(c)(e) | 1,174,576 | 1,154,021 | ||||||
| Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 3 Incremental Term Loans - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 8.88%, 12/2/2025‡ (b)(c)(e) | 1,980,000 | 1,980,000 | ||||||
| Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Delayed Draw Term Loans - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 8.88%, 12/2/2025‡ (b)(c)(e) | 778,196 | 778,196 | ||||||
| Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Term Loans - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 8.88%, 12/2/2025‡ (b)(c)(e) | 1,161,676 | 1,161,676 | ||||||
| Socius Insurance Services, Inc., Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 8.64%, 6/30/2027‡ (b)(c)(e) | 1,215,789 | 1,203,632 | ||||||
| Tricor, LLC, Delayed Draw Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 7.56%, 10/22/2026‡ (b)(e) | 239,323 | 235,135 | ||||||
| Tricor, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.25%, 1.00% Floor), 7.81%, 10/22/2026‡ (b)(c)(e) | 1,924,257 | 1,890,583 | ||||||
| 8,434,328 | ||||||||
| Interactive Media & Services - 1.3% | ||||||||
| Ingenio LLC, First Amendment Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 7.15%, 1.00% Floor), 10.10%, 8/3/2026‡ (b)(c)(e) | 4,189,500 | 4,105,710 | ||||||
| Ingenio LLC, Term Loan 2021 - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 7.15%, 1.00% Floor), 10.10%, 8/3/2026‡ (b)(c)(e) | 1,340,249 | 1,313,444 | ||||||
| 5,419,154 | ||||||||
| Internet & Direct Marketing Retail - 2.5% | ||||||||
| Delivery Hero SE, Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 5.75%, 0.50% Floor), 8/12/2027 (b)(d) | 3,990,000 | 3,805,462 | ||||||
| Kobra International, LTD. (d/b/a Nicole Miller), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 7.00%, 1.00% Floor), 9.56%, 5/17/2025‡ (b)(e) | 3,076,923 | 3,030,769 | ||||||
| Shutterfly, Inc., 2021 Refinancing Term B Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.00%, 0.75% Floor), 7.25%, 9/25/2026 | 990,000 | 626,705 | ||||||
| Sweetwater Borrower LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 4.25%, 0.75% Floor), 7.38%, 8/7/2028 | 2,816,306 | 2,576,920 | ||||||
| 10,039,856 | ||||||||
| Internet Services & Infrastructure - 0.6% | ||||||||
| Technology Partners, LLC (Imagine Software), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 8.42%, 11/16/2027‡ (b)(c)(e) | 2,322,114 | 2,264,061 | ||||||
| IT Consulting & Other Services - 5.5% | ||||||||
| Alpine SG, LLC (ASG), April 2022 Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 6.00%, 1.00% Floor), 8.59%, 11/5/2027‡ (b)(c)(e) | 842,649 | 827,903 | ||||||
| Alpine SG, LLC (ASG), Initial Term Loan Commitment - First Lien | ||||||||
| (SOFR 3 Month + 6.00%, 1.00% Floor), 9.13%, 11/5/2027‡ (b)(c)(e) | 1,607,041 | 1,578,918 | ||||||
| Alpine SG, LLC (ASG), November 2021 Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.00%, 1.00% Floor), 8.20%, 11/5/2027‡ (b)(c)(e) | 2,500,000 | 2,456,250 | ||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 8 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Asurion, LLC, Term Loan B3 - Second Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.25%), 7.77%, 1/29/2028 | 3,000,000 | 2,276,250 | ||||||
| Automated Control Concepts, Inc., Revolver - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.50%, 1.00% Floor), 7.50%, 10/22/2026‡ (b)(e) | 104,167 | 102,083 | ||||||
| Automated Control Concepts, Inc., Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.50%, 1.00% Floor), 7.06%, 10/22/2026‡ (b)(c)(e) | 2,287,995 | 2,242,235 | ||||||
| Eliassen Group, LLC, 2022 Delayed Draw Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.75%, 0.75% Floor), 9.13%, 4/14/2028‡ (b)(e) | 83,333 | 82,083 | ||||||
| Eliassen Group, LLC, 2022 Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.75%, 0.75% Floor), 9.30%, 4/14/2028‡ (b)(c)(e) | 2,444,444 | 2,407,778 | ||||||
| MarkLogic Corporation, Incremental Delayed Draw Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.50%, 1.00% Floor), 9.32%, 10/20/2025‡ (b)(e) | 291,849 | 291,849 | ||||||
| MarkLogic Corporation, Incremental Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.50%, 1.00% Floor), 9.34%, 10/20/2025‡ (b)(c)(e) | 435,579 | 435,579 | ||||||
| MarkLogic Corporation, Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.50%, 1.00% Floor), 9.34%, 10/20/2025‡ (b)(c)(e) | 2,743,990 | 2,743,990 | ||||||
| Marlin DTC - LS Midco 2, LLC (Clarus Commerce, LLC), 2A TL - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.50%, 1.00% Floor), 9.02%, 7/1/2025‡ (b)(c)(e) | 1,524,327 | 1,524,327 | ||||||
| Park Place Technologies, LLC, Closing Date Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 5.00%, 1.00% Floor), 8.13%, 11/10/2027 (c) | 5,216,991 | 4,964,854 | ||||||
| Veregy Consolidated, Inc., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 8.81%, 11/3/2027‡ (c) | 491,250 | 467,916 | ||||||
| 22,402,015 | ||||||||
| Leisure Facilities - 0.8% | ||||||||
| Bandon Fitness Texas, Inc., Delayed Draw Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.00%), 9.12%, 7/25/2028‡ (b)(e) | 93,783 | 92,376 | ||||||
| Bandon Fitness Texas, Inc., Initial Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.00%), 8.68%, 7/25/2028‡ (b)(c)(e) | 2,942,949 | 2,898,804 | ||||||
| Bandon Fitness Texas, Inc., Revolver - First Lien | ||||||||
| (SOFR 3 Month + 6.00%, 1.00% Floor), 9.36%, 7/25/2028‡ (b)(e) | 102,181 | 100,649 | ||||||
| 3,091,829 | ||||||||
| Leisure Products - 0.8% | ||||||||
| Abe Investment Holdings, Inc. (Getty Images, Inc.), Initial Dollar Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.50%), 7.63%, 2/19/2026 | 3,466,640 | 3,448,059 | ||||||
| Life Sciences Tools & Services - 0.6% | ||||||||
| Sequoia Consulting Group, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 7.54%, 12/17/2026‡ (b)(c)(e) | 2,348,852 | 2,325,364 | ||||||
| Managed Health Care - 0.5% | ||||||||
| Lighthouse Behavioral Health Solutions, Delayed Draw Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.75%, 1.00% Floor), 8.33%, 3/28/2028‡ (b)(e) | 316,794 | 312,042 | ||||||
| Lighthouse Behavioral Health Solutions, Revolver - First Lien | ||||||||
| (SOFR 3 Month + 5.75%, 1.00% Floor), 8.33%, 3/28/2028‡ (b)(e) | 305,344 | 300,764 | ||||||
| Lighthouse Behavioral Health Solutions, Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.75%, 1.00% Floor), 8.00%, 3/28/2028‡ (b)(c)(e) | 1,522,901 | 1,500,057 | ||||||
| 2,112,863 | ||||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 9 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Marine Ports & Services - 0.2% | ||||||||
| Limetree Bay Terminals, LLC (Limetree Bay Financing, LLC), Incremental Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 4.00% + 0.26% CSA, 1.00% Floor), 7.81%, 2/15/2024 (f) | 1,109,763 | 764,449 | ||||||
| Metal & Glass Containers - 0.4% | ||||||||
| Pretium Packaging Holdings, Inc., Term Loan - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.75%, 0.50% Floor), 10.21%, 10/1/2029‡ | 1,963,091 | 1,678,443 | ||||||
| Movies & Entertainment - 1.1% | ||||||||
| WildBrain Ltd. (DHX Media), Term Loan - B - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 4.25%, 0.75% Floor), 7.37%, 3/24/2028 (c) | 4,962,217 | 4,577,645 | ||||||
| Multi-Sector Holdings - 1.1% | ||||||||
| Auxey Bidco Ltd. (Alexander Mann Solutions), Term B - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.00%), 7.25%, 6/16/2025 (b) | 4,562,500 | 4,374,297 | ||||||
| Packaged Foods & Meats - 1.7% | ||||||||
| Alpine US Bidco LLC (Aryzta North America) (Aspire Bakeries), Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.25%, 0.75% Floor), 7.93%, 5/3/2028‡ | 1,704,588 | 1,619,359 | ||||||
| Bengal Debt Sub Merger LLC (Tropicana, Naked Juice), Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 3.25% + 0.10% CSA, 0.50% Floor), 6.90%, 1/19/2029 | 997,500 | 918,807 | ||||||
| Bengal Debt Sub Merger LLC (Tropicana, Naked Juice), Term Loan - Second Lien | ||||||||
| (SOFR 3 Month + 6.00%, 0.50% Floor), 9.65%, 1/18/2030 | 4,915,863 | 4,516,449 | ||||||
| 7,054,615 | ||||||||
| Paper Packaging - 0.8% | ||||||||
| Advanced Web Technologies (AWT), Delayed Draw Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.00%, 1.00% Floor), 8.99%, 12/17/2026‡ (b)(c)(e) | 314,111 | 314,111 | ||||||
| Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 8.99%, 12/17/2026‡ (b)(e) | 332,500 | 332,500 | ||||||
| Advanced Web Technologies (AWT), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.00%, 1.00% Floor), 8.99%, 12/17/2026‡ (b)(c)(e) | 796,652 | 796,652 | ||||||
| Golden West Packaging Group LLC, Term Loan B Senior Secured - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 5.25%, 0.75% Floor), 8.37%, 12/1/2027‡ (b) | 1,975,000 | 1,913,281 | ||||||
| 3,356,544 | ||||||||
| Paper Products - 1.2% | ||||||||
| R-Pac International Corp (Project Radio), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 0.75% Floor), 9.67%, 12/29/2027‡ (b)(e) | 4,975,000 | 4,875,500 | ||||||
| Personal Products - 3.0% | ||||||||
| ASP MSG Acquisition Co, Inc. (Milk Specialities), Initial Term Loan (2021) - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 4.00%, 1.00% Floor), 8/15/2025 (c)(d) | 2,989,924 | 2,929,588 | ||||||
| ASP MSG Acquisition Co, Inc. (Milk Specialities), Term Loan - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 7.50%, 0.75% Floor), 9.75%, 2/16/2026‡ (b)(c) | 3,000,000 | 3,015,000 | ||||||
| Olaplex, Inc., Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 3.75%, 0.50% Floor), 6.39%, 2/23/2029‡ (c) | 1,990,000 | 1,925,325 | ||||||
| Osmosis Buyer Limited, Delayed Draw Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 4.00%, 0.50% Floor), 7/31/2028 (d) | 370,370 | 345,487 | ||||||
| Osmosis Buyer Limited, Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 4.00%, 0.50% Floor), 7/31/2028 (d) | 1,629,630 | 1,520,143 | ||||||
| Revlon Consumer Products Corporation, New SISO Term Loans - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.75%, 1.75% Floor), 7.50%, 5/7/2024‡ (e) | 2,500,000 | 2,500,000 | ||||||
| 12,235,543 | ||||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 10 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Pharmaceuticals - 2.2% | ||||||||
| Alvogen Pharma US, Inc., Extended TL - First Lien | ||||||||
| (SOFR 3 Month + 7.50%, 1.00% Floor), 9.75%, 6/30/2025‡ | 3,859,727 | 3,377,261 | ||||||
| ANI Pharmaceuticals, Inc., Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.00%, 0.75% Floor), 9.12%, 11/19/2027 | 5,179,457 | 4,938,612 | ||||||
| Carestream Health, Inc. (aka Onex), 2023 Extended Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 7.25%, 1.00% Floor), 9.50%, 5/8/2023‡ (c) | 910,250 | 813,158 | ||||||
| 9,129,031 | ||||||||
| Real Estate Services - 1.8% | ||||||||
| Avison Young Canada, Inc., Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.75%), 8.90%, 1/31/2026 (c) | 2,956,489 | 2,764,317 | ||||||
| Avison Young Canada, Inc., Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 7.00%), 9.49%, 1/31/2026‡ | 2,000,000 | 1,920,000 | ||||||
| Hudson's Bay Company ULC, Last Out Term Loan - Second Lien | ||||||||
| (ICE LIBOR USD 1 Month + 7.33%), 10.14%, 9/30/2026‡ (b)(c)(e) | 2,838,086 | 2,838,086 | ||||||
| 7,522,403 | ||||||||
| Research & Consulting Services - 2.9% | ||||||||
| Axiom Global, Inc., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 4.75%, 0.75% Floor), 7.51%, 10/1/2026‡ (b)(c) | 2,969,466 | 2,869,246 | ||||||
| Camin Cargo Control, Inc., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.50%, 1.00% Floor), 9.62%, 6/4/2026‡ (b) | 715,201 | 690,169 | ||||||
| Evergreen Services Group II LLC (Cedar/Pine), Delayed Draw Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 9.65%, 6/11/2027‡ (b)(e) | 295,684 | 292,727 | ||||||
| Evergreen Services Group II LLC (Cedar/Pine), Incremental Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 9.65%, 6/11/2027‡ (b)(c)(e) | 1,995,000 | 1,975,050 | ||||||
| Evergreen Services Group II LLC (Cedar/Pine), Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 9.65%, 6/11/2027‡ (b)(c)(e) | 674,125 | 667,383 | ||||||
| Teneo Holdings LLC, Term Loan B - First Lien | ||||||||
| (SOFR 1 Month + 5.25% + 0.10% CSA, 1.00% Floor), 7.73%, 7/11/2025 (c) | 2,492,878 | 2,363,049 | ||||||
| Vaco Holdings LLC, Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 5.00% + 0.15% CSA, 0.75% Floor), 8.70%, 1/21/2029‡ | 1,985,000 | 1,935,375 | ||||||
| Zenith American Holding, Inc. (Harbour Benefit Holding, Inc. / HPH-TH Holdings, LLC), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 7.50%, 12/13/2024‡ (b)(c)(e) | 904,267 | 902,006 | ||||||
| 11,695,005 | ||||||||
| Restaurants - 1.2% | ||||||||
| Dave & Buster's, Inc., Term Loan 2022 - First Lien | ||||||||
| (SOFR 1 Month + 5.00%, 0.50% Floor), 8.19%, 6/29/2029 | 2,000,000 | 1,953,750 | ||||||
| Miller's Ale House, Inc., Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 4.75%), 7.18%, 5/30/2025 | 3,206,044 | 3,113,068 | ||||||
| 5,066,818 | ||||||||
| Security & Alarm Services - 0.4% | ||||||||
| SuperHero Fire Protection, LLC, Closing Date Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 9.37%, 9/1/2026‡ (b)(c)(e) | 1,136,348 | 1,119,303 | ||||||
| SuperHero Fire Protection, LLC, Delayed Draw Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 9.37%, 9/1/2026‡ (b)(c)(e) | 346,957 | 341,752 | ||||||
| SuperHero Fire Protection, LLC, Revolver - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 9.37%, 9/1/2026‡ (b)(e) | 11,192 | 11,024 | ||||||
| 1,472,079 | ||||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 11 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Soft Drinks - 0.7% | ||||||||
| Pegasus BidCo BV (Refresco), (USD) Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 4.25%, 0.50% Floor), 6.98%, 7/12/2029 | 3,000,000 | 2,874,990 | ||||||
| Specialized Consumer Services - 1.7% | ||||||||
| LaserAway, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.75%, 0.75% Floor), 8.23%, 10/14/2027‡ (b)(c)(e) | 2,679,750 | 2,679,750 | ||||||
| OVG Business Services, LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.25%, 1.00% Floor), 9.34%, 11/20/2028‡ (b)(c) | 4,765,055 | 4,455,326 | ||||||
| 7,135,076 | ||||||||
| Specialized Finance - 2.9% | ||||||||
| BCP Qualtek Merger Sub LLC (Qualtek), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 9.06%, 7/18/2025‡ (b) | 4,949,680 | 3,761,757 | ||||||
| ECL Entertainment, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 7.50%, 0.75% Floor), 10.62%, 5/1/2028 (c) | 1,976,580 | 1,961,756 | ||||||
| iLending LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.00%, 1.00% Floor), 7.00%, 6/21/2026‡ (b)(c)(e) | 1,167,949 | 1,167,949 | ||||||
| Travelport Finance (Luxembourg) S.a r.l., Superpriority Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 1.50%, 1.00% Floor), 3.75%, 2/28/2025 (f) | 5,188,226 | 5,138,738 | ||||||
| 12,030,200 | ||||||||
| Specialty Chemicals - 1.3% | ||||||||
| Iris Holding, Inc. (Intertape Polymer Group, Inc.), Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 4.75%, 0.50% Floor), 7.65%, 6/28/2028 (c) | 3,000,000 | 2,766,000 | ||||||
| RLG Holdings, LLC, Incremental Term Loan (9/22) - First Lien | ||||||||
| (SOFR 3 Month + 5.00%), 7/20/2028‡ (d) | 2,500,000 | 2,362,500 | ||||||
| 5,128,500 | ||||||||
| Specialty Stores - 0.2% | ||||||||
| TravelCenters of America, Inc., Initial Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 6 Month + 6.00%, 1.00% Floor), 9.84%, 12/14/2027 (b)(c) | 985,000 | 943,137 | ||||||
| Systems Software - 3.1% | ||||||||
| Condor Merger Sub, Inc. (McAfee), Term Loan B - First Lien | ||||||||
| (SOFR 1 Month + 3.75%, 0.50% Floor), 6.36%, 2/2/2029 | 2,992,500 | 2,737,599 | ||||||
| Idera, Inc., 2021 Refinancing Loan - Second Lien | ||||||||
| (ICE LIBOR USD 1 Month + 6.75%), 10.50%, 3/2/2029‡ | 2,000,000 | 1,820,000 | ||||||
| McAfee Enterprise (Magenta Buyer LLC), Initial Term Loan - Second Lien | ||||||||
| (ICE LIBOR USD 1 Month + 8.25%, 0.75% Floor), 11.37%, 7/27/2029‡ (c) | 2,000,000 | 1,846,660 | ||||||
| McAfee Enterprise (Magenta Buyer LLC), Term Loan - 2021 - First Lien | ||||||||
| (ICE LIBOR USD 1 Month + 4.75%, 0.75% Floor), 7.87%, 7/27/2028 (c) | 2,339,631 | 2,119,706 | ||||||
| RSA Security LLC (Redstone), Term Loan (New Tranche) - Second Lien | ||||||||
| (ICE LIBOR USD 3 Month + 7.75%, 0.75% Floor), 10.52%, 4/27/2029 | 5,000,000 | 4,003,150 | ||||||
| 12,527,115 | ||||||||
| Technology Hardware, Storage & Peripherals - 0.9% | ||||||||
| TouchTunes (TA TT Buyer), Term Loan - First Lien | ||||||||
| (SOFR 6 Month + 5.00%, 0.50% Floor), 8.98%, 4/2/2029 | 4,000,000 | 3,853,340 | ||||||
| Textiles - 0.8% | ||||||||
| International Textile Group, Inc., Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.00%), 8.49%, 5/1/2024 | 4,254,700 | 3,318,666 | ||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 12 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Tires & Rubber - 0.6% | ||||||||
| The Carlstar Group, Term Loan - First Lien | ||||||||
| (SOFR 1 Month + 6.50%), 9.25%, 7/8/2027‡ (b)(c)(e) | 2,476,190 | 2,426,667 | ||||||
| Trading Companies & Distributors - 2.1% | ||||||||
| Apex Service Partners, LLC, Ninth Amendment Incremental DDTL (07/21) - First Lien | ||||||||
| (ICE LIBOR USD 6 Month + 5.25%, 1.00% Floor), 6.94%, 7/31/2025‡ (b)(c)(e) | 792,652 | 792,652 | ||||||
| Apex Service Partners, LLC, Ninth Amendment Incremental Term Loan (07/21) - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 9.42%, 7/31/2025‡ (b)(c)(e) | 528,000 | 528,000 | ||||||
| Apex Service Partners, LLC, Revolver - First Lien | ||||||||
| (ICE LIBOR USD 6 Month + 5.25%, 1.00% Floor), 6.25%, 7/31/2024‡ (b)(e) | 497 | 497 | ||||||
| FloWorks International LLC, Term Loan B - First Lien | ||||||||
| (SOFR 3 Month + 5.75%, 0.50% Floor), 8.48%, 12/27/2028‡ (b) | 2,992,500 | 2,783,025 | ||||||
| Parts Town (PT Intermediate Holdings III LLC), Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 9.17%, 10/15/2025‡ (b) | 2,977,500 | 2,914,228 | ||||||
| Parts Town (PT Intermediate Holdings III LLC), TL - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 9.17%, 11/1/2028‡ (b) | 1,492,500 | 1,460,785 | ||||||
| 8,479,187 | ||||||||
| Trucking - 3.0% | ||||||||
| A&R Logistics Holdings, Inc., Tranche 7 Incremental Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.00%, 1.00% Floor), 8.73%, 5/3/2025‡ (b)(c)(e) | 3,296,788 | 3,296,788 | ||||||
| A&R Logistics Holdings, Inc., Tranche 9 Incremental Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.50%, 1.00% Floor), 9.43%, 5/3/2025‡ (b)(c)(e) | 623,790 | 623,790 | ||||||
| A&R Logistics Holdings, Inc., Tranche 10 Incremental Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 6.50%, 1.00% Floor), 9.23%, 5/3/2025‡ (b)(c)(e) | 708,651 | 708,651 | ||||||
| First Student Bidco, Inc. (First Transit Parent, Inc.), Incremental Term Loan B 2022 - First Lien | ||||||||
| (SOFR 3 Month + 4.00%, 0.50% Floor), 7.65%, 7/21/2028 | 2,805,195 | 2,670,209 | ||||||
| First Student Bidco, Inc. (First Transit Parent, Inc.), Incremental Term Loan C - First Lien | ||||||||
| (SOFR 3 Month + 4.00%, 0.50% Floor), 7.65%, 7/21/2028 | 194,805 | 185,431 | ||||||
| Stonepeak Taurus Lower Holdings LLC (TRAC), Term Loan - Second Lien | ||||||||
| (SOFR 3 Month + 7.00%, 0.50% Floor), 10.65%, 1/28/2030‡ | 5,000,000 | 4,675,000 | ||||||
| 12,159,869 | ||||||||
| Wireless Telecommunication Services - 1.4% | ||||||||
| CCI Buyer, Inc. (Consumer Cellular), Initial Term Loan - First Lien | ||||||||
| (SOFR 3 Month + 4.00%, 0.75% Floor), 7.55%, 12/17/2027 | 4,974,747 | 4,702,380 | ||||||
| NWN Parent Holdings LLC, Term Loan - First Lien | ||||||||
| (ICE LIBOR USD 3 Month + 6.50%, 1.00% Floor), 9.37%, 5/7/2026‡ (b)(c)(e) | 979,610 | 925,731 | ||||||
| 5,628,111 | ||||||||
| TOTAL
SENIOR LOANS (Cost $472,465,205) | 450,176,382 | |||||||
| CORPORATE BONDS - 5.1% | ||||||||
| Airlines - 0.5% | ||||||||
| American Airlines, Inc. | ||||||||
| 5.50%, 4/20/2026 (g) | 1,000,000 | 939,170 | ||||||
| 5.75%, 4/20/2029 (g) | 1,000,000 | 872,500 | ||||||
| 1,811,670 | ||||||||
| Chemicals - 0.5% | ||||||||
| Vibrantz Technologies, Inc. | ||||||||
| 9.00%, 2/15/2030 (g) | 3,000,000 | 1,952,091 | ||||||
| Containers & Packaging - 1.3% | ||||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 7.25%, 4/15/2025 (g) | 6,000,000 | 5,278,020 | ||||||
| Diversified Consumer Services - 0.1% | ||||||||
| WW International, Inc. | ||||||||
| 4.50%, 4/15/2029 (g) | 1,000,000 | 522,586 | ||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 13 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Diversified Financial Services - 0.2% | ||||||||
| Armor Holdco, Inc. | ||||||||
| 8.50%, 11/15/2029 (g) | 1,000,000 | 796,339 | ||||||
| Entertainment - 0.4% | ||||||||
| Allen Media LLC | ||||||||
| 10.50%, 2/15/2028 (g) | 3,000,000 | 1,485,000 | ||||||
| Media - 0.2% | ||||||||
| Univision Communications, Inc. | ||||||||
| 7.38%, 6/30/2030 (g) | 1,000,000 | 954,295 | ||||||
| Real Estate Management & Development - 0.5% | ||||||||
| WeWork Cos. LLC | ||||||||
| 5.00%, 7/10/2025 (g) | 200,000 | 116,033 | ||||||
| WeWork Cos., Inc. | ||||||||
| 7.88%, 5/1/2025 (g) | 3,000,000 | 2,077,794 | ||||||
| 2,193,827 | ||||||||
| Road & Rail - 0.2% | ||||||||
| PECF USS Intermediate Holding III Corp. | ||||||||
| 8.00%, 11/15/2029 (g) | 1,000,000 | 729,233 | ||||||
| Software - 1.1% | ||||||||
| AthenaHealth Group, Inc. | ||||||||
| 6.50%, 2/15/2030 (g) | 1,000,000 | 790,570 | ||||||
| Condor Merger Sub, Inc. | ||||||||
| 7.38%, 2/15/2030 (g) | 2,000,000 | 1,635,130 | ||||||
| Rocket Software, Inc. | ||||||||
| 6.50%, 2/15/2029 (g) | 3,000,000 | 2,220,000 | ||||||
| 4,645,700 | ||||||||
| Specialty Retail - 0.1% | ||||||||
| Magic Mergeco, Inc. (The) | ||||||||
| 7.88%, 5/1/2029 (g) | 1,000,000 | 577,380 | ||||||
| TOTAL
CORPORATE BONDS (Cost $27,652,178) | 20,946,141 | |||||||
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 0.0% (h) | ||||||||
| Electric Utilities - 0.0% (h) | ||||||||
| Frontera Generation Holdings LLC*‡ | 62,500 | 1,563 | ||||||
| Transportation Infrastructure - 0.0% (h) | ||||||||
| Limetree Bay Cayman Ltd.*‡ (e) | 1,430 | 14 | ||||||
| TOTAL
COMMON STOCKS (Cost $–) | 1,577 | |||||||
| SHORT-TERM INVESTMENTS - 5.1% | ||||||||
| INVESTMENT COMPANIES - 5.1% | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 2.75%, (i) | ||||||||
| (Cost $20,891,586) | 20,891,586 | 20,891,586 | ||||||
| Total
Investments - 120.6% (Cost $521,008,969) | 492,015,686 | |||||||
| Credit Facility — (26.1%) (Cost $106,500,000) | (106,500,000 | ) | ||||||
| Other assets less liabilities -5.5% | 22,431,115 | |||||||
| Net Assets - 100.0% | 407,946,801 | |||||||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 14 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Senior loans pay interest at rates that are periodically determined on the basis of a floating benchmark lending rate, sometimes subject to a floor, plus a spread, unless otherwise indicated. The most popular benchmark lending rates are LIBOR (the rate that contributor banks in London charge each other for interbank deposits), SOFR (a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market), and the prime rate offered by one or more major U.S. banks (“Prime”). LIBOR, SOFR and Prime were utilized as benchmark lending rates for the senior loans at September 30, 2022. The rates shown represent the contractual rates (benchmark rate or floor plus spread) in effect at period end. |
| (b) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. |
| (c) | The Credit Facility is secured by a lien on all or a portion of the security. |
| (d) | All or a portion of this position has not yet settled as of September 30, 2022. The Fund will not accrue interest on its Senior Loans until the settlement date at which point LIBOR, SOFR or Prime will be established. |
| (e) | Security fair valued as of September 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at September 30, 2022 amounted to $144,709,647, which represents approximately 35.47% of net assets of the Fund. |
| (f) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (g) | Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at September 30, 2022 amounted to $20,946,141, which represents approximately 5.13% of net assets of the Fund. |
| (h) | Represents less than 0.05% of net assets. |
| (i) | Represents 7-day effective yield as of September 30, 2022. |
| Abbreviations | |
| CSA | Credit Spread Adjustment |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 15 |
First Eagle
Credit Opportunities Fund
Consolidated Schedule of Investments
September 30, 2022 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets |
|||
| Advertising | 1.8 | % | ||
| Aerospace & Defense | 1.6 | |||
| Agricultural & Farm Machinery | 0.3 | |||
| Air Freight & Logistics | 1.8 | |||
| Airlines | 2.2 | |||
| Alternative Carriers | 0.9 | |||
| Apparel, Accessories & Luxury Goods | 0.9 | |||
| Application Software | 6.9 | |||
| Asset Management & Custody Banks | 2.0 | |||
| Auto Parts & Equipment | 0.7 | |||
| Brewers | 0.4 | |||
| Broadcasting | 1.1 | |||
| Casinos & Gaming | 2.3 | |||
| Chemicals | 0.5 | |||
| Commercial Printing | 0.6 | |||
| Commodity Chemicals | 1.1 | |||
| Communications Equipment | 1.1 | |||
| Construction Materials | 1.6 | |||
| Construction & Engineering | 1.3 | |||
| Consumer Finance | 1.0 | |||
| Containers & Packaging | 1.3 | |||
| Distributors | 0.8 | |||
| Diversified Capital Markets | 0.4 | |||
| Diversified Chemicals | 0.5 | |||
| Diversified Consumer Services | 0.1 | |||
| Diversified Financial Services | 0.2 | |||
| Diversified Metals & Mining | 0.8 | |||
| Diversified Support Services | 1.6 | |||
| Education Services | 0.7 | |||
| Electric Utilities | 0.0 | * | ||
| Electronic Equipment & Instruments | 0.9 | |||
| Electronic Manufacturing Services | 1.0 | |||
| Entertainment | 0.4 | |||
| Environmental & Facilities Services | 0.8 | |||
| Health Care | 0.7 | |||
| Health Care Facilities | 0.7 | |||
| Health Care Services | 9.9 | |||
| Health Care Supplies | 0.9 | |||
| Health Care Technology | 2.2 | |||
| Heavy Electrical Equipment | 0.7 | |||
| Home Furnishings | 0.3 | |||
| Hotels, Resorts & Cruise Lines | 3.7 | |||
| Household Products | 0.5 | |||
| Human Resource & Employment Services | 1.5 | |||
| Industrial Machinery | 1.3 | |||
| Insurance Brokers | 2.1 | |||
| Interactive Media & Services | 1.3 | |||
| Internet & Direct Marketing Retail | 2.5 | |||
| Internet Services & Infrastructure | 0.6 | |||
| IT Consulting & Other Services | 5.5 | |||
| Leisure Facilities | 0.8 | |||
| Leisure Products | 0.8 | |||
| Life Sciences Tools & Services | 0.6 | |||
| Managed Health Care | 0.5 | |||
| Marine Ports & Services | 0.2 | |||
| Media | 0.2 | |||
| Metal & Glass Containers | 0.4 | |||
| Movies & Entertainment | 1.1 | |||
| Multi-Sector Holdings | 1.1 | |||
| Packaged Foods & Meats | 1.7 | |||
| Paper Packaging | 0.8 | |||
| Paper Products | 1.2 | |||
| Personal Products | 3.0 | |||
| Pharmaceuticals | 2.2 | |||
| Real Estate Management & Development | 0.5 | |||
| Real Estate Services | 1.8 | |||
| Research & Consulting Services | 2.9 | |||
| Restaurants | 1.2 | |||
| Road & Rail | 0.2 | |||
| Security & Alarm Services | 0.4 | |||
| Soft Drinks | 0.7 | |||
| Software | 1.1 | |||
| Specialized Consumer Services | 1.7 | |||
| Specialized Finance | 2.9 | |||
| Specialty Chemicals | 1.3 | |||
| Specialty Retail | 0.1 | |||
| Specialty Stores | 0.2 | |||
| Systems Software | 3.1 | |||
| Technology Hardware, Storage & Peripherals | 0.9 | |||
| Textiles | 0.8 | |||
| Tires & Rubber | 0.6 | |||
| Trading Companies & Distributors | 2.1 | |||
| Transportation Infrastructure | 0.0 | * | ||
| Trucking | 3.0 | |||
| Wireless Telecommunication Services | 1.4 | |||
| Short-Term Investments | 5.1 | |||
| Total Investments | 120.6 | % | ||
See Notes to Consolidated Schedule of Investments. |
(Continued) |
| 16 |
First Eagle Credit Opportunities Fund
Notes to Consolidated Schedule of Investments (unaudited)
Note 1 — Organization
First Eagle Credit Opportunities Fund (the “Fund”) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that continuously offers its shares of beneficial interest (the “Common Shares”), and is operated as an “interval fund.” The Fund was organized as a Delaware statutory trust on July 8, 2020, pursuant to a Declaration of Trust governed by the laws of the State of Delaware as amended and restated by the Amended and Restated Declaration of Trust, dated as of September 4, 2020.
The Fund’s primary investment objective is to provide current income, with a secondary objective of providing long-term risk-adjusted returns. The Fund seeks to achieve its investment objective by investing in a portfolio of a variety of credit asset classes. The Fund will invest, under normal market conditions, at least 80% of its Managed Assets, defined as total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes), in a credit portfolio of below investment grade credit assets including syndicated bank loans, middle market “club” loans (senior secured loans in middle market companies funded by an arranged group of lenders that generally does not involve syndication), direct lending (consisting of first lien loans, including unitranche loans), asset-based loans, and high-yield bonds (commonly referred to as “junk” bonds).
The Fund currently offers three classes of Common Shares: Class A Shares, Class A-2 Shares and Class I Shares. The Fund has been granted exemptive relief (the “Exemptive Relief”) from the Securities and Exchange Commission (the “SEC”) that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. The Fund may offer additional classes of shares in the future.
First Eagle Investment Management, LLC (the “Adviser”) is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. (“First Eagle Holdings”). A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership (“BCP CC Holdings”). BCP CC Holdings GP L.L.C., a Delaware limited liability company, is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. (“BCP VI”) and Corsair IV Financial Services Capital Partners L.P. (“Corsair IV”). BCP VI and Corsair IV are indirectly controlled by Blackstone Inc. (“Blackstone”) and Corsair Capital LLC (“Corsair”), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings.
First Eagle Alternative Credit, LLC (the “Subadviser”), in its capacity as the alternative credit group of the Adviser, serves as the Fund’s investment subadviser. The Subadviser is an investment adviser for both direct lending and broadly syndicated investments, through public and private vehicles, collateralized loan obligations, separately managed accounts and commingled funds. The Subadviser was formed in 2009 under the name THL Credit Advisors LLC. In January 2020, the Subadviser was acquired by the Adviser and is a wholly-owned subsidiary of the Adviser.
Note 2 — Significant Accounting Policies
The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards (the “FASB”) Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”).
| a) | Investments in Subsidiaries — The First Eagle Credit Opportunities Fund SPV, LLC (the “SPV”), established on January 11, 2021, is a wholly-owned Delaware limited liability company, which functions as the Fund’s special purpose, bankruptcy-remote, financing subsidiary. The consolidated financial statements include the accounts of the Fund and the SPV. All intercompany transactions and balances have been eliminated. As of September 30, 2022, the SPV has $109,026,156 in net assets, representing 26.78% of the Fund’s net assets. |
| b) | Investment Valuation — The Fund’s net asset value (“NAV”) per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. The Fund computes its NAV per share as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. |
Portfolio securities and other assets for which market quotes are readily available are valued at market value. In circumstances where market quotes are not readily available, the Fund’s Board of Trustees (the “Board”) has adopted methods for determining the fair value of such securities and other assets.
The Fund’s securities are valued by various methods, as described below:
Senior Loans refers to Loans and Assignments, Bank Loans, Direct Lending and Middle Market “Club” Loans. Senior Loans are primarily valued by using a composite loan price at the mean of the bid and ask prices from an approved pricing service. Investments, including Direct Loans, which are in their early stages of a private investment are generally fair valued at their cost which approximates market value and are monitored by the Adviser and the Subadviser (individually or collectively referred to as “First Eagle Management”) for any significant positive or negative events that would impact valuation of the investment.
All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are readily available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 PM EST), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable instruments and the various relationships between instruments in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique features of the instrument in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. First Eagle Management’s Oversight Committee, at least annually, will review the pricing service’s inputs, methods, models, assumptions for its evaluated prices.
Non-exchange traded equity securities may be valued at prices supplied by the Fund’s pricing agent based on the average of the bid/ask prices quoted by brokers that are knowledgeable about the securities. If broker quotes are unavailable then the equity will be fair valued pursuant to procedures adopted by the Board.
Investment companies, including money market funds, are valued at their net asset value.
If a price is not available from an independent pricing service or broker, or if the price provided is believed to be unreliable, the security will be fair valued pursuant to procedures adopted by the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. Fair value methods may include, but are not limited to, the use of market comparable and/or income approach methodologies. Using a fair value pricing methodology to value securities may result in a value that is different from a security’s most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund’s valuation of a security will not differ from the amount that it realizes upon the sale of such security.
The Fund adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.
The Fund discloses the fair value of the investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:
Level 1 — Quoted prices in active markets for identical securities;
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.);
Level 3 — Other significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).
The two primary significant unobservable inputs used in the fair value measurement of the Fund’s debt investments is the weighted average cost of capital, or WACC, and the comparative yield. Significant increases (decreases) in the WACC or in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement. In determining the WACC, for the income, or yield approach, the Fund considers current market yields and multiples, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate WACC to use in the income approach. In determining the comparative yield, for the income, or yield approach, the Fund considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis.
The primary significant unobservable input used in the fair value measurement of the Fund’s equity investments, investments in warrants, and other debt investments using a market approach is the EBITDA multiple adjusted by management for differences between the investment and referenced comparables, or the multiple. Significant increases (decreases) in the multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the multiple for the market approach, the Fund considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market approach.
Fair valuation of securities, other financial instruments or other assets (collectively, “securities”) held by the Fund shall be determined in good faith by the Adviser as “valuation designee” under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee oversee the execution of the valuation and allocation procedures for the Fund. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. Effective September 8, 2022, and in accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser to perform the Fund’s fair value determinations. The Adviser’s fair valuation process is subject to Board oversight and certain reporting and other requirements and the Fund’s fair valuation policy has been revised to incorporate changes required by Rule 2a-5.
The following table summarizes the valuation of the Fund’s investments under the fair value hierarchy levels as of September 30, 2022:
First Eagle Credit Opportunities Fund
| Description | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets | ||||||||||||||||
| Common Stocks† | $ | – | $ | – | $ | 1,577 | $ | 1,577 | ||||||||
| Corporate Bonds† | – | 20,946,141 | – | 20,946,141 | ||||||||||||
| Senior Loans | ||||||||||||||||
| Advertising | – | 7,354,416 | – | 7,354,416 | ||||||||||||
| Aerospace & Defense | – | – | 6,615,111 | 6,615,111 | ||||||||||||
| Agricultural & Farm Machinery | – | – | 1,091,551 | 1,091,551 | ||||||||||||
| Air Freight & Logistics | – | 909,562 | 6,351,286 | 7,260,848 | ||||||||||||
| Airlines | – | 7,105,800 | – | 7,105,800 | ||||||||||||
| Alternative Carriers | – | 3,614,470 | – | 3,614,470 | ||||||||||||
| Apparel, Accessories & Luxury Goods | – | – | 3,710,751 | 3,710,751 | ||||||||||||
| Application Software | – | 15,344,538 | 12,921,604 | 28,266,142 | ||||||||||||
| Asset Management & Custody Banks | – | – | 8,337,626 | 8,337,626 | ||||||||||||
| Auto Parts & Equipment | – | – | 3,004,900 | 3,004,900 | ||||||||||||
| Brewers | – | 1,568,747 | – | 1,568,747 | ||||||||||||
| Broadcasting | – | 4,344,995 | – | 4,344,995 | ||||||||||||
| Casinos & Gaming | – | 3,747,172 | 5,723,501 | 9,470,673 | ||||||||||||
| Commercial Printing | – | 2,540,549 | – | 2,540,549 | ||||||||||||
| Commodity Chemicals | – | – | 4,690,438 | 4,690,438 | ||||||||||||
| Communications Equipment | – | 4,352,320 | – | 4,352,320 | ||||||||||||
| Construction Materials | – | 6,660,917 | – | 6,660,917 | ||||||||||||
| Construction & Engineering | – | – | 5,129,976 | 5,129,976 | ||||||||||||
| Consumer Finance | – | – | 3,911,885 | 3,911,885 | ||||||||||||
| Distributors | – | 3,405,616 | – | 3,405,616 | ||||||||||||
| Diversified Capital Markets | – | – | 1,555,522 | 1,555,522 | ||||||||||||
| Diversified Chemicals | – | 1,865,650 | – | 1,865,650 | ||||||||||||
| Diversified Metals & Mining | – | 2,859,620 | 250,433 | 3,110,053 | ||||||||||||
| Diversified Support Services | – | – | 6,328,229 | 6,328,229 | ||||||||||||
| Education Services | – | – | 2,777,848 | 2,777,848 | ||||||||||||
| Electronic Equipment & Instruments | – | 3,639,101 | – | 3,639,101 | ||||||||||||
| Electronic Manufacturing Services | – | – | 3,886,621 | 3,886,621 | ||||||||||||
| Environmental & Facilities Services | – | – | 3,341,679 | 3,341,679 | ||||||||||||
| Health Care | – | – | 2,906,810 | 2,906,810 | ||||||||||||
| Health Care Facilities | – | – | 2,787,017 | 2,787,017 | ||||||||||||
| Health Care Services | – | 5,388,697 | 35,159,982 | 40,548,679 | ||||||||||||
| Health Care Supplies | – | 3,557,583 | – | 3,557,583 | ||||||||||||
| Health Care Technology | – | 4,275,367 | 4,822,083 | 9,097,450 | ||||||||||||
| Heavy Electrical Equipment | – | – | 2,769,525 | 2,769,525 | ||||||||||||
| Home Furnishings | – | 1,024,616 | – | 1,024,616 | ||||||||||||
| Hotels, Resorts & Cruise Lines | – | 12,484,601 | 2,690,579 | 15,175,180 | ||||||||||||
| Household Products | – | – | 1,899,175 | 1,899,175 | ||||||||||||
| Human Resource & Employment Services | – | 4,702,459 | 1,493,575 | 6,196,034 | ||||||||||||
| Industrial Machinery | – | 4,950,557 | 476,563 | 5,427,120 | ||||||||||||
| Insurance Brokers | – | – | 8,434,328 | 8,434,328 | ||||||||||||
| Interactive Media & Services | – | – | 5,419,154 | 5,419,154 | ||||||||||||
| Internet & Direct Marketing Retail | – | 7,009,087 | 3,030,769 | 10,039,856 | ||||||||||||
| Internet Services & Infrastructure | – | – | 2,264,061 | 2,264,061 | ||||||||||||
| IT Consulting & Other Services | – | 7,241,104 | 15,160,911 | 22,402,015 | ||||||||||||
| Description | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Leisure Facilities | $ | – | $ | – | $ | 3,091,829 | $ | 3,091,829 | ||||||||
| Leisure Products | – | 3,448,059 | – | 3,448,059 | ||||||||||||
| Life Sciences Tools & Services | – | – | 2,325,364 | 2,325,364 | ||||||||||||
| Managed Health Care | – | – | 2,112,863 | 2,112,863 | ||||||||||||
| Marine Ports & Services | – | 764,449 | – | 764,449 | ||||||||||||
| Metal & Glass Containers | – | – | 1,678,443 | 1,678,443 | ||||||||||||
| Movies & Entertainment | – | 4,577,645 | – | 4,577,645 | ||||||||||||
| Multi-Sector Holdings | – | 4,374,297 | – | 4,374,297 | ||||||||||||
| Packaged Foods & Meats | – | 5,435,256 | 1,619,359 | 7,054,615 | ||||||||||||
| Paper Packaging | – | – | 3,356,544 | 3,356,544 | ||||||||||||
| Paper Products | – | – | 4,875,500 | 4,875,500 | ||||||||||||
| Personal Products | – | 4,795,218 | 7,440,325 | 12,235,543 | ||||||||||||
| Pharmaceuticals | – | 4,938,612 | 4,190,419 | 9,129,031 | ||||||||||||
| Real Estate Services | – | 2,764,317 | 4,758,086 | 7,522,403 | ||||||||||||
| Research & Consulting Services | – | 2,363,049 | 9,331,956 | 11,695,005 | ||||||||||||
| Restaurants | – | 5,066,818 | – | 5,066,818 | ||||||||||||
| Security & Alarm Services | – | – | 1,472,079 | 1,472,079 | ||||||||||||
| Soft Drinks | – | 2,874,990 | – | 2,874,990 | ||||||||||||
| Specialized Consumer Services | – | – | 7,135,076 | 7,135,076 | ||||||||||||
| Specialized Finance | – | 7,100,494 | 4,929,706 | 12,030,200 | ||||||||||||
| Specialty Chemicals | – | 2,766,000 | 2,362,500 | 5,128,500 | ||||||||||||
| Specialty Stores | – | 943,137 | – | 943,137 | ||||||||||||
| Systems Software | – | 8,860,455 | 3,666,660 | 12,527,115 | ||||||||||||
| Technology Hardware, Storage & Peripherals | – | 3,853,340 | – | 3,853,340 | ||||||||||||
| Textiles | – | 3,318,666 | – | 3,318,666 | ||||||||||||
| Tires & Rubber | – | – | 2,426,667 | 2,426,667 | ||||||||||||
| Trading Companies & Distributors | – | – | 8,479,187 | 8,479,187 | ||||||||||||
| Trucking | – | 2,855,640 | 9,304,229 | 12,159,869 | ||||||||||||
| Wireless Telecommunication Services | – | 4,702,380 | 925,731 | 5,628,111 | ||||||||||||
| Total Senior Loans | – | 195,750,366 | 254,426,016 | 450,176,382 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Companies | 20,891,586 | – | – | 20,891,586 | ||||||||||||
| Unfunded Commitments* | – | – | (19,973 | ) | (19,973 | ) | ||||||||||
| Total Assets | $ | 20,891,586 | $ | 216,696,507 | $ | 254,407,620 | $ | 491,995,713 | ||||||||
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| * | Unfunded commitments are presented at net unrealized appreciation(depreciation). |
| ‡ | Value determined using significant unobservable inputs. |
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
| Common Stocks | Senior Loans | Unfunded Commitments* | Total | |||||||||||||
| Beginning Balance —market value | $ | 46,875 | $ | 157,001,067 | $ | (23,290 | ) | $ | 157,024,652 | |||||||
| Purchases(1) | — | 70,703,401 | — | 70,703,401 | ||||||||||||
| Sales(2) | — | 34,855,979 | — | 34,855,979 | ||||||||||||
| Transfer In — Level 3 | — | 3,434,339 | — | 3,434,339 | ||||||||||||
| Transfer Out — Level 3 | — | (3,022,500 | ) | — | (3,022,500 | ) | ||||||||||
| Accrued discounts/ (premiums) | — | 403,660 | — | 403,660 | ||||||||||||
| Realized Gains (Losses) | — | 88,386 | — | 88,386 | ||||||||||||
| Change in Unrealized Appreciation (Depreciation) | (45,298 | ) | (9,038,316 | ) | 3,317 | (9,080,297 | ) | |||||||||
| Ending Balance — market value | $ | 1,577 | $ | 254,426,016 | $ | (19,973 | ) | $ | 254,407,620 | |||||||
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | (45,298 | ) | $ | (8,722,533 | ) | $ | 3,317 | $ | (8,764,514 | ) | |||||
| (1) | Purchases include all purchases of securities and securities received in corporate actions. |
| (2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
| * | Unfunded commitments are presented at net unrealized appreciation (depreciation). |
Investments were transferred into Level 3 during the period ended September 30, 2022 due to changes in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the increased incidence of stale prices, as assessed by the Adviser.
Investments were transferred out of Level 3 during the period ended September 30, 2022 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the reduced incidence of stale prices, as assessed by the Adviser.
The following is a summary of the Fund’s valuation techniques and significant amounts of unobservable inputs used in the Fund’s Level 3 securities as of September 30, 2022:
| Investment Type | Fair
Value at September 30, 2022 | Valuation Technique(s) | Unobservable Inputs | Range
(Weighted Average) | Direction
Change in Fair Value Resulting from Increase in Unobservable Inputs (a) | |||||||
| Common Stocks | 1,577 | Third-Party Vendor Pricing Service | Broker Quotes | N/A | Increase | |||||||
| 1,577 | ||||||||||||
| Senior Loans | 118,984,772 | Discounted Cash Flow (Income Approach) | Comparable Yield | 8.78-12.85 (10.05) | Decrease | |||||||
| 10,795,522 | Liquidation | Collateral Value | 40.2-2573.8 (795.8) | Increase | ||||||||
| 124,645,722 | Third-Party Vendor Pricing Service | Broker Quotes | N/A | Increase | ||||||||
| 254,426,016 | ||||||||||||
| Unfunded Commitment* | (14,909 | ) | Discounted Cash Flow (Income Approach) | Comparable Yield | 8.78-12.4 (9.71) | Decrease | ||||||
| 774 | Liquidation | Collateral Value | 227.9-227.9 (227.9) | Increase | ||||||||
| (5,838 | ) | Third-Party Vendor Pricing Service | Broker Quotes | N/A | Increase | |||||||
| (19,973 | ) | |||||||||||
Note:
* Unfunded commitments are presented at net unrealized appreciation (depreciation).
(a) This column represents the direction change in the fair value of Level 3 securities that would result from an increase to the corresponding unobservable inputs. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower gain value determination.
| c) | New Accounting Pronouncements — In March 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements. |
In March 2022, the FASB issued ASU 2022-02, “Financial Instruments Credit Losses (Topic 326)”, which is intended to address issues identified during the post implementation review of ASU 2016-3, “Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Management is currently evaluating the impact of the new standard, but does not anticipate the new standard to have a material impact to the consolidated financial statements and related disclosures.
In June 2022, FASB issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. The Fund is currently evaluating the impact, if any, of applying this new standard.
Note 3 — Securities and Other Investments
The Fund’s portfolio primarily consists of some combination of the following types of investments:
Syndicated Loans — Syndicated loans are typically underwritten and syndicated by large commercial and investment banks. These loans may be recently originated by such banks pursuant to the originating bank’s, or lead arranger’s, underwriting standards applicable to corporate borrowers at the time of issuance. The Fund may purchase syndicated loans either in the primary market in connection with their syndication or in the secondary market. In most cases, syndicated loans will be secured by specific collateral of the issuer. In general, most of the syndicated loans purchased by the Fund will be current on principal and interest payments at the time of purchase. However, the Fund can purchase syndicated loans that are not current on principal and are likely to default. In addition, syndicated loans held by the Fund may at times cease being current on principal and interest payments.
When all or a portion of a loan held by the Fund has not yet settled, the Fund does not accrue interest on such a loan until the settlement date at which point LIBOR, SOFR or Prime will be established.
Middle Market “Club” Loans — Middle market “club” loans are loans made to upper middle market companies that may not have access to traditional capital markets. Middle market “club” loans are distinct from customary direct lending loans described herein in that they are generally more liquid, often rated by a third party and funded by more than one lender, often a “club” of unaffiliated lenders. Middle market “club” loans held by the Fund will consist of first lien senior secured loans.
Direct Lending — The Fund may invest in sponsor-backed, first lien senior secured directly originated loans (including “unitranche” loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position) of middle-market U.S. companies. Direct lending middle market loans are generally illiquid, unrated and funded by one affiliated lender group.
Asset-Based Loans — Asset-based loans are loans that are secured by collateral consisting of inventory, accounts receivable, machinery/equipment, real estate, intellectual property/brands and/or other assets owned by the borrower(s) where by the underlying loan will be underwritten by the value of the collateral. These loans are highly structured and typically include frequent monitoring including but not limited to financial and collateral reporting. The term loans are provided to both private and public borrowers with varying ownership structures.
High Yield Bonds — The Fund may invest in high-yield bonds, which are securities rated below “Baa3” by Moody’s, lower than “BBB-” by S&P and/or lower than “BBB-” by Fitch Ratings and unrated debt securities and other types of credit instruments of similar quality, commonly referred to as “junk bonds.” Such securities are predominately speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. The ratings of S&P represent its opinion as to the credit quality of the securities it undertakes to rate. It should be emphasized, however, the ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market price risk of these securities. In seeking to achieve its investment objective, the Fund depends on credit analysis to identify investment opportunities.
Note 4 — Unfunded Commitment/Delayed Draw Loan Commitment
As of September 30, 2022, the Fund had the following unfunded loan commitments outstanding, which could be extended at the option of the borrower:
| Net Unrealized | ||||||||||||
| Appreciaton | ||||||||||||
| Loan | Principal Amount | Value | (Depreciation) | |||||||||
| A&A Global Imports, LLC, Revolving Loan - First Lien | 13,726 | 13,588 | 83 | |||||||||
| Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan - First Lien | 476,191 | 476,191 | 9,524 | |||||||||
| Alpine SG, LLC (ASG), Revolving Credit Commitment - First Lien | 105,232 | 103,390 | (263 | ) | ||||||||
| Alpine X, Revolver - First Lien | 134,171 | 132,830 | 933 | |||||||||
| Apex Service Partners, LLC, Revolver - First Lien | 43,621 | 43,621 | 605 | |||||||||
| Anne Arundel Dermatology Management, LLC, DDTL C - First Lien | 581,450 | 569,821 | (6,905 | ) | ||||||||
| Apex Analytix, Inc. (Montana Buyer, Inc.), First Lien Revolver - First Lien | 304,348 | 298,261 | - | |||||||||
| AppHub, Delayed Draw Term Loan - First Lien | 933,486 | 928,818 | - | |||||||||
| AppHub, Revolver - First Lien | 103,013 | 101,468 | - | |||||||||
| Archer Systems, LLC, Revolver - First Lien | 591,667 | 584,271 | - | |||||||||
| Automated Control Concepts, Inc., Revolver - First Lien | 416,667 | 408,333 | (2,083 | ) | ||||||||
| Bandon Fitness Texas, Inc., Delayed Draw Term Loan - First Lien | 1,245,969 | 1,227,279 | (9,345 | ) | ||||||||
| Bandon Fitness Texas, Inc., Revolver - First Lien | 141,688 | 139,563 | - | |||||||||
| BCDI BHI Intermediate 2, LP (Basic Home Infusion), Delayed Draw Term Loan - First Lien | 1,228,413 | 1,209,987 | (12,284 | ) | ||||||||
| BCDI BHI Intermediate 2, LP (Basic Home Infusion), Revolver - First Lien | 662,501 | 652,564 | - | |||||||||
| Boston Clincial Trials LLC (Alcanza Clinical Research), Delayed Draw - First Lien | 375,000 | 371,250 | (1,875 | ) | ||||||||
| Boston Clincial Trials LLC (Alcanza Clinical Research), Revolver - First Lien | 187,500 | 185,625 | 937 | |||||||||
| CC Amulet Management, LLC (Children’s Choice), 2021 Delayed Draw Term Loan_ - First Lien | 307,436 | 301,287 | (4,612 | ) | ||||||||
| CC Amulet Management, LLC (Children’s Choice), 2021 Revolver - First Lien | 12,675 | 12,422 | (63 | ) | ||||||||
| Certify, Inc., Fourth Amendment Delayed Draw Term Loan - First Lien | 600,000 | 600,000 | 6,000 | |||||||||
| Community Based Care Acquisition, Inc., Delayed Draw Term Loan - First Lien | 46,280 | 45,818 | (54 | ) | ||||||||
| Community Based Care Acquisition, Inc., Delayed Draw Tranche B - First Lien | 1,000,000 | 987,500 | 7,500 | |||||||||
| Community Based Care Acquisition, Inc., Revolver - First Lien | 365,854 | 362,195 | (878 | ) | ||||||||
| ConvenientMD (CMD Intermediate Holdings, Inc.), Initial Delayed Draw Term Loan - First Lien | 546,875 | 546,875 | 2,734 | |||||||||
| ConvenientMD (CMD Intermediate Holdings, Inc.), Revolving Credit Facility - First Lien | 50,000 | 50,000 | 750 | |||||||||
| Danforth Buyer, Inc., Revolver - First Lien | 208,333 | 205,208 | - | |||||||||
| Dermatology Intermediate Holdings III, Inc. (Forefront), Delayed Draw - First Lien | 181,636 | 173,462 | (4,541 | ) | ||||||||
| Eliassen Group, LLC, 2022 Delayed Draw Term Loan - First Lien | 472,222 | 465,139 | (5,903 | ) | ||||||||
| Epic Staffing Group (Cirrus) (Tempus), Delayed Draw - First Lien | 697,674 | 666,279 | 10,465 | |||||||||
| Evergreen Services Group II LLC (Cedar/Pine), Delayed Draw Term Loan - First Lien | 33,019 | 32,689 | 165 | |||||||||
| Evergreen Services Group II LLC (Cedar/Pine), Delayed Draw Term Loan A - First Lien | 1,428,571 | 1,414,286 | 14,286 | |||||||||
| Evergreen Services Group II LLC (Cedar/Pine), Revolving Credit Loan - First Lien | 26,738 | 26,471 | 134 | |||||||||
| iLending LLC, Revolver - First Lien | 35,036 | 35,036 | 525 | |||||||||
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Delayed Draw Term Loan - First Lien | 1,219,880 | 1,204,631 | (3,050 | ) | ||||||||
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Revolver - First Lien | 487,952 | 481,852 | 3,660 | |||||||||
| Lighthouse Behavioral Health Solutions, Delayed Draw Term Loan - First Lien | 1,206,107 | 1,188,015 | - | |||||||||
| Lighthouse Behavioral Health Solutions, Revolver - First Lien | 458,015 | 451,145 | - | |||||||||
| Lighthouse Lab Services (LMSI Buyer, LLC), Delayed Draw Term Loan - First Lien | 198,457 | 196,472 | (1,985 | ) | ||||||||
| Lighthouse Lab Services (LMSI Buyer, LLC), Revolver - First Lien | 334,728 | 331,381 | 1,674 | |||||||||
| NAC Holding Corporation (National Auto Care/Jaguar), DDTL D - First Lien | 1,134,091 | 1,131,256 | 5,670 | |||||||||
| Newcleus, LLC, Delayed Draw - First Lien | 264,972 | 260,335 | (2,652 | ) | ||||||||
| Newcleus, LLC, Revolver - First Lien | 34,803 | 34,194 | (88 | ) | ||||||||
| Oak Point Partners, LLC, Revolver - First Lien | 292,659 | 289,732 | 1,463 | |||||||||
| Omni Intermediate Holdings, LLC (Omni Logistics), Delayed Draw Term Loan 2 - First Lien | 195,431 | 192,500 | (977 | ) | ||||||||
| Orion Group Holdco, LLC, Delayed Draw Term Loan - First Lien | 299,145 | 293,162 | (2,991 | ) | ||||||||
| Point Quest Acquisition LLC, Revolver - First Lien | 452,381 | 445,595 | (1 | ) | ||||||||
| Reich & Tang Deposits Network, Delayed Draw Term Loan - First Lien | 860,691 | 847,781 | - | |||||||||
| R-Pac International Corp (Project Radio), Revolver - First Lien | 621,891 | 609,453 | (98 | ) | ||||||||
| Sequoia Consulting Group, LLC, Revolver - First Lien | 590,164 | 584,262 | 2,951 | |||||||||
| Socius Insurance Services, Inc., Delayed Draw - First Lien | 767,544 | 759,869 | - | |||||||||
| SuperHero Fire Protection, LLC, Revolver - First Lien | 20,785 | 20,473 | - | |||||||||
| Technology Partners, LLC (Imagine Software), Delayed Draw Term Loan - First Lien | 518,618 | 505,653 | (7,779 | ) | ||||||||
| Technology Partners, LLC (Imagine Software), Revolver - First Lien | 373,405 | 364,070 | (1,867 | ) | ||||||||
| The Carlstar Group, ABL Revolver - First Lien | 619,048 | 606,667 | 774 | |||||||||
| TMA Buyer, LLC, Delayed Draw - First Lien | 468,117 | 459,925 | (5,851 | ) | ||||||||
| TMA Buyer, LLC, Revolver - First Lien | 153,986 | 151,291 | (385 | ) | ||||||||
| Tricor, LLC, Delayed Draw Term Loan - First Lien | 795,494 | 781,573 | (7,954 | ) | ||||||||
| Tricor, LLC, Revolver - First Lien | 173,077 | 170,048 | (433 | ) | ||||||||
| TriStrux, LLC, Delayed Draw Term Loan - First Lien | 160,874 | 156,852 | (2,815 | ) | ||||||||
| TriStrux, LLC, Revolver - First Lien | 185,005 | 180,380 | (3,074 | ) | ||||||||
| $ | (19,973 | ) | ||||||||||
Delayed draw loan commitments are marked to market on the relevant day of the valuation in accordance with the Fund’s valuation policy.