Eric A. Pinero
3 Park Avenue, 36th Floor
New York, New York 10016
(Name and Address of Agent for Service)

Fellow Shareholders,

We hope this semi-annual report for the CION Ares Diversified Credit Fund (the "Fund"), for the period ending June 30, 2020 finds you and your loved ones healthy and safe during these unprecedented times.

We are pleased to report that notwithstanding the extraordinary events of COVID-19 and its impact on the U.S. financial markets and economy, the Fund has reached $805 million in total managed assets and delivered a 3.23% annualized return since inception.¹ As of period-end, the Fund had 394 total investments, spread across more than 27 unique industries. Secured debt instruments accounted for 95.1%² of the Fund and approximately 55% of the Fund was deployed in investments directly originated by affiliates of the Fund's investment advisor. The Fund has continued to gain traction with investors, and we are pleased to announce that the Fund has now launched on multiple platforms nationwide, which has led to strong asset growth.

Investment Philosophy and Process

The Fund remains focused on seeking to deliver attractive risk-adjusted returns for our shareholders across market cycles by utilizing a flexible strategy to invest in a diversified pool of liquid and illiquid credit instruments. We believe the optimal investment strategy for non-investment grade credit is an actively managed portfolio that encompasses a broad spectrum of credit asset classes including high yield bonds, leveraged loans, structured credit (CLOs and Private ABS), real estate debt, and direct lending in the United States and Europe. We believe unconstrained flexibility within a single portfolio affords investors an opportunity to capitalize on inefficiencies and dislocations across the credit universe and capture the best relative value.

The process by which the Fund's investments are selected is rigorous. The Fund's Advisor, CION Ares Management ("CAM" or the "Advisor"), leverages the resources of the broader Ares platform to conduct ongoing proprietary analysis at the asset-class level that compares current market conditions with historical and industry-level precedents to examine the rate environment, correlation to public markets, and local/regional risks. This information is brought before the 15-member investment allocation committee in semimonthly meetings, where senior members in each of the underlying asset classes within the Ares Credit Group share their observations with the Advisor's portfolio managers.

Investment Environment

Throughout 2020, global capital markets experienced unprecedented volatility as a result of the COVID-19 pandemic and its impact on the global economy. Investor sentiment plunged in a dramatic manner in March as the impacts of the pandemic magnified and were further exacerbated by the onset of the Saudi-Russian oil price war. During this time, default expectations increased, and credit spreads rose to levels last seen during the Global Financial Crisis. Starting in late March, investor sentiment was boosted behind unprecedented levels of financial stimulus being pumped into the economy and the expansion of eligibility of the Federal Reserve's (the "Fed") credit facilities. Though credit markets rallied significantly in the second quarter, levels remain wide when compared to year-end 2019. Year-to-date, the high yield markets in the U.S. and Europe have returned -4.78% and -4.97%, respectively.³ The bank loan markets remain wide of year-end 2019 levels in the U.S. and Europe as well with returns of -4.76% and -3.80%, respectively.⁴

Specific to the U.S., high yield and bank loan spreads widened with unprecedented momentum. In March, the high yield market experienced its five largest single day declines in history while the bank loan market experienced four of the five largest single day declines.⁵ Investor sentiment was decidedly "risk off", pushing the 10-year U.S. Treasury yield to all time lows while high yield mutual funds experienced a $13 billion outflow in March, the second largest on record.⁶ The loan market experienced a significant increase in downgrades while the high yield market saw a material increase in default activity, largely driven by the energy and retail sectors. Markets started to rebound in late March following unprecedented stimulus from the Fed, which bolstered sentiment and improved liquidity in the liquid credit markets. The bank loan market experienced its two largest daily price increases in history in late March and proceeded to return 9.71% in the second quarter.⁴ The high yield market returned 9.61% in the second quarter³ as demand from institutional and retail investors offset a record $146 billion of new issuance which occurred during the period.⁷ The record new issuance provided much needed liquidity to COVID-impacted industries, resulting in dampened default expectations relative to earlier in the year. Though

reduced, expectations remain elevated when compared to year-end 2019 and dispersion remains elevated in both markets, underscoring the importance of credit selection and mistake avoidance in the current environment.

The European markets have experienced similar trends year-to-date. In March, European loan and bond spreads reached levels not seen since the sovereign debt crisis in 2011. Unprecedented fiscal packages were unveiled by governments alongside highly accommodative packages from central banks. Markets reacted positively to the stimulus and in a swift manner, retracing ~50% of the spread widening year-to-date in April. European loans, which saw spreads exceed sovereign debt crisis levels in March, rebounded sharply in April and had their strongest monthly return since 2009. Spreads continued to move in a bullish manner behind measures such as the ECB's Pandemic Emergency Purchase Program (PEPP). New issuance started to resume, and the high yield market saw its largest monthly print on record in June.⁷ Notably, some of the issuers that came to the primary market in June were among those that had their original deals shelved due to the onset of the crisis.

Looking ahead, capital markets volatility is expected to persist, particularly as the COVID-19 pandemic evolves and the U.S. presidential election comes into focus. We believe this should cause further sector and single-name dispersion, creating opportunities for bottom-up, fundamental active managers to uncover value. In the private markets, we're seeing new issuance start to resume with enhanced structures and terms, benefitting active managers who are well-capitalized to take advantage of the emerging opportunity set. Specific to the Fund, we remain strategically focused on high-quality, floating rate assets in defensive sectors and will seek to continue to increase our exposure to directly originated loans in the U.S. and Europe given the attractive risk-adjusted return opportunities in those markets today. Owing to its flexible investment strategy, we believe the Fund offers a compelling combination of yield, diversification, and a level of downside protection. We maintain strong conviction in the current portfolio positioning and believe the Fund can generate attractive risk-adjusted returns going forward.

Summary

The first and second quarters of 2020 saw heightened volatility as headlines and COVID-19 drove the markets. However, the committed and active Fed has largely succeeded so far, and default expectations are decreasing. The U.S. economy officially entered recession in February, but employment rebounded in May and June as the first stimulus took effect, and a new round of stimulus will likely be enacted soon.

We continue to believe this is an attractive entry point for credit as markets remain attractive compared to pre-dislocation levels, dispersion remains elevated and central bank stimulus supports supply and demand in the loan and high yield markets. Though we're optimistic, much uncertainty remains, and we expect volatility to persist as market technicals eventually reconcile with corporate fundamentals. We believe credit selection is of the utmost importance given our expectations for increased volatility in addition to elevated default rates.

We believe flexible mandates are best suited to take advantage of the opportunities in leveraged credit markets; whether by asset class, geography or within individual capital structures. From a risk perspective, we continue to balance a high-quality posture with selective additions to risk, particularly as the market's level of empathy toward COVID-19 impacted issuers and industries continues to evolve. Overall, we believe the go-forward environment will continue to test the full depth and breadth of active managers, and those with scale, experience and a nimble approach to portfolio construction will benefit the most in this unique economic and market backdrop

Against this backdrop, we believe the Fund's strategy, driven by our ability to dynamically allocate capital across credit sectors and geographies, is well situated to seek attractive risk-adjusted returns for our shareholders. We are pleased with the ongoing construction of the Fund's diversified portfolio, and we believe the Fund is well positioned to find relative value-driven opportunities as we move into economic recovery. Our Advisor will continue to leverage its position as a global leader in the liquid and illiquid credit markets to identify attractive investment opportunities in line with the stated objective of the Fund.

We thank you for your investment in and continued support of CION Ares Diversified Credit Fund.

Sincerely,

Mark Gatto  Michael A. Reisner
Co-CEO  Co-CEO
CION Ares Management  CION Ares Management

Views expressed are those of CION Ares Management as of the date of this communication, are subject to change at any time, and may differ from the views of other portfolio managers or of Ares as a whole. Although these views are not intended to be a forecast of future events, a guarantee of futures results, or investment advice, any forward-looking statements are not reliable indicators of future events and no guarantee is given that such activities will occur as expected or at all. Information contained herein has been obtained from sources believed to be reliable, but the accuracy and completeness of the information cannot be guaranteed. CION Ares Management does not undertake any obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise, except as required by law. All investments involve risk, including possible loss of principal. Past performance is not indicative of future results.

The recent outbreak of a novel and highly contagious form of coronavirus ("COVID-19"), which the World Health Organization has declared to constitute a pandemic, has resulted in numerous deaths, adversely impacted global commercial activity and contributed to significant volatility in certain equity and debt markets. The global impact of the outbreak is rapidly evolving, and many countries have reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues. Businesses are also implementing similar precautionary measures. Such measures, as well as the general uncertainty surrounding the dangers and impact of COVID-19, are creating significant disruption in supply chains and economic activity and are having a particularly adverse impact on energy, transportation, hospitality, tourism, entertainment and other industries. The impact of COVID-19 has led to significant volatility and declines in the global financial markets and oil prices and it is uncertain how long this volatility will continue. As COVID-19 continues to spread, the potential impacts, including a global, regional or other economic recession, are increasingly uncertain and difficult to assess. Any public health emergency, including any outbreak of COVID-19 or other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on the Fund, the value of its investments and its portfolio companies. The performance information herein is as of June 30, 2020 and not all of the effects, directly and indirectly, resulting from COVID-19 and/or the current market environment, may be reflected herein. The full impact of COVID-19 and its ultimate potential effects on portfolio company performance and valuations is particularly uncertain and difficult to predict.

CION Securities, LLC ("CSL") is the wholesale marketing agent for CION Ares Diversified Credit Fund ("CADC" or the "Fund"), advised by CION Ares Management, LLC ("CAM") and distributed by ALPS Distributors, Inc ("ADI"). CSL, member FINRA, and CAM are not affiliated with ADI, member FINRA. Certain Ares fund securities may be offered through its affiliate, Ares Investor Services LLC ("AIS"), a broker-dealer registered with the SEC, and a member of FINRA and SIPC.

REF: CP?00531

¹ Past performance is not indicative of future results. Portfolio characteristics of the Fund are as of June 30, 2020 and are subject to change. Performance shown here is the I-Share Class. The I-Share was incepted on July 12, 2017. Returns include reinvestment of distributions and reflect fund expenses inclusive of recoupment of previously provided expense support. The net expense ratio, which includes expense support recoupment, is 3.47% as of June 30, 2020. The gross expense ratio, which excludes expense support recoupment, is 2.99% as of June 30, 2020. Expense ratios are annualized (except for certain non-recurring costs) and calculated as a percentage of average net assets. The sales charge for Class A is up to 5.75%. Share values will fluctuate, therefore if repurchased, they may be worth more or less than their original cost. Current performance may differ and can be obtained at cioninvestments.com.

² Secured Debt Includes First and Second Lien assets, Structured Credit Debt, Structured Credit Equity.

³ Source: ICE BofA HY Indices. European returns are hedged to Euro. As of June 30, 2020.

⁴ Source: Credit Suisse Leveraged Loan Index ("CSLLI"), Credit Suisse Western European Leveraged Loan Index (CS "WELLI"). WELLI returns hedged to Euro. As of June 30, 2020.

⁵ Sources: ICE BofA US High Yield Index ("HUCO"), CSLLI. As of June 30, 2020.

⁶ Source: JP Morgan High Yield Market Monitor. As of March 31, 2020.

⁷ Source: JP Morgan High Yield Market Monitor. As of June 30, 2020.

MANAGEMENT TEAM

• Mitch Goldstein, Co-Head of Ares Credit Group | 25 Years of Experience

• Greg Margolies, Head of Markets, Ares Management | 31 Years of Experience

• CADC's allocation committee consists of an additional 13 members, averaging nearly 25 years of experience.

ABOUT CION INVESTMENTS

CION Investments is a leading manager of investment solutions designed to redefine the way individual investors can build their portfolios and help meet their long-term investment goals. With more than 30 years of experience in the alternative asset management industry, CION strives to level the playing field. CION currently manages CION Investment Corporation, a leading non-traded BDC, and sponsors, through CION Ares Management, CION Ares Diversified Credit Fund, a globally diversified interval fund.

ABOUT ARES MANAGEMENT

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating three integrated businesses across Credit, Private Equity and Real Estate. Ares Management's investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management's global platform had $165 billion of assets under management as of June 30, 2020 with over 1,200 employees in over 25 offices in more than 10 countries. Please visit www.aresmgmt.com for additional information.

RISK DISCLOSURES & GLOSSARY

Risks and limitations include, but are not limited to, the following: investment instruments may be susceptible to economic downturns; most of the underlying credit instruments are rated below investment grade and considered speculative; there is no guarantee all shares can be repurchased; the Fund's business and operations may be impacted by fluctuations in the capital markets; the Fund is a diversified, closed-end investment company with limited operating history; diversification does not eliminate the risk of investment losses.

¹ Monthly Distributions — There is no assurance monthly distributions paid by the fund will be maintained at the targeted level or paid at all.

² Current Distribution Rate — Current distribution rate is expressed as a percentage equal to the projected annualized distribution amount (which is calculated by annualizing the current cash distribution per share without compounding), divided by the current net asset value. The current distribution rate shown may be rounded.

³ Sharpe Ratio — a risk-adjusted measure that measures reward per unit of risk. The higher the Sharpe Ratio, the better. The numerator is the difference between a portfolio's return and the return of a risk-free instrument. The denominator is the portfolio's standard deviation. Figures shown here are based on non-loaded daily NAV total returns utilizing data since inception.

⁴ Standard Deviation — a widely used measure of an investment's performance volatility. Standard deviation shows how much variation from the mean exists with a larger number indicating the data points are more spread out over a larger range of values. Figures shown here are based on non-loaded daily NAV total returns utilizing data since inception.

A portion of distributions may be a direct result of expense support payments provided by CION Ares Management, LLC (CAM), which are subject to repayment by CADC within three years. The purpose of this arrangement is to ensure that CADC bears an appropriate level of expenses. Any such distributions may not be entirely based on investment performance and can only be sustained if positive investment performance is achieved in future periods and/or CAM continues to make such expense support payments. Future repayments will reduce cash otherwise potentially available for distributions. There can be no assurance that such performance will be achieved in order to sustain these distributions. CAM has no obligation to provide expense support payments in future periods.

CADC may fund distributions from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital, as well as net income from operations, capital and non-capital gains from the sale of assets, dividends or distributions from equity investments and expense support payments from CAM, which are subject to repayment. For the year ending December 31, 2019, distributions were paid from taxable income and did not include a return of capital for tax purposes. If expense support payments from CAM were not provided, some or all of the distributions may have been a return of capital which would reduce the available capital for investment. The sources of distributions may vary periodically. Please refer to the semi-annual or annu-al reports filed with the SEC for the sources of distributions.

Senior Loans 90.2%^(b)(c)(d)

	Principal Amount		Value^(a)
Aerospace & Defense 1.9%
Aero Operating, LLC, 1st Lien Delayed Draw Term Loan, 1M LIBOR + 6.50%, 8.00%, 02/09/2026^(e)	$	838,503	$	796,578
Aero Operating, LLC, Initial 1st Lien Term Loan, 1M LIBOR + 6.50%, 8.00%, 02/09/2026^(e)(f)		2,922,726		2,776,590
Radius Aerospace Europe, Ltd., 1st Lien Term Loan, (Great Britain), 3M LIBOR + 5.75%, 6.75%, 03/29/2025^(e)(f)		1,618,502		1,553,761
Radius Aerospace Europe, Ltd., 1st Lien Revolver, (Great Britain), 3M GBP LIBOR + 5.75%, 6.75%, 03/29/2025^(e)	£	185,714		220,896
Radius Aerospace, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 5.75%, 6.75%, 03/29/2025^(e)(f)	$	2,539,286		2,437,714
Radius Aerospace, Inc., 1st Lien Revolver, 3M LIBOR + 5.75%, 6.75%, 03/29/2025^(e)		428,571		411,429
SecurAmerica, LLC, 1st Lien 6th Amendment Term Loan, 1M LIBOR + 9.00%, 10.25%, 07/16/2021^(e)(g)		191,759		191,759
SecurAmerica, LLC, 1st Lien Delayed Draw Term Loan A, 1M LIBOR + 9.00%, 10.25%, 12/21/2023^(e)(g)		615,750		615,750
SecurAmerica, LLC, 1st Lien Delayed Draw Term Loan B, 1M LIBOR + 9.00%, 10.25%, 12/21/2023^(e)(g)		111,611		111,611
SecurAmerica, LLC, 1st Lien Delayed Draw Term Loan C, 1M LIBOR + 9.00%, 10.25%, 12/21/2023^(e)(g)		69,992		69,992
SecurAmerica, LLC, 1st Lien Revolver, 06/21/2023^(e)(h)(i)		1,125		—
SecurAmerica, LLC, 1st Lien Term Loan, 1M LIBOR + 9.00%, 10.25%, 12/21/2023^(e)(f)(g)		1,644,085		1,644,085
TransDigm Group, Inc., Tranche Refinancing 1st Lien Term Loan F, 1M LIBOR + 2.25%, 2.43%, 12/09/2025⁽ⁱ⁾		1,997,222		1,791,788
				12,621,953

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Automotive 1.4%
GB Auto Service, Inc., 1st Lien 1st Amendment Delayed Draw Term Loan, 3M LIBOR + 6.50%, 7.50%, 10/19/2024^(e)(h)	$	6,002,624	$	2,735,508
GB Auto Service, Inc., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 6.50%, 7.50%, 10/19/2024^(e)		1,649,034		1,583,073
GB Auto Service, Inc., 1st Lien Revolver, 3M LIBOR + 6.50%, 7.52%, 10/19/2024^(e)(h)		264,159		44,206
GB Auto Service, Inc., 1st Lien Term Loan, 3M LIBOR + 6.50%, 7.50%, 10/19/2024^(e)(f)		1,200,833		1,152,800
Panther BF Aggregator 2, LP, Initial 1st Lien Term Loan, 1M LIBOR + 3.50%, 3.68%, 04/30/2026		1,120,211		1,064,200
Truck Hero, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 3.75%, 3.93%, 04/22/2024		383,089		347,033
Wand NewCo 3, Inc., Initial 2nd Lien Term Loan, 1M LIBOR + 7.25%, 7.43%, 02/05/2027^(e)(f)		3,000,000		2,880,000
				9,806,820
Banking, Finance, Insurance & Real Estate 13.4%
A.U.L. Corp., 1st Lien Revolver, 06/05/2023^(e)(h)		1,000		(10	)
A.U.L. Corp., Initial 1st Lien Term Loan, 1M LIBOR + 4.50%, 5.50%, 06/05/2023^(e)(f)		37,344		36,971
Acrisure, LLC, 1st Lien Additional Term Loan, 1M LIBOR + 3.50%, 3.68%, 02/15/2027		3,614,279		3,406,458
Affinipay Midco, LLC, 1st Lien Revolver, 3M LIBOR + 5.50%, 6.75%, 03/02/2026^(e)(h)		766,307		130,272
Affinipay Midco, LLC, Initial 1st Lien Term Loan, 3M LIBOR + 5.50%, 6.75%, 03/02/2026^(e)(f)		7,250,308		7,032,798
Affirm Operational Loans VI Trust, 1st Lien Revolver, 12/17/2026^(e)(h)		500,000		(5,426	)
Amynta Agency Borrower, Inc., 1st Lien Incremental Term Loan B, 1M LIBOR + 4.50%, 4.68%, 02/28/2025^(e)(f)		2,954,896		2,659,407
AQ Sunshine, Inc., 1st Lien Delayed Draw Term Loan, 04/15/2025^(e)(h)		85,975		(2,579	)

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
AQ Sunshine, Inc., Initial 1st Lien Revolver, 6M LIBOR + 5.75%, 6.75%, 04/15/2024^(e)(h)	$	136,423	$	118,689
AQ Sunshine, Inc., Initial 1st Lien Term Loan, 6M LIBOR + 5.75%, 6.75%, 04/15/2025^(e)(f)		1,143,613		1,109,305
AQ Sunshine, Inc., Initial 1st Lien Term Loan, 6M LIBOR + 5.75%, 6.75%, 04/15/2025^(e)		299,191		290,215
Ardonagh Midco 3, PLC, EUR Facility 1st Lien Term Loan B-1, (Great Britain), 07/14/2026^{(e)(f)(h)(i)(j)}	€	193,893		—
Ardonagh Midco 3, PLC, GBP Facility 1st Lien Term Loan B-1, (Great Britain), 07/14/2026^{(e)(f)(h)(i)(j)}	£	1,521,885		—
Ardonagh Midco 3, PLC, GBP Facility 1st Lien Term Loan B-2, (Great Britain), 07/14/2026^(e)(h)(i)(j)		323,155		—
ARM Funding, LLC, 1st Lien Revolver B, 1M LIBOR + 7.95%, 8.95%, 02/29/2024^(e)(h)	$	2,500,000		1,412,267
AssuredPartners, Inc., 1st Lien Incremental Term Loan, 1M LIBOR + 4.50%, 5.50%, 02/12/2027		1,074,776		1,053,281
Asurion, LLC, 1st Lien Replacement Term Loan B-6, 1M LIBOR + 3.00%, 3.18%, 11/03/2023⁽ⁱ⁾		3,994,728		3,858,228
Asurion, LLC, 2nd Lien Term Loan B-2, 1M LIBOR + 6.50%, 6.68%, 08/04/2025⁽ⁱ⁾		963,051		955,828
Blackhawk Network Holdings, Inc., 2nd Lien Term Loan, 1M LIBOR + 7.00%, 7.25%, 06/15/2026		150,000		134,625
Blackwood Bidco, Ltd., Facility 1st Lien Term Loan B-1, (Great Britain), 6M LIBOR + 7.30%, 9.25%, 10/08/2026^(e)(f)(j)		3,184,069		3,184,069
Blackwood Bidco, Ltd., GBP Facility 1st Lien Term Loan B-1, (Great Britain), 6M GBP LIBOR + 7.30%, 8.11%, 10/08/2026^(e)(f)(j)	£	2,550,724		3,160,346
Foundation Risk Partners Corp., 1st Lien 1st Amendment Delayed Draw Term Loan, 3M LIBOR + 4.75%, 5.75%, 11/10/2023^(e)	$	785,921		778,061
Foundation Risk Partners Corp., 1st Lien 1st Amendment Term Loan, 3M LIBOR + 4.75%, 5.75%, 11/10/2023^(e)(f)		628,994		622,704

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Foundation Risk Partners Corp., 1st Lien 2nd Amendment Delayed Draw Term Loan, 3M LIBOR + 4.75%, 5.75%, 11/10/2023^(e)	$	3,225,347	$	3,193,094
Foundation Risk Partners Corp., 1st Lien 3rd Amendment Delayed Draw Term Loan, 3M LIBOR + 4.75%, 5.75%, 11/10/2023^(e)(h)		1,258,791		355,348
Foundation Risk Partners Corp., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 4.75%, 5.75%, 11/10/2023^(e)(f)		139,446		138,051
Foundation Risk Partners Corp., 1st Lien Revolver, 11/10/2023^(e)(h)		3,000		(30	)
Foundation Risk Partners Corp., 1st Lien Term Loan, 3M LIBOR + 4.75%, 5.75%, 11/10/2023^(e)(f)		619,394		613,200
Foundation Risk Partners Corp., 2nd Lien 1st Amendment Delayed Draw Term Loan, 3M LIBOR + 8.50%, 9.50%, 11/10/2024^(e)		292,900		289,971
Foundation Risk Partners Corp., 2nd Lien 1st Amendment Term Loan, 3M LIBOR + 8.50%, 9.50%, 11/10/2024^(e)		264,795		262,147
Foundation Risk Partners Corp., 2nd Lien 2nd Amendment Delayed Draw Term Loan, 3M LIBOR + 8.50%, 9.50%, 11/10/2024^(e)		1,007,133		997,061
Foundation Risk Partners Corp., 2nd Lien 3rd Amendment Delayed Draw Term Loan, 3M LIBOR + 8.50%, 9.50%, 11/10/2024^(e)(h)		720,610		55,592
Foundation Risk Partners Corp., 2nd Lien Term Loan, 3M LIBOR + 8.50%, 9.50%, 11/10/2024^(e)		221,778		219,560
Gulf Finance, LLC, Tranche 1st Lien Term Loan B, 1M LIBOR + 5.25%, 6.25%, 08/25/2023		297,241		190,235
Hammersmith Bidco, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 1M GBP LIBOR + 7.44%, 7.94%, 09/02/2026^(e)(f)(j)	£	4,112,437		5,095,306
Hammersmith Bidco, Ltd., Acquisition Capex Facility 1st Lien Term Loan, (Great Britain), 1M GBP LIBOR + 7.44%, 7.94%, 09/02/2026^(e)(h)(j)		1,678,545		1,089,441
Leo Bidco, Ltd., GBP Facility 1st Lien Term Loan B, (Great Britain), 6M GBP LIBOR + 6.25%, 7.00%, 03/30/2026^(e)(f)(j)		500,000		619,500

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
London Acquisition Bidco B.V., EUR Facility 1st Lien Term Loan B-1, (Netherlands), 3M EURIBOR + 6.75%, 7.25%, 02/09/2026^(e)(f)(j)	€	430,556	$	474,034
NXTGenpay Intressenter Bidco AB, Facility 1st Lien Term Loan B, (Sweden), 3M STIBOR + 6.75%, 6.82%, 06/30/2025^(e)(j)	SEK	5,500,000		590,455
NXTGenpay Intressenter Bidco AB, Facility 1st Lien Term Loan D, (Sweden), 06/30/2025^(e)(h)(i)(j)		1,800,000		—
NXTGenpay Intressenter Bidco AB, Facility 1st Lien Term Loan D, (Sweden), 3M STIBOR + 6.75%, 6.82%, 06/30/2025^(e)(j)		2,700,000		289,860
PI UK Holdco II, Ltd., Facility 1st Lien Term Loan B-1, (Great Britain), 3M LIBOR + 3.50%, 4.50%, 01/03/2025	$	775,056		738,892
Refinitiv U.S. Holdings, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 3.25%, 3.43%, 10/01/2025		1,994,937		1,946,560
Right Choice Holdings, Ltd., GBP Facility 1st Lien Term Loan B, (Great Britain), 3M GBP LIBOR + 6.75%, 7.50%, 06/06/2024^(e)(f)(j)	£	1,000,000		1,238,999
RSC Acquisition, Inc., Initial 1st Lien Delayed Draw Term Loan, 3M LIBOR + 5.50%, 6.50%, 10/30/2026^(e)(h)	$	554,024		15,970
RSC Acquisition, Inc., Initial 1st Lien Revolver, 10/30/2026^(e)(h)		1,000		(30	)
RSC Acquisition, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 5.50%, 6.50%, 10/30/2026^(e)(f)		2,671,762		2,591,609
SaintMichelCo, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain), 3M GBP LIBOR + 7.00%, 7.50%, 09/09/2025^(e)(h)(j)	£	300,000		198,240
SaintMichelCo, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 3M GBP LIBOR + 7.00%, 7.50%, 09/09/2025^(e)(j)		2,400,000		2,973,598
SCM Insurance Services, Inc., 1st Lien Revolver, (Canada), CAD PRIME + 4.00%, 6.45%, 08/29/2022^(e)(h)	CAD	1,000		309
SCM Insurance Services, Inc., 1st Lien Term Loan, (Canada), 1M CDOR + 5.00%, 6.00%, 08/29/2024^(e)(f)		121,875		82,527

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
SCM Insurance Services, Inc., 2nd Lien Term Loan, (Canada), 1M CDOR + 9.00%, 10.00%, 03/01/2025^(e)	CAD	125,000	$	82,803
Sedgwick Claims Management Services, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 3.25%, 3.43%, 12/31/2025	$	2,874,905		2,707,556
Selectquote, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 6.00%, 7.00%, 11/05/2024^(e)		779,213		779,213
SG Acquisition, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 5.75%, 5.93%, 01/27/2027^(e)(f)		3,372,235		3,271,068
Staysure Bidco, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 3M GBP LIBOR + 7.00%, 7.75%, 07/01/2025^(e)	£	1,000,000		1,189,439
Symbol Bidco I, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 3M GBP LIBOR + 6.50%, 7.00%, 02/22/2027^(e)(f)(j)		571,429		708,000
Symbol Bidco I, Ltd., Acquisition Capex Facility 1st Lien Term Loan, (Great Britain), 12/21/2026^(e)(h)(j)		428,571		—
TA/WEG Holdings, LLC, Initial 1st Lien Term Loan, 12M LIBOR + 6.00%, 7.00%, 10/02/2025^(e)(f)	$	3,529,018		3,458,438
TA/WEG Holdings, LLC, 1st Lien Revolver, 12M LIBOR + 6.00%, 7.00%, 10/02/2025^(e)(h)		301,041		160,822
TA/WEG Holdings, LLC, Initial 1st Lien Delayed Draw Term Loan, 12M LIBOR + 6.00%, 7.00%, 10/02/2025^(e)(h)(i)		2,186,891		831,019
Tempo Acquisition, LLC, Initial 1st Lien Term Loan, 1M LIBOR + 2.75%, 2.93%, 05/01/2024		1,510,335		1,431,042
Toscafund, Ltd., Facility 1st Lien Term Loan, (Great Britain), 6M GBP LIBOR + 7.50%, 8.25%, 04/02/2025^(e)(f)(j)	£	4,680,000		5,798,516
True Potential LLP, Facility 1st Lien Term Loan B-2, (Great Britain), 6M GBP LIBOR + 7.17%, 7.90%, 10/16/2026^(e)(f)(j)		8,112,754		10,051,696
True Potential LLP, Acquisition Facility 1st Lien Term Loan, (Great Britain), 3M GBP LIBOR + 7.17%, 7.84%, 10/16/2026^(e)(h)(j)		1,943,174		1,963,908

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Ultimus Group Midco, LLC (The), 1st Lien Revolver, 3M LIBOR + 3.50%, 6.75%, 02/01/2024^(e)(h)	$	396,226	$	210,566
Ultimus Group Midco, LLC (The), Initial 1st Lien Term Loan, 3M LIBOR + 4.50%, 5.50%, 02/01/2026^(e)(f)		3,181,215		3,053,966
USI, Inc., 1st Lien Term Loan, 3M LIBOR + 4.00%, 4.31%, 12/02/2026		497,500		482,162
				90,375,222
Beverage, Food & Tobacco 4.7%
CC Fly Holding II A/S, Unitranche Facility 1st Lien Term Loan A, (Denmark), 3M CIBOR + 7.50%, 8.00%, 05/09/2025^(e)(f)	DKK	2,500,000		358,039
CC Fly Holding II A/S, Unitranche Facility 1st Lien Term Loan B, (Denmark), 3M NIBOR + 7.50%, 8.00%, 05/09/2025^(e)(f)		2,500,000		358,039
CC Fly Holding II A/S, Accordian Facility 1st Lien Term Loan, (Denmark), 3M CIBOR + 7.50%, 8.00%, 05/09/2025^(e)(f)		520,833		74,592
CC Fly Holding II A/S, Accordian Facility 2 1st Lien Term Loan, (Denmark), 3M NIBOR + 7.50%, 8.00%, 05/09/2025^(e)(f)		520,833		74,592
CC Fly Holding II A/S, Accordian Facility 3 1st Lien Term Loan, (Denmark), 3M CIBOR + 7.50%, 8.00%, 05/09/2025^(e)(f)		1,041,666		149,183
CHG PPC Parent, LLC, 2nd Lien Term Loan, 1M LIBOR + 7.50%, 7.68%, 03/30/2026^(e)(f)	$	1,000,000		970,000
CHG PPC Parent, LLC, 2nd Lien Additional Term Loan, 1M LIBOR + 7.75%, 7.93%, 03/30/2026^(e)(f)		2,000,000		1,940,000
Ferraro Fine Foods Corp., 1st Lien 2nd Amendment Term Loan, 3M LIBOR + 4.25%, 5.32%, 05/09/2024^(e)(f)		295,825		286,950
Ferraro Fine Foods Corp., 1st Lien Incremental Term Loan, 3M LIBOR + 4.25%, 5.32%, 05/09/2024^(e)		53,791		52,177
Ferraro Fine Foods Corp., 1st Lien Revolver, 6M LIBOR + 4.25%, 5.32%, 05/09/2023^(e)(h)		1,000		303

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Ferraro Fine Foods Corp., 1st Lien Term Loan, 6M LIBOR + 4.25%, 5.32%, 05/09/2024^(e)(f)	$	981,518	$	952,072
Froneri International, Ltd., Facility 1st Lien Term Loan B-2, (Great Britain), 1M LIBOR + 2.25%, 2.43%, 01/29/2027		2,501,824		2,347,036
GPM Investments, LLC, 1st Lien Delayed Draw Term Loan A, 03/01/2027^(e)(h)		3,312,452		(66,249	)
GPM Investments, LLC, Initial 1st Lien Term Loan, 3M LIBOR + 4.75%, 6.25%, 03/01/2027^(e)(f)		8,496,439		8,326,510
Hometown Food Co., 1st Lien Revolver, 08/31/2023^(e)(h)		1,000		—
Hometown Food Co., 1st Lien Term Loan, 1M LIBOR + 5.00%, 6.25%, 08/31/2023^(e)(f)		1,473,707		1,473,707
IRB Holding Corp., 1st Lien Replacement Term Loan B, 6M LIBOR + 2.75%, 3.75%, 02/05/2025		2,192,449		2,019,399
Jim N Nicks Management, LLC, 1st Lien Revolver, 3M LIBOR + 5.25%, 6.25%, 07/10/2023^(e)		1,000		880
Jim N Nicks Management, LLC, Initial 1st Lien Term Loan, 3M LIBOR + 5.25%, 6.25%, 07/10/2023^(e)(f)		48,500		42,680
Portillo's Holdings, LLC, 1st Lien Additional Term Loan B-3, 09/06/2024^(i)(j)		275,969		252,856
Portillo's Holdings, LLC, 2nd Lien Additional Term Loan B-3, 3M LIBOR + 9.50%, 10.75%, 12/06/2024^(e)		2,465,616		2,342,335
Reddy Ice Holdings, Inc., 1st Lien Delayed Draw Term Loan, 6M LIBOR + 5.50%, 6.70%, 07/01/2025^(e)(h)		952,667		417,980
Reddy Ice Holdings, Inc., 1st Lien Revolver, 1M LIBOR + 5.50%, 6.50%, 07/01/2024^(e)(h)		955,102		305,633
Reddy Ice Holdings, Inc., 1st Lien Term Loan, 6M LIBOR + 5.50%, 6.70%, 07/01/2025^(e)(f)		7,375,298		6,859,027
SFE Intermediate HoldCo, LLC, 1st Lien Incremental Term Loan, 3M LIBOR + 5.25%, 6.25%, 07/31/2024^(e)(f)		1,904,098		1,866,016

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
SFE Intermediate HoldCo, LLC, 1st Lien Revolver, PRIME + 4.25%, 7.50%, 07/31/2023^(e)	$	2,000	$	1,960
SFE Intermediate HoldCo, LLC, 1st Lien Term Loan, 3M LIBOR + 5.25%, 6.25%, 07/31/2024^(e)(f)		235,708		230,994
				31,636,711
Capital Equipment 1.9%
Avantor Funding, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 2.25%, 3.25%, 11/21/2024⁽ⁱ⁾		2,500,000		2,431,250
Blue Angel Buyer 1, LLC, 1st Lien 1st Amendment Term Loan, 3M LIBOR + 4.50%, 5.64%, 01/02/2026^(e)(f)		1,113,930		1,102,790
Blue Angel Buyer 1, LLC, 1st Lien Delayed Draw Term Loan, 3M LIBOR + 3.25%, 6.50%, 01/02/2026^(e)(h)		640,850		268,290
Blue Angel Buyer 1, LLC, 1st Lien Revolver, 01/02/2025^(e)(h)		321,199		(6,424	)
Blue Angel Buyer 1, LLC, Initial 1st Lien Term Loan, 6M LIBOR + 4.25%, 5.25%, 01/02/2026^(e)(f)		2,010,948		1,970,729
Dynacast International, LLC, 1st Lien Term Loan B-2, 3M LIBOR + 3.25%, 4.25%, 01/28/2022⁽ⁱ⁾		2,022,935		1,638,578
Flow Control Solutions, Inc., 1st Lien Delayed Draw Term Loan, 11/21/2024^(e)(h)		994,201		(1	)
Flow Control Solutions, Inc., 1st Lien Revolver, 11/21/2024^(e)(h)		372,825		—
Flow Control Solutions, Inc., 1st Lien Term Loan, 3M LIBOR + 5.25%, 6.25%, 11/21/2024^(e)(f)		1,287,695		1,287,695
IMIA Holdings, Inc., 1st Lien Revolver, 10/26/2024^(e)(h)		408,163		—
IMIA Holdings, Inc., 1st Lien Term Loan, 3M LIBOR + 4.50%, 5.50%, 10/26/2024^(e)(f)		2,517,932		2,517,932
Welbilt, Inc., 1st Lien Term Loan B, 1M LIBOR + 2.50%, 2.68%, 10/23/2025^(e)		1,902,256		1,635,940
				12,846,779

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Chemicals, Plastics & Rubber 1.6%
Atlas Intermediate III, LLC, Initial 1st Lien Term Loan, 3M LIBOR + 5.75%, 6.75%, 04/29/2025^(e)(f)	$	1,150,044	$	1,115,543
Atlas Intermediate III, LLC, 1st Lien Revolver, 3M LIBOR + 5.50%, 6.50%, 04/29/2025^(e)(h)		226,621		144,282
DCG Acquisition Corp., Initial 1st Lien Term Loan, 1M LIBOR + 4.50%, 4.69%, 09/30/2026^(e)		2,271,070		2,021,253
Laboratories Bidco, LLC, 1st Lien Term Loan, 1M CDOR + 6.00%, 7.00%, 06/25/2024^(e)(f)	CAD	1,797,779		1,296,746
Laboratories Bidco, LLC, 1st Lien 2nd Amendment Incremental Term Loan, 1M LIBOR + 5.75%, 6.75%, 06/25/2024^(e)(f)	$	588,426		576,658
Laboratories Bidco, LLC, 1st Lien Revolver, 06/25/2024^(e)(h)		513,489		(10,270	)
Laboratories Bidco, LLC, 1st Lien Term Loan, 1M LIBOR + 5.75%, 6.75%, 06/25/2024^(e)(f)		1,916,362		1,878,034
Plaskolite PPC Intermediate II, LLC, 2nd Lien Term Loan, 1M LIBOR + 7.75%, 8.75%, 12/14/2026^(e)(f)		3,000,000		2,850,000
Plaskolite PPC Intermediate II, LLC, 1st Lien Term Loan, 3M LIBOR + 4.25%, 5.25%, 12/15/2025^(e)		990		940
Trident TPI Holdings, Inc., Tranche 1st Lien Term Loan B-1, 6M LIBOR + 3.25%, 4.07%, 10/17/2024		691,454		658,610
				10,531,796
Construction & Building 1.4%
EISG Bidco AB, Facility 1st Lien Term Loan A, (Sweden), 3M STIBOR + 7.50%, 7.57%, 06/30/2026^(e)(f)(i)(j)	SEK	42,000,000		4,508,929
EISG Bidco AB, Facility 1st Lien Term Loan B, (Sweden), 06/30/2026^(e)(h)(i)(j)		4,000,000		—
Kene Acquisition, Inc., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 4.25%, 5.25%, 08/10/2026^(e)(h)	$	632,240		458,355
Kene Acquisition, Inc., 1st Lien Revolver, 3M LIBOR + 4.25%, 5.25%, 08/08/2024^(e)(h)		675,812		82,787

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Kene Acquisition, Inc., 1st Lien Term Loan, 3M LIBOR + 4.25%, 5.25%, 08/10/2026^(e)(f)	$	2,891,887	$	2,776,212
Wilsonart, LLC, Tranche 1st Lien Term Loan D, 3M LIBOR + 3.25%, 4.25%, 12/19/2023⁽ⁱ⁾		1,883,674		1,812,452
				9,638,735
Consumer Goods: Durable 1.6%
AI Aqua Merger Sub, Inc., 1st Lien 5th Amendment Incremental Term Loan, 3M LIBOR + 4.25%, 5.34%, 12/13/2023^(e)		2,487,500		2,425,312
AI Aqua Merger Sub, Inc., Tranche 1st Lien Term Loan B-1, 6M LIBOR + 3.25%, 4.32%, 12/13/2023		1,979,540		1,897,884
DecoPac, Inc., Initial 1st Lien Revolver, 1M LIBOR + 4.25%, 5.25%, 09/29/2023^(e)(h)		1,000		190
DecoPac, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 4.25%, 5.25%, 09/30/2024^(e)(f)		478,791		474,003
DRS Holdings III, Inc., 1st Lien Term Loan, 3M LIBOR + 5.75%, 6.75%, 11/01/2025^(e)(f)		2,021,606		1,940,741
DRS Holdings III, Inc., 1st Lien Revolver, 1M LIBOR + 5.75%, 6.75%, 11/01/2025^(e)(h)		1,000		360
Star US Bidco, LLC, Initial 1st Lien Term Loan, 1M LIBOR + 4.25%, 5.25%, 03/17/2027		4,144,583		3,750,847
				10,489,337
Consumer Goods: Non-Durable 0.0%
Movati Athletic Group, Inc., 1st Lien Delayed Draw Term Loan, (Canada), 3M LIBOR + 6.50%, 8.00%, 10/05/2022^(e)(h)	CAD	251,915		121,008
Movati Athletic Group, Inc., 1st Lien Term Loan A, (Canada), 3M LIBOR + 6.50%, 8.00%, 10/05/2022^(e)(f)		240,532		169,956
				290,964
Containers, Packaging & Glass 2.6%
Anchor Packaging, LLC, 1st Lien Delayed Draw Term Loan, 1M LIBOR + 3.75%, 3.93%, 07/18/2026	$	574,359		551,385

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Anchor Packaging, LLC, Initial 1st Lien Term Loan, 1M LIBOR + 3.75%, 3.93%, 07/18/2026	$	2,605,949	$	2,501,711
BWAY Holding Co., Initial 1st Lien Term Loan, 3M LIBOR + 3.25%, 4.56%, 04/03/2024⁽ⁱ⁾		2,764,751		2,475,614
Charter NEX U.S., Inc., Initial 1st Lien Term Loan, 1M LIBOR + 2.75%, 3.75%, 05/16/2024		314,478		300,282
Charter NEX U.S., Inc., Initial 1st Lien Term Loan, 1M LIBOR + 2.75%, 3.75%, 05/16/2024		1,436		1,371
IntraPac Canada Corp., 1st Lien Term Loan, (Canada), 6M LIBOR + 5.50%, 6.57%, 01/11/2026^(e)(f)		806,588		766,259
IntraPac International, LLC, 1st Lien Revolver, 6M LIBOR + 5.50%, 6.57%, 01/11/2025^(e)(h)		415,407		146,431
IntraPac International, LLC, 1st Lien Term Loan, 6M LIBOR + 5.50%, 6.57%, 01/11/2026^(e)(f)		1,582,923		1,503,777
Pregis TopCo LLC, Initial 1st Lien Term Loan, 1M LIBOR + 4.00%, 4.18%, 07/31/2026		2,932,321		2,821,127
Reynolds Group Holdings, Inc., 1st Lien Incremental Term Loan, 1M LIBOR + 2.75%, 2.93%, 02/05/2023		1,230,194		1,172,252
Ring Container Technologies Group, LLC, Initial 1st Lien Term Loan, 1M LIBOR + 2.75%, 2.93%, 10/31/2024		1,470,832		1,393,613
Tank Holding Corp., 1st Lien Refinancing Term Loan, 1M LIBOR + 3.50%, 3.68%, 03/26/2026		4,440,599		4,135,308
				17,769,130
Energy: Oil & Gas 3.0%
Birch Permian, LLC, Initial 1st Lien Term Loan, 3M LIBOR + 8.00%, 9.50%, 04/12/2023^(e)		6,981,049		5,445,218
Cheyenne Petroleum Co., LP, 2nd Lien Term Loan, 3M LIBOR + 8.50%, 10.50%, 01/10/2024^(e)		7,244,000		5,650,320
Drilling Info Holdings, Inc., 2nd Lien Incremental Term Loan, 1M LIBOR + 8.25%, 8.43%, 07/30/2026^(e)(f)		8,077,000		7,673,150
Penn Virginia Holding Corp., 2nd Lien Term Loan, 1M LIBOR + 7.00%, 8.00%, 09/29/2022^(e)		500,000		375,000

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Sundance Energy, Inc., 2nd Lien Term Loan, 3M LIBOR + 8.00%, 8.31%, 04/23/2023^(e)	$	1,000,000	$	740,000
Traverse Midstream Partners, LLC, 1st Lien Term Loan, 1M LIBOR + 4.00%, 5.00%, 09/27/2024		249,365		206,662
				20,090,350
Environmental Industries 1.3%
Core & Main, LP, Initial 1st Lien Term Loan, 6M LIBOR + 2.75%, 3.75%, 08/01/2024		4,045,603		3,844,577
GFL Environmental, Inc., 1st Lien Term Loan B, (Canada), 05/30/2025⁽ⁱ⁾		2,501,452		2,426,934
Restaurant Technologies, Inc., 1st Lien 1st Amendment Incremental Term Loan, 1M LIBOR + 6.25%, 7.25%, 10/01/2025^(e)		250,000		250,000
Restaurant Technologies, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 3.25%, 3.43%, 10/01/2025		1,454,921		1,333,071
VLS Recovery Services, LLC, 1st Lien 2nd Amendment Term Loan, 1M LIBOR + 6.00%, 7.00%, 10/17/2023^(e)(f)		729,471		729,471
VLS Recovery Services, LLC, 1st Lien Delayed Draw Term Loan, 1M LIBOR + 6.00%, 7.00%, 10/17/2023^(e)(f)		43,692		43,692
VLS Recovery Services, LLC, 1st Lien Delayed Draw Term Loan B, 1M LIBOR + 6.00%, 7.00%, 10/17/2023^(e)		89,557		89,557
VLS Recovery Services, LLC, 1st Lien Delayed Draw Term Loan C, 10/17/2023^(e)(h)		1,070,365		—
VLS Recovery Services, LLC, 1st Lien Revolver, 10/17/2023^(e)(h)		1,000		—
VLS Recovery Services, LLC, 1st Lien Term Loan, 1M LIBOR + 6.00%, 7.00%, 10/17/2023^(e)(f)		259,845		259,845
				8,977,147
Healthcare & Pharmaceuticals 19.1%
Air Medical Group Holdings, Inc., 1st Lien Term Loan, 6M LIBOR + 3.25%, 4.25%, 04/28/2022		3,491,049		3,350,988

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Athenahealth, Inc., 1st Lien Revolver, 02/12/2024^(e)(h)	$	232,108	$	(6,963	)
Athenahealth, Inc., 1st Lien Term Loan B, 3M LIBOR + 4.50%, 4.82%, 02/11/2026^(e)(f)		228,801		221,937
Athenahealth, Inc., 2nd Lien Term Loan, 3M LIBOR + 8.50%, 8.82%, 02/11/2027^(e)(f)		2,187,621		2,143,868
Bausch Health Companies Inc., 1st Lien Term Loan B, (Canada), 1M LIBOR + 3.00%, 3.19%, 06/02/2025		2,596,963		2,520,041
Bearcat Buyer, Inc., 1st Lien Incremental Term Loan, 3M LIBOR + 4.25%, 4.25%, 07/09/2026^(e)(f)		828,497		820,212
Bearcat Buyer, Inc., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 4.25%, 4.56%, 07/09/2026^(e)(h)		1,013,387		311,048
Bearcat Buyer, Inc., 1st Lien Revolver, 07/09/2024^(e)(h)		580,465		(5,805	)
Bearcat Buyer, Inc., 1st Lien Term Loan, 3M LIBOR + 4.25%, 4.56%, 07/09/2026^(e)(f)		4,896,949		4,847,979
Bearcat Buyer, Inc., 2nd Lien Delayed Draw Term Loan, 3M LIBOR + 8.25%, 8.56%, 07/09/2027^(e)(h)		580,465		178,493
Bearcat Buyer, Inc., 2nd Lien Incremental Term Loan, 3M LIBOR + 8.25%, 8.56%, 07/09/2027^(e)		617,308		611,134
Bearcat Buyer, Inc., 2nd Lien Term Loan, 3M LIBOR + 8.25%, 8.25%, 07/09/2027^(e)(f)		2,249,302		2,226,809
Cambrex Corp., Initial 1st Lien Term Loan, 1M LIBOR + 5.00%, 6.00%, 12/04/2026^(e)		3,482,500		3,412,850
CEP V I 5 UK, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain), 02/18/2027^(e)(h)(j)		6,346,154		—
CEP V I 5 UK, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 6M LIBOR + 7.00%, 8.71%, 02/18/2027^(e)(f)(j)		26,653,846		26,653,846
Change Healthcare Holdings, LLC, 1st Lien Term Loan, 1M LIBOR + 2.50%, 3.50%, 03/01/2024		4,000,000		3,833,880

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Comprehensive EyeCare Partners, LLC, 1st Lien Delayed Draw Term Loan, 3M LIBOR + 4.75%, 6.00%, 02/14/2024^(e)(h)	$	419,106	$	315,165
Comprehensive EyeCare Partners, LLC, 1st Lien Revolver, 3M LIBOR + 4.75%, 6.00%, 02/14/2024^(e)(h)		1,000		855
Comprehensive EyeCare Partners, LLC, 1st Lien Term Loan, 3M LIBOR + 4.75%, 6.00%, 02/14/2024^(e)(f)		563,907		530,073
Convey Health Solutions, Inc., 1st Lien Term Loan, 3M LIBOR + 5.25%, 6.25%, 09/04/2026^(e)(f)		3,127,797		3,065,241
Convey Health Solutions, Inc., 1st Lien Incremental Term Loan, 3M LIBOR + 9.00%, 10.35%, 09/04/2026^(e)(f)		367,428		367,428
CPI Holdco, LLC, 1st Lien Revolver, 3M LIBOR + 4.00%, 5.18%, 11/04/2024^(e)(h)		3,435,381		554,678
CVP Holdco, Inc., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 6.25%, 7.84%, 10/31/2025^(e)(h)		2,725,227		643,126
CVP Holdco, Inc., 1st Lien Revolver, 3M LIBOR + 6.25%, 7.25%, 10/31/2024^(e)(h)		326,487		302,001
CVP Holdco, Inc., 1st Lien Term Loan, 6M LIBOR + 5.75%, 7.34%, 10/31/2025^(e)(f)		3,774,630		3,548,152
Da Vinci Purchaser Corp., Initial 1st Lien Term Loan, 6M LIBOR + 4.00%, 5.24%, 01/08/2027		2,000,000		1,942,500
Emerus Holdings, Inc., 1st Lien Term Loan, 14.00%, 02/28/2022^(e)		18,696		18,696
Evolent Health, LLC, 1st Lien Delayed Draw Term Loan, 12/30/2024^(e)(h)		3,518,192		(246,273	)
Evolent Health, LLC, 1st Lien Term Loan, 3M LIBOR + 8.00%, 9.00%, 12/30/2024^(e)		5,277,288		4,907,878
Floss Bidco, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain), 3M GBP LIBOR + 8.00%, 8.50%, 09/07/2026^(e)(h)(i)	£	1,195,339		277,217
Floss Bidco, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 3M GBP LIBOR + 8.00%, 8.50%, 09/07/2026^(e)(f)		814,437		978,815

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Gentiva Health Services, Inc., 1st Lien Term Loan B, 1M LIBOR + 3.25%, 3.44%, 07/02/2025	$	2,182,611	$	2,108,947
Hanger, Inc., 1st Lien Term Loan, 03/06/2025		3,000,000		2,855,010
Immucor, Inc., 1st Lien Term Loan B-3, 3M LIBOR + 5.00%, 6.00%, 06/15/2021		837,268		803,777
Jaguar Holding Co., 1st Lien Term Loan, 1M LIBOR + 2.50%, 3.50%, 08/18/2022⁽ⁱ⁾		2,998,691		2,958,389
JDC Healthcare Management, LLC, 1st Lien Term Loan, 1M LIBOR + 8.00%, 9.00%, 04/10/2023^(e)(f)(g)(k)		107,742		81,884
Just Childcare, Ltd., Unitranche Facility 1st Lien Term Loan, (Great Britain), 6M GBP LIBOR + 7.00%, 7.75%, 10/16/2026^(e)(f)(j)	£	861,006		1,066,786
Just Childcare, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain), 10/16/2026^(e)(h)(j)		426,945		—
Kedleston Schools, Ltd., GBP Facility 1st Lien Term Loan B-2, (Great Britain), 3M GBP LIBOR + 8.00%, 9.00%, 05/30/2024^(e)(f)(j)		1,000,000		1,238,999
LivaNova USA, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 6.50%, 7.50%, 06/30/2025^(e)	$	1,033,465		1,002,461
MB2 Dental Solutions, LLC, 1st Lien Revolver, 6M LIBOR + 4.75%, 5.82%, 09/29/2023^(e)(h)		1,333		1,239
MB2 Dental Solutions, LLC, Initial 1st Lien Term Loan, 6M LIBOR + 4.75%, 5.81%, 09/29/2023^(e)(f)		523,263		486,634
MB2 Dental Solutions, LLC, Initial 1st Lien Term Loan, 6M LIBOR + 4.75%, 5.81%, 09/29/2023^(e)		57,387		53,370
National Mentor Holdings, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 4.25%, 4.43%, 03/09/2026		2,193,234		2,110,067
National Mentor Holdings, Inc., Initial 1st Lien Term Loan C, 1M LIBOR + 4.25%, 4.43%, 03/09/2026		99,860		96,074
Nelipak European Holdings Cooperatief U.A., EUR 1st Lien Revolver, (Netherlands), 6M EURIBOR + 4.50%, 4.50%, 07/02/2024^(e)(h)	€	581,751		245,362

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Nelipak European Holdings Cooperatief U.A., EUR 1st Lien Term Loan, (Netherlands), 6M EURIBOR + 4.50%, 4.50%, 07/02/2026^(e)(f)	€	818,283	$	891,722
Nelipak Holding Co., 1st Lien Incremental Term Loan, 6M LIBOR + 4.25%, 5.25%, 07/02/2026^(e)(f)	$	302,460		290,362
Nelipak Holding Co., 1st Lien Revolver, 3M LIBOR + 4.25%, 5.25%, 07/02/2024^(e)		604,780		580,589
Nelipak Holding Co., 1st Lien Term Loan, 6M LIBOR + 4.25%, 5.25%, 07/02/2026^(e)(f)		2,711,840		2,603,367
Nuehealth Performance, LLC, 1st Lien Incremental Delayed Draw Term Loan, 1M LIBOR + 7.25%, 8.25%, 09/27/2023^(e)(f)		289,821		281,127
Nuehealth Performance, LLC, 1st Lien Revolver, 09/27/2023^(e)(h)		1,000		(30	)
Nuehealth Performance, LLC, 1st Lien Term Loan, 1M LIBOR + 7.25%, 8.25%, 09/27/2023^(e)(f)		2,177,348		2,112,028
Olympia Acquisition, Inc., 1st Lien Term Loan, 1M LIBOR + 5.50%, 6.50%, 09/24/2026^(e)(f)		2,527,321		2,400,955
Olympia Acquisition, Inc., 1st Lien Delayed Draw Term Loan, 09/24/2026^(e)(h)		2,425,161		(121,258	)
Olympia Acquisition, Inc., 1st Lien Revolver, 3M LIBOR + 5.50%, 6.50%, 09/24/2024^(e)(h)		640,539		565,809
OMH-HealthEdge Holdings, LLC, 1st Lien Revolver, 10/24/2024^(e)(h)		1,000		(10	)
OMH-HealthEdge Holdings, LLC, 1st Lien Term Loan, 6M LIBOR + 5.50%, 6.57%, 10/24/2025^(e)(f)		1,427,195		1,412,923
Option Care Health, Inc., 1st Lien Term Loan B, 1M LIBOR + 4.50%, 4.68%, 08/06/2026⁽ⁱ⁾		723,480		701,775
Ortho-Clinical Diagnostics, Inc., 1st Lien Term Loan B, 1M LIBOR + 3.25%, 3.43%, 06/30/2025		3,592,401		3,352,177
PAKNK Netherlands Treasury B.V., EUR 1st Lien Incremental Term Loan, (Netherlands), 6M EURIBOR + 4.50%, 4.50%, 07/02/2026^(e)(f)	€	5,334,513		5,813,269

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
PetVet Care Centers, LLC, 1st Lien Delayed Draw Term Loan, 1M LIBOR + 4.25%, 5.25%, 02/14/2025^(e)(f)	$	3,299,566	$	3,233,575
Premise Health Holding Corp., 1st Lien Delayed Draw Term Loan, 07/10/2025^(e)(h)		1,103		(44	)
Premise Health Holding Corp., 1st Lien Revolver, 3M LIBOR + 3.25%, 3.64%, 07/10/2023^(e)(h)		1,000		543
Premise Health Holding Corp., 1st Lien Term Loan, 3M LIBOR + 3.50%, 3.81%, 07/10/2025^(e)(f)		13,654		13,108
Premise Health Holding Corp., 2nd Lien Term Loan, 3M LIBOR + 7.50%, 7.81%, 07/10/2026^(e)(f)		2,000,000		1,940,000
ProVation Medical, Inc., 1st Lien Last Out Term Loan, 1M LIBOR + 7.00%, 7.19%, 03/08/2024^(e)(f)		977,500		967,725
RegionalCare Hospital Partners Holdings, Inc., 1st Lien Term Loan B, 1M LIBOR + 3.75%, 3.93%, 11/16/2025		2,865,657		2,679,017
RTI Surgical, Inc., 2nd Lien 2nd Amendment Incremental Delayed Draw Term Loan, 1M LIBOR + 13.50%, 15.00%, 04/27/2021^(e)(g)(h)		915,319		867,581
RTI Surgical, Inc., 2nd Lien Term Loan, 1M LIBOR + 8.75%, 9.75%, 12/05/2023^(e)(f)(g)		3,216,067		3,376,870
SCSG EA Acquisition Co., Inc., 1st Lien Revolver, 1M LIBOR + 4.00%, 5.00%, 09/01/2022^(e)(h)		1,000		162
SCSG EA Acquisition Co., Inc., Initial 1st Lien Term Loan, 3M LIBOR + 3.50%, 4.93%, 09/01/2023^(e)(f)		339,403		319,038
SiroMed Physician Services, Inc., 1st Lien Revolver, 3M LIBOR + 4.75%, 6.19%, 03/26/2024^(e)		1,000		900
SiroMed Physician Services, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 4.75%, 5.75%, 03/26/2024^(e)(f)		945,611		851,050
Sotera Health Holdings, LLC, Initial 1st Lien Term Loan, 1M LIBOR + 4.50%, 5.50%, 12/11/2026		1,521,434		1,483,078

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Team Health Holdings, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 2.75%, 3.75%, 02/06/2024	$	1,496,134	$	1,145,291
Teligent, Inc., 1st Lien Revolver, 3M LIBOR + 5.50%, 7.00%, 06/13/2024^(e)(h)(k)		1,100		758
Teligent, Inc., 2nd Lien Delayed Draw Term Loan A, 3M LIBOR + 13.00%, 14.50%, 06/13/2024^(e)(g)(k)		719,982		561,586
Teligent, Inc., 2nd Lien Term Loan, 3M LIBOR + 13.00%, 14.50%, 06/13/2024^(e)(g)(k)		1,275,369		994,788
TerSera Therapeutics, LLC, 1st Lien Term Loan, 3M LIBOR + 5.60%, 7.05%, 03/30/2023^(e)(f)		48,375		47,891
United Digestive MSO Parent, LLC, 1st Lien Delayed Draw Term Loan, 3M LIBOR + 4.00%, 5.00%, 12/16/2024^(e)(h)		1,022,727		282,954
United Digestive MSO Parent, LLC, 1st Lien Revolver, 3M LIBOR + 4.00%, 5.00%, 12/14/2023^(e)		511,364		511,364
United Digestive MSO Parent, LLC, 1st Lien Term Loan, 3M LIBOR + 4.00%, 5.00%, 12/16/2024^(e)(f)		1,443,920		1,443,920
WSHP FC Acquisition, LLC, 1st Lien 1st Amendment Delayed Draw Term Loan, 3M LIBOR + 6.25%, 7.25%, 03/30/2024^(e)		1,102,778		1,102,778
WSHP FC Acquisition, LLC, 1st Lien 1st Amendment Term Loan, 3M LIBOR + 6.25%, 7.25%, 03/30/2024^(e)(f)		875,556		875,556
WSHP FC Acquisition, LLC, 1st Lien 2nd Amendment Delayed Draw Term Loan, 03/30/2024^(e)(h)		350,877		—
WSHP FC Acquisition, LLC, 1st Lien 2nd Amendment Term Loan, 3M LIBOR + 6.25%, 7.25%, 03/30/2024^(e)(f)		557,193		557,193
WSHP FC Acquisition, LLC, 1st Lien 3rd Amendment Incremental Term Loan, 3M LIBOR + 6.25%, 7.25%, 03/30/2024^(e)(f)		596,494		596,494
WSHP FC Acquisition, LLC, 1st Lien Delayed Draw Term Loan, 3M LIBOR + 6.25%, 7.25%, 03/30/2024^(e)(f)		169,244		169,244
WSHP FC Acquisition, LLC, 1st Lien Revolver, 3M LIBOR + 6.25%, 7.25%, 03/30/2024^(e)(h)		88,719		28,390

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
WSHP FC Acquisition, LLC, 1st Lien Term Loan, 3M LIBOR + 6.25%, 7.25%, 03/30/2024^(e)(f)	$	808,156	$	808,156
				129,178,639
High Tech Industries 16.1%
Anaqua Parent Holdings, Inc., 1st Lien EUR Facility Term Note B, 6M EURIBOR + 5.50%, 5.50%, 04/10/2026^(e)	€	675,422		743,627
Anaqua Parent Holdings, Inc., 1st Lien Revolver, 6M LIBOR + 5.25%, 6.25%, 10/08/2025^(e)(h)	$	230,769		70,000
Anaqua Parent Holdings, Inc., Facility 1st Lien Term Loan B, 6M LIBOR + 5.25%, 6.48%, 04/08/2026^(e)(f)		1,827,692		1,772,862
Applied Systems, Inc., 2nd Lien Term Loan, 3M LIBOR + 7.00%, 8.00%, 09/19/2025		1,000,000		995,000
Applied Systems, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 3.25%, 4.25%, 09/19/2024		1,940,954		1,883,386
Atlanta Bidco, Ltd., EUR Facility 1st Lien Term Loan A, (Great Britain), 6M EURIBOR + 7.00%, 7.75%, 08/23/2024^(e)(f)(j)	€	1,000,000		1,100,981
Cority Software Inc., 1st Lien Revolver, (Canada), 07/02/2025^(e)(h)	$	230,579		(4,612	)
Cority Software Inc., 1st Lien Term Loan, (Canada), 3M LIBOR + 5.75%, 7.21%, 07/02/2026^(e)(f)		1,759,074		1,723,892
Creation Holdings, Inc., 1st Lien Term Loan, 3M LIBOR + 5.75%, 6.75%, 08/15/2025^(e)(f)		2,378,432		2,283,295
Creation Holdings, Inc., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 5.75%, 6.75%, 08/15/2025^(e)		448,203		430,275
Creation Holdings, Inc., 1st Lien Revolver, 1M LIBOR + 5.75%, 6.75%, 08/15/2024^(e)(h)		544,813		341,416
Cvent, Inc., 1st Lien Term Loan, 1M LIBOR + 3.75%, 3.93%, 11/29/2024		2,754,131		2,353,625
Datix Bidco, Ltd., 1st Lien Term Loan B-3, (Great Britain), 6M LIBOR + 4.50%, 5.36%, 04/28/2025^(e)(f)		1,384,627		1,343,088

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Datix Bidco, Ltd., Additional Facility 1st Lien Term Loan, (Great Britain), 6M LIBOR + 4.50%, 5.36%, 04/28/2025^(e)(f)	$	466,003	$	452,023
Datix Bidco, Ltd., Facility 1st Lien Term Loan B-1, (Great Britain), 6M LIBOR + 4.50%, 5.36%, 04/28/2025^(e)(f)		1,000,000		970,000
Doxim, Inc., 1st Lien Last Out Delayed Draw Term Loan, 3M LIBOR + 6.00%, 7.00%, 02/28/2024^(e)		327,399		320,851
Doxim, Inc., 1st Lien Last Out Term Loan, 3M LIBOR + 6.00%, 7.00%, 02/28/2024^(e)(f)		714,286		700,000
DRB Holdings, LLC, 1st Lien Revolver, 10/06/2023^(e)(h)		1,000		—
DRB Holdings, LLC, Initial 1st Lien Term Loan, 3M LIBOR + 5.75%, 6.75%, 10/06/2023^(e)(f)		486,525		486,525
Elemica Parent, Inc., 1st Lien Delayed Draw Term Loan, 09/18/2025^(e)(h)		561,538		(39,308	)
Elemica Parent, Inc., 1st Lien Revolver, 3M LIBOR + 5.50%, 5.78%, 09/18/2025^(e)(h)		478,712		317,147
Elemica Parent, Inc., 1st Lien Term Loan, 3M LIBOR + 5.50%, 5.81%, 09/18/2025^(e)		2,879,520		2,677,953
eResearch Technology, Inc., 2nd Lien Delayed Draw Term Loan, 02/04/2028^(e)(h)		1,343,232		(40,297	)
eResearch Technology, Inc., Initial 2nd Lien Term Loan, 1M LIBOR + 8.00%, 8.50%, 02/04/2028^(e)(f)		5,305,768		5,146,595
Frontline Technologies Intermediate Holdings, LLC (fka Project Dublin Intermediate Target, LLC), 1st Lien Delayed Draw Term Loan, 3M LIBOR + 5.75%, 6.75%, 09/18/2023^(e)		56,721		56,154
Frontline Technologies Intermediate Holdings, LLC (fka Project Dublin Intermediate Target, LLC), 1st Lien Term Loan, 3M LIBOR + 5.75%, 6.75%, 09/18/2023^(e)(f)		461,098		456,487
GlobalFoundries, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 4.75%, 5.06%, 06/05/2026^(e)		1,989,950		1,910,352
GraphPAD Software, LLC, 1st Lien Revolver, 12/21/2023^(e)(h)		1,000		—

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
GraphPAD Software, LLC, 1st Lien Term Loan, 12M LIBOR + 6.00%, 7.00%, 12/21/2023^(e)(f)	$	1,590,867	$	1,590,867
Greeneden U.S. Holdings I, LLC, 1st Lien Term Loan B, 1M LIBOR + 3.25%, 3.43%, 12/01/2023		780,339		749,547
Huskies Parent, Inc., 1st Lien Closing Date Term Loan, 1M LIBOR + 4.00%, 4.18%, 07/31/2026^(e)		2,728,888		2,660,666
Idera, Inc., Initial 1st Lien Term Loan, 6M LIBOR + 4.00%, 5.08%, 06/28/2024		2,578,483		2,475,344
Infoblox, Inc., 1st Lien Term Loan, 1M LIBOR + 4.50%, 4.68%, 11/07/2023⁽ⁱ⁾		2,354,269		2,309,138
Informatica, LLC, 1st Lien Term Loan, 1M LIBOR + 3.25%, 3.43%, 02/25/2027		969,480		925,854
Informatica, LLC, Initial 2nd Lien Term Loan, 7.13%, 02/25/2025		1,411,898		1,410,133
Invoice Cloud, Inc., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 3.25%, 7.50%, 02/11/2024^(e)(g)(h)		1,197,849		1,070,189
Invoice Cloud, Inc., 1st Lien Revolver, 02/11/2024^(e)(h)		255,319		—
Invoice Cloud, Inc., 1st Lien Term Loan, 3M LIBOR + 3.25%, 7.50%, 02/11/2024^(e)(g)		2,660,281		2,660,281
IQS, Inc., 1st Lien Incremental Term Loan, 2019, 3M LIBOR + 5.75%, 7.21%, 07/02/2026^(e)(f)		547,267		536,322
IQS, Inc., 1st Lien Incremental Term Loan, 2020, 3M LIBOR + 5.75%, 7.21%, 07/02/2026^(e)(f)		1,107,565		1,085,414
Ishtar Bidco Norway AS, Facility 1st Lien Term Loan B, (Great Britain), 6M GBP LIBOR + 7.25%, 8.00%, 11/26/2025^(e)(f)(j)	£	1,000,000		1,238,999
MA FinanceCo., LLC, Tranche 1st Lien Term Loan B-4, 3M LIBOR + 4.25%, 5.25%, 06/05/2025	$	2,015,000		1,961,260
MH Sub I, LLC, 1st Lien Term Loan, 3M LIBOR + 3.75%, 4.75%, 09/13/2024		410,000		394,625
MH Sub I, LLC, Initial 1st Lien Term Loan, 3M LIBOR + 3.50%, 4.32%, 09/13/2024		4,544,648		4,365,452

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Micromeritics Instrument Corp., 1st Lien Revolver, 6M LIBOR + 5.00%, 6.07%, 12/18/2025^(e)(h)	$	331,039	$	300,141
Micromeritics Instrument Corp., 1st Lien Term Loan, 3M LIBOR + 5.00%, 6.07%, 12/18/2025^(e)(f)		2,625,869		2,468,316
Mitchell International, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 3.25%, 3.43%, 11/29/2024		2,570,914		2,392,570
MRI Software, LLC, 1st Lien Delayed Draw Term Loan, 02/10/2026^(e)(h)		473,329		(14,200	)
MRI Software, LLC, 1st Lien Revolver, 02/10/2026^(e)(h)		507,673		(15,231	)
MRI Software, LLC, Tranche 1st Lien Term Loan B, 3M LIBOR + 5.50%, 6.57%, 02/10/2026^(e)(f)		5,523,162		5,357,467
MRI Software, LLC, Tranche 1st Lien Term Loan B, 3M LIBOR + 5.50%, 6.57%, 02/10/2026^(e)		788,437		764,784
Oakley Ekomid, Ltd., CAR Facility 1st Lien Term Loan, (Great Britain), 06/23/2025^(e)(h)(j)	€	750,000		—
Oakley Ekomid, Ltd., Unitranche Facility 1st Lien Term Loan, (Great Britain), 6M EURIBOR + 6.25%, 6.50%, 06/23/2025^(e)(j)		750,000		842,588
PDI TA Holdings, Inc., 1st Lien Revolver, 3M LIBOR + 4.50%, 5.51%, 10/24/2024^(e)(h)	$	205,023		147,616
PDI TA Holdings, Inc., 2nd Lien Term Loan, 12M LIBOR + 8.50%, 9.52%, 10/24/2025^(e)		1,106,612		1,062,348
PDI TA Holdings, Inc., Initial 1st Lien Term Loan, 12M LIBOR + 4.50%, 5.51%, 10/24/2024^(e)(f)		2,401,685		2,329,634
Perforce Software, Inc., 1st Lien Term Loan, 1M LIBOR + 3.75%, 3.93%, 07/01/2026		1,459,800		1,400,678
Project Boost Purchaser, LLC, 1st Lien Term Loan, 1M LIBOR + 3.50%, 3.68%, 06/01/2026		2,518,128		2,382,778
QF Holdings, Inc., 1st Lien Delayed Draw Term Loan, 09/19/2024^(e)(h)		262,533		(5,251	)
QF Holdings, Inc., 1st Lien Revolver, 1M LIBOR + 7.00%, 8.00%, 09/19/2024^(e)(h)		1,000		113
QF Holdings, Inc., 1st Lien Term Loan, 6M LIBOR + 7.00%, 8.00%, 09/19/2024^(e)		1,312,663		1,286,409

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Raptor Technologies, LLC, 1st Lien Delayed Draw Term Loan, 3M LIBOR + 6.00%, 7.00%, 12/17/2024^(e)(h)	$	1,027,519	$	573,028
Raptor Technologies, LLC, 1st Lien Revolver, 1M LIBOR + 6.00%, 7.00%, 12/17/2023^(e)		1,000		920
Raptor Technologies, LLC, 1st Lien Term Loan, 3M LIBOR + 6.00%, 7.00%, 12/17/2024^(e)(f)		1,925,630		1,771,579
Sophia, LP, 1st Lien Term Loan B, 3M LIBOR + 3.25%, 4.25%, 09/30/2022		3,216,028		3,135,627
SpareFoot, LLC, 1st Lien Bader Incremental Term Loan, 6M LIBOR + 5.00%, 6.07%, 04/13/2024^(e)(f)		97,150		97,150
SpareFoot, LLC, 1st Lien Incremental Term Loan, 3M LIBOR + 5.00%, 6.00%, 04/13/2024^(e)(j)		252,795		250,267
SpareFoot, LLC, 1st Lien Incremental Term Loan, 6M LIBOR + 5.00%, 6.07%, 04/13/2024^(e)		74,113		74,113
SpareFoot, LLC, 1st Lien Incremental Term Loan, 6M LIBOR + 5.00%, 6.07%, 04/13/2024^(e)(f)		133,205		133,205
SpareFoot, LLC, 1st Lien Revolver, 6M LIBOR + 5.00%, 6.07%, 04/13/2023^(e)(h)		1,000		829
SpareFoot, LLC, 1st Lien SBOA Incremental Term Loan, 6M LIBOR + 5.00%, 6.07%, 04/13/2024^(e)(f)		100,620		100,620
SpareFoot, LLC, 1st Lien StorSmart Incremental Term Loan, 6M LIBOR + 5.00%, 6.07%, 04/13/2024^(e)(f)		193,811		193,811
SpareFoot, LLC, 2nd Lien Bader Incremental Term Loan, 6M LIBOR + 9.25%, 10.45%, 04/13/2025^(e)(f)		59,527		59,527
SpareFoot, LLC, 2nd Lien Incremental Term Loan, 3M LIBOR + 9.25%, 10.25%, 04/13/2025^(e)(j)		53,383		52,849
SpareFoot, LLC, 2nd Lien Incremental Term Loan, 6M LIBOR + 9.25%, 10.32%, 04/13/2025^(e)(f)		195,750		195,750

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
SpareFoot, LLC, 2nd Lien StorSmart Incremental Term Loan, 6M LIBOR + 9.25%, 10.45%, 04/13/2025^(e)(f)	$	119,054	$	119,054
SpareFoot, LLC, 2nd Lien Term Loan, 6M LIBOR + 9.25%, 10.32%, 04/13/2025^(e)(f)		285,429		285,429
SpareFoot, LLC, Initial 1st Lien Term Loan, 6M LIBOR + 5.00%, 6.07%, 04/13/2024^(e)(f)		699,300		699,300
Surf Holdings, LLC, 2nd Lien Term Loan, 3M LIBOR + 8.00%, 9.00%, 03/06/2028^(e)(f)		6,649,000		6,449,530
TGG TS Acquisition Co., 1st Lien Term Loan B, 1M LIBOR + 6.50%, 6.68%, 12/14/2025		197,156		184,834
TIBCO Software, Inc., 1st Lien Term Loan B-3, 1M LIBOR + 3.75%, 3.93%, 06/30/2026		4,325,668		4,076,943
TimeClock Plus, LLC, 1st Lien Delayed Draw Term Loan, 08/28/2026^(e)(h)		495,170		—
TimeClock Plus, LLC, 1st Lien Revolver, 1M LIBOR + 5.25%, 6.25%, 08/29/2025^(e)(h)		458,311		114,578
TimeClock Plus, LLC, 1st Lien Term Loan, 3M LIBOR + 5.25%, 6.25%, 08/28/2026^(e)(f)		2,358,988		2,358,988
Ultimate Software Group, Inc. (The), 1st Lien Revolver, 1M LIBOR + 3.50%, 3.68%, 05/03/2024^(e)(h)		1,000		891
Ultimate Software Group, Inc. (The), 2nd Lien Term Loan, 1M LIBOR + 8.00%, 8.18%, 05/03/2027^(e)(f)		3,000,000		3,000,000
Visolit Finco A/S, 1st Lien Committed Accordion Term Loan, (Norway), 07/02/2026^(e)(h)	NOK	11,180,680		(34,811	)
Visolit Finco A/S, NOK Facility 1st Lien Term Loan B-1, (Norway), 6M NIBOR + 6.00%, 7.00%, 07/02/2026^(e)		33,881,316		3,410,812
Visual Edge Technology, Inc., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 7.00%, 8.50%, 08/31/2022^(e)(f)(g)	$	1,967,713		1,908,682
Visual Edge Technology, Inc., 1st Lien Term Loan, 3M LIBOR + 7.00%, 8.50%, 08/31/2022^(e)(f)(g)		160,380		155,569
WebPT, Inc., 1st Lien Delayed Draw Term Loan, 08/28/2024^(e)(h)		255,205		(7,656	)

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
WebPT, Inc., 1st Lien Revolver, 3M LIBOR + 6.75%, 7.75%, 08/28/2024^(e)	$	216,015	$	209,535
WebPT, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 6.75%, 7.75%, 08/28/2024^(e)		2,041,641		1,980,392
Wildcat BuyerCo, Inc., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 5.50%, 6.50%, 02/27/2026^(e)(h)		1,079,810		348,841
Wildcat BuyerCo, Inc., 1st Lien Revolver, 3M LIBOR + 5.50%, 6.89%, 02/27/2026^(e)(h)		255,015		71,404
Wildcat BuyerCo, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 5.50%, 6.50%, 02/27/2026^(e)(f)		2,058,174		1,975,847
				108,533,605
Hotel, Gaming & Leisure 3.4%
Aimbridge Acquisition Co., Inc., Initial 2nd Lien Term Loan, 3M LIBOR + 7.50%, 8.93%, 02/01/2027^(e)(f)		4,788,079		4,261,391
Caesars Resort Collection, LLC, 1st Lien Term Loan, 06/19/2025⁽ⁱ⁾		2,132,299		2,000,374
Canopy Bidco, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 3M GBP LIBOR + 7.25%, 7.75%, 12/18/2024^(e)(f)(g)	£	504,363		587,411
Canopy Bidco, Ltd., Senior Capex Facility 1st Lien Term Loan, (Great Britain), 3M GBP LIBOR + 7.25%, 7.75%, 12/18/2024^(e)(f)(h)		501,126		124,028
CEOC, LLC, 1st Lien Term Loan B, 10/07/2024^(i)(l)	$	1,723,871		1,714,717
Concert Golf Partners Holdco, LLC, 1st Lien Delayed Draw Term Loan, 3M LIBOR + 4.50%, 5.50%, 08/20/2025^(e)(h)		573,424		125,884
Concert Golf Partners Holdco, LLC, 1st Lien Revolver, 3M LIBOR + 4.50%, 5.50%, 08/20/2025^(e)(h)		764,512		183,483
Concert Golf Partners Holdco, LLC, 1st Lien Term Loan, 3M LIBOR + 4.50%, 5.50%, 08/20/2025^(e)(f)		3,416,875		3,314,368
Equinox Holdings, Inc., 1st Lien Term Loan B-1, 6M LIBOR + 3.00%, 4.07%, 03/08/2024		2,612,920		2,004,005

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Equinox Holdings, Inc., 1st Lien Term Loan B-2, 3M LIBOR + 9.00%, 10.00%, 03/08/2024^(e)	$	1,500,000	$	1,477,500
Equinox Holdings, Inc., Initial 2nd Lien Term Loan, 6M LIBOR + 7.00%, 8.07%, 09/06/2024⁽ⁱ⁾		5,736,111		3,830,633
EuroParcs (Top) Holding B.V., Acquisition Facility 1st Lien Term Loan B, (Netherlands), 07/03/2026^(e)(h)(i)(j)	€	2,013,195		—
EuroParcs (Top) Holding B.V., Acquisition Facility 1st Lien Term Loan, (Netherlands), 3M EURIBOR + 6.50%, 6.50%, 07/03/2026^(e)(j)		312,500		351,078
EuroParcs (Top) Holding B.V., Facility 1st Lien Term Loan B, (Netherlands), 3M EURIBOR + 6.50%, 6.50%, 07/03/2026^(e)(j)		2,187,500		2,457,548
EuroParcs (Top) Holding B.V., Incremental Facility 1st Lien Term Loan, (Netherlands), 3M EURIBOR + 7.00%, 7.00%, 07/03/2026^(e)(h)(j)		816,993		283,617
				22,716,037
Media: Advertising, Printing & Publishing 0.4%
Merrill Communications, LLC, Initial 1st Lien Term Loan, 6M LIBOR + 5.00%, 6.20%, 10/05/2026^(e)	$	1,488,759		1,451,540
Terrier Media Buyer, Inc., 1st Lien Term Loan B, 1M LIBOR + 4.25%, 4.43%, 12/17/2026		1,666,881		1,586,321
				3,037,861
Media: Broadcasting & Subscription 1.1%
Commify, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 6M EURIBOR + 7.50%, 7.75%, 09/14/2026^(e)(f)(j)	€	2,739,130		3,077,277
Commify, Ltd., 1st Lien Acquisition Term Loan, (Great Britain), 09/14/2026^(e)(h)(j)		760,870		—
Diamond Sports Group, LLC, 1st Lien Term Loan, 1M LIBOR + 3.25%, 3.43%, 08/24/2026	$	786,611		638,138
Nexstar Broadcasting, Inc., 1st Lien Term Loan B-4, 1M LIBOR + 2.75%, 2.92%, 09/18/2026		1,369,833		1,300,122

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Production Resource Group, LLC, 1st Lien Term Loan, PRIME + 6.00%, 9.25%, 08/21/2024^(e)(f)(k)	$	2,000,000	$	1,000,000
Sinclair Television Group, Inc., Tranche 1st Lien Term Loan B-2, 1M LIBOR + 2.50%, 2.69%, 09/30/2026		1,218,290		1,157,375
Virgin Media Bristol, LLC, Facility 1st Lien Term Loan, 1M LIBOR + 2.50%, 2.69%, 01/31/2028		463,604		441,699
				7,614,611
Media: Diversified & Production 0.7%
Cast & Crew Payroll, LLC, Initial 1st Lien Term Loan, 1M LIBOR + 3.75%, 3.93%, 02/09/2026⁽ⁱ⁾		2,990,693		2,719,676
Formula One Management, Ltd., Facility 1st Lien Term Loan B-3, (Great Britain), 02/01/2024		2,000,000		1,898,760
				4,618,436
Metals & Mining 0.1%
Sigma Electric Manufacturing Corp., Tranche 1st Lien 3rd Amendment Term Loan A-2, 6M LIBOR + 4.75%, 5.83%, 10/31/2023^(e)(f)		132,297		127,006
Sigma Electric Manufacturing Corp., 1st Lien Revolver, 3M LIBOR + 4.75%, 5.75%, 10/31/2022^(e)(h)		1,333		1,058
Sigma Electric Manufacturing Corp., 1st Lien Term Loan A-2, 6M LIBOR + 4.75%, 5.83%, 10/31/2023^(e)(f)		356,973		342,694
Sunk Rock Foundry Partners, LP, 1st Lien Term Loan A-1, 6M LIBOR + 4.75%, 5.83%, 10/31/2023^(e)(f)		226,608		217,544
				688,302
Retail 0.8%
FWR Holding Corp., Initial 1st Lien Delayed Draw Term Loan 4, 3M LIBOR + 5.50%, 6.50%, 08/21/2023^(e)		42,432		39,037
FWR Holding Corp., 1st Lien 2nd Amendment Delayed Draw Term Loan, 08/21/2023^(e)(h)		4,280		(343	)

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
FWR Holding Corp., 1st Lien Delayed Draw Term Loan, 3M LIBOR + 5.50%, 6.50%, 08/21/2023^(e)	$	31,904	$	29,352
FWR Holding Corp., Initial 1st Lien Delayed Draw Term Loan 1, 3M LIBOR + 5.50%, 6.50%, 08/21/2023^(e)(f)		380		350
FWR Holding Corp., Initial 1st Lien Delayed Draw Term Loan 2, 3M LIBOR + 5.50%, 6.50%, 08/21/2023^(e)		605		557
FWR Holding Corp., Initial 1st Lien Delayed Draw Term Loan 3, 3M LIBOR + 5.50%, 6.50%, 08/21/2023^(e)		31,744		29,204
FWR Holding Corp., Initial 1st Lien Revolver, 3M LIBOR + 5.50%, 6.50%, 08/21/2023^(e)(h)		1,000		445
FWR Holding Corp., Initial 1st Lien Term Loan, 3M LIBOR + 5.50%, 6.50%, 08/21/2023^(e)(f)		339,080		311,953
FWR Holding Corporation, 1st Lien 2nd Amendment Term Loan, 6M LIBOR + 5.50%, 6.50%, 08/21/2023^(e)		112,273		103,291
Mister Car Wash Holdings, Inc., Initial 1st Lien Term Loan, 6M LIBOR + 3.25%, 4.38%, 05/14/2026		4,399,680		3,946,645
PetSmart, Inc., Tranche 1st Lien Term Loan B-2, 03/11/2022⁽ⁱ⁾		1,045,296		1,029,972
				5,490,463
Services: Business 8.7%
Alpha Luxco 2 Sarl, Facility 1st Lien Term Loan B, (Luxembourg), 6M EURIBOR + 5.94%, 6.44%, 01/09/2025^(e)(f)(j)	€	1,000,000		1,123,450
AMCP Clean Intermediate, LLC, 1st Lien 2nd Incremental Term Loan, 3M LIBOR + 5.50%, 6.50%, 10/01/2024^(e)(f)	$	180,166		176,563
AMCP Clean Intermediate, LLC, 1st Lien 3rd Incremental Term Loan, 3M LIBOR + 5.50%, 6.61%, 10/01/2024^(e)(f)		135,049		132,348
AMCP Clean Intermediate, LLC, 1st Lien Incremental Term Loan, 3M LIBOR + 5.50%, 6.57%, 10/01/2024^(e)		448,817		439,840

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
AMCP Clean Intermediate, LLC, 1st Lien Revolver, 3M LIBOR + 5.50%, 6.50%, 10/01/2024^(e)(h)	$	1,100	$	559
AMCP Clean Intermediate, LLC, 1st Lien Term Loan, 6M LIBOR + 5.50%, 6.57%, 10/01/2024^(e)(f)		1,964,179		1,924,895
Aramark Services, Inc., 1st Lien Term Loan B-4, 1M LIBOR + 1.75%, 1.93%, 01/15/2027		249,375		234,258
AVSC Holding Corp., 1st Lien Incremental Term Loan, 6M LIBOR + 4.50%, 5.50%, 10/15/2026^(e)		2,036,134		1,425,294
AVSC Holding Corp., 1st Lien Term Loan, 6M LIBOR + 3.25%, 4.25%, 03/03/2025		124,364		88,920
Capnor Connery Bidco A/S, EUR Facility 1st Lien Term Loan B, (Denmark), 1M EURIBOR + 7.38%, 7.38%, 04/30/2026^(e)(f)(j)	€	2,954,439		3,319,165
Capnor Connery Bidco A/S, Facility 1st Lien Term Loan B, (Denmark), 1M CIBOR + 7.38%, 7.38%, 04/30/2026^(e)(f)(j)	DKK	12,809,677		1,931,102
Capnor Connery Bidco A/S, Facility 1st Lien Term Loan D, (Denmark), 1M EURIBOR + 7.38%, 7.38%, 04/30/2026^(e)(f)(h)(j)		45,967,742		611,017
Capnor Connery Bidco A/S, NOK Facility 1st Lien Term Loan B, (Denmark), 1M NIBOR + 7.38%, 7.59%, 04/30/2026^(e)(f)(j)	NOK	2,551,246		264,776
Capnor Connery Bidco A/S, SEK Facility 1st Lien Term Loan B, (Denmark), 1M STIBOR + 7.38%, 7.38%, 04/30/2026^(e)(f)(j)	SEK	4,209,615		451,925
Conscia Nederland B.V., Facility 1st Lien Term Loan B, (Denmark), 1M CIBOR + 7.38%, 7.38%, 04/30/2026^(e)(f)(j)	DKK	9,254,839		1,395,198
Dun & Bradstreet Corp., Initial 1st Lien Term Loan, 1M LIBOR + 4.00%, 4.18%, 02/06/2026	$	4,818,273		4,685,771
IQVIA, Inc., 1st Lien Term Loan B-2, 01/17/2025⁽ⁱ⁾		355		343
IRI Holdings, Inc., Initial 2nd Lien Term Loan, 3M LIBOR + 8.00%, 8.36%, 11/30/2026^(e)(f)		1,471,850		1,412,976
IRI Holdings, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 4.25%, 4.61%, 12/01/2025^(e)(f)		1,505,228		1,445,019

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
IRI Holdings, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 4.25%, 4.61%, 12/01/2025^(e)	$	154,872	$	148,677
Kellermeyer Bergensons Services, LLC, 1st Lien Delayed Draw Term Loan, 11/07/2026^(e)(h)		540,079		(16,203	)
Kellermeyer Bergensons Services, LLC, 1st Lien Delayed Draw Term Loan, 6M LIBOR + 6.50%, 7.73%, 11/07/2026^(e)		394,077		382,255
Kellermeyer Bergensons Services, LLC, Initial 1st Lien Term Loan, 6M LIBOR + 6.50%, 7.50%, 11/07/2026^(e)(f)		1,791,261		1,737,523
Lavatio Midco SARL, Acquisition Facility 1st Lien Term Loan, (Luxembourg), 6M EURIBOR + 7.00%, 7.25%, 11/30/2026^(e)(h)	€	973,913		624,443
Lavatio Midco SARL, Facility 1st Lien Term Loan B, (Luxembourg), 6M EURIBOR + 7.00%, 7.25%, 11/30/2026^(e)(f)		782,609		835,261
Lineage Logistics, LLC, 1st Lien Term Loan, 1M LIBOR + 3.00%, 4.00%, 02/27/2025	$	4,126,954		3,989,403
MPLC Debtco, Ltd., GBP Tranche Facility 1st Lien Term Loan B, (Great Britain), 6M GBP LIBOR + 7.25%, 7.98%, 01/07/2027^(e)(f)(j)	£	1,051,604		1,302,936
MPLC Debtco, Ltd., Tranche Facility 1st Lien Term Loan B, (Great Britain), 6M LIBOR + 7.25%, 8.75%, 01/07/2027^(e)(f)(j)	$	2,100,000		2,100,000
P27 Bidco, Ltd., Capex Facility 1st Lien Term Loan, (Great Britain), 6M GBP LIBOR + 6.75%, 7.50%, 07/31/2026^(e)(h)	£	325,380		60,471
P27 Bidco, Ltd., Facility 1st Lien Term Loan B-1, (Great Britain), 6M GBP LIBOR + 6.75%, 7.57%, 07/31/2026^(e)		1,705,510		2,007,469
P27 Bidco, Ltd., Facility 1st Lien Term Loan B-2, (Great Britain), 6M LIBOR + 6.75%, 8.53%, 07/31/2026^(e)	$	609,527		579,051
Packers Holdings, LLC, Initial 1st Lien Term Loan, 1M LIBOR + 3.00%, 4.00%, 12/04/2024		2,340,082		2,235,948
Petroleum Service Group, LLC, 1st Lien Delayed Draw Term Loan, 3M LIBOR + 5.25%, 6.25%, 07/23/2025^(e)(h)		1,313,959		55,595

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Petroleum Service Group, LLC, 1st Lien Revolver, 07/23/2025^(e)(h)	$	2,105,660	$	(84,226	)
Petroleum Service Group, LLC, 1st Lien Term Loan, 3M LIBOR + 5.25%, 6.29%, 07/23/2025^(e)(f)		5,753,701		5,523,553
Project Accelerate Parent, LLC, 1st Lien Term Loan, 3M LIBOR + 4.25%, 5.29%, 01/02/2025		3,739,860		3,160,181
Project Farm Bidco 2016, Ltd., Acquisition Capex Facility 1st Lien Term Loan, (Great Britain), 6M LIBOR + 6.25%, 7.32%, 06/26/2026^(e)(j)		93,750		93,750
Project Farm Bidco 2016, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 6M LIBOR + 6.25%, 7.32%, 06/26/2026^(e)(j)		1,406,250		1,406,250
Puerto Rico Waste Investment, LLC, 1st Lien Term Loan, (Puerto Rico), 1M LIBOR + 7.00%, 8.50%, 09/20/2024^(e)(f)		1,660,770		1,627,554
Puerto Rico Waste Investment, LLC, 1st Lien Revolver, (Puerto Rico), 09/20/2024^(e)(h)		157,737		(3,154	)
Revint Intermediate II, LLC (fka Implementation Management Assistance, LLC), 1st Lien Delayed Draw Term Loan, 3M LIBOR + 4.75%, 5.75%, 12/13/2023^(e)(f)		2,065,247		2,044,594
Revint Intermediate II, LLC (fka Implementation Management Assistance, LLC), 1st Lien Incremental Term Loan, 3M LIBOR + 4.75%, 5.75%, 12/13/2023^(e)(f)		1,243,510		1,231,075
Revint Intermediate II, LLC (fka Implementation Management Assistance, LLC), 1st Lien Revolver, 3M LIBOR + 4.75%, 5.75%, 12/13/2023^(e)(h)		1,000		386
Revint Intermediate II, LLC (fka Implementation Management Assistance, LLC), 1st Lien Term Loan, 3M LIBOR + 4.75%, 5.75%, 12/13/2023^(e)(f)		389,610		385,714
RSK Group, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain), 10/27/2025^(e)(f)(h)(i)	£	500,000		—
RSK Group, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain), 3M GBP LIBOR + 7.00%, 7.50%, 10/27/2025^{(e)(f)(g)(h)(j)}		508,959		597,885

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
RSK Group, Ltd., Facility 1st Lien Term Loan B, (Great Britain), 3M GBP LIBOR + 7.00%, 7.50%, 10/27/2025^(e)(f)(g)(j)	£	516,153	$	639,513
Saldon Holdings, Inc., 1st Lien 1st Amendment Term Loan, 1M LIBOR + 5.65%, 6.65%, 03/13/2025^(e)(f)	$	579,339		561,959
Saldon Holdings, Inc., 1st Lien Revolver, 1M LIBOR + 5.65%, 6.65%, 03/13/2024^(e)		380,952		369,524
Saldon Holdings, Inc., 1st Lien Term Loan, 3M LIBOR + 5.65%, 6.65%, 03/13/2025^(e)(f)		3,582,857		3,475,372
SSE Buyer, Inc., 1st Lien Delayed Draw Term Loan, 06/30/2026^(e)(h)(i)(j)		189,399		(5,682	)
SSE Buyer, Inc., 1st Lien Revolver, 3M LIBOR + 5.50%, 6.50%, 06/30/2025^(e)(h)(i)(j)		1,000		699
SSE Buyer, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 9.22%, 10.22%, 06/30/2026^(e)(f)(i)(j)		643,977		624,658
				58,755,853
Services: Consumer 1.6%
Centric Brands, Inc., 1st Lien Revolver, PRIME + 5.50%, 8.75%, 05/18/2021^(e)(h)		268,883		133,830
Centric Brands, Inc., 1st Lien Term Loan, 3M LIBOR + 8.00%, 9.50%, 10/30/2023^(e)(f)		1,959,498		1,645,978
Goldcup 16786 AB, Unitranche Facility 1st Lien Term Loan, (Sweden), 6M STIBOR + 7.25%, 7.75%, 06/02/2025^(e)(f)(j)	SEK	10,000,000		1,009,141
Learning Care Group (US) No. 2 Inc., 1st Lien Term Loan B, 6M LIBOR + 3.25%, 4.25%, 03/13/2025	$	773,187		676,778
LegalZoom.com, Inc., 1st Lien Term Loan, 1M LIBOR + 4.50%, 4.68%, 11/21/2024^(e)		452,077		440,775
NMC Skincare Intermediate Holdings II, LLC, 1st Lien Delayed Draw Term Loan, 1M LIBOR + 5.00%, 6.00%, 10/31/2024^(e)		663,620		630,439
NMC Skincare Intermediate Holdings II, LLC, 1st Lien Revolver, 1M LIBOR + 5.00%, 6.00%, 10/31/2024^(e)(h)		333,333		196,667

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
NMC Skincare Intermediate Holdings II, LLC, 1st Lien Term Loan, 1M LIBOR + 5.00%, 6.00%, 10/31/2024^(e)(f)	$	1,970,000	$	1,871,500
Spectra Finance, LLC, Initial 1st Lien Revolver, 1M LIBOR + 4.00%, 5.00%, 04/03/2023^(e)(h)		1,000		872
Spectra Finance, LLC, Initial 1st Lien Term Loan, 3M LIBOR + 4.25%, 5.70%, 04/02/2024^(e)(f)		979,020		881,118
Sunshine Sub, LLC, 1st Lien Delayed Draw Term Loan, 3M LIBOR + 4.75%, 5.75%, 05/27/2024^(e)		413,078		371,770
Sunshine Sub, LLC, 1st Lien Revolver, 3M LIBOR + 4.75%, 5.75%, 05/27/2024^(e)(h)		144,269		—
Sunshine Sub, LLC, 1st Lien Term Loan, 3M LIBOR + 4.75%, 5.75%, 05/27/2024^(e)(f)		703,240		632,916
United PF Holdings, LLC, Initial 1st Lien Term Loan, 3M LIBOR + 4.00%, 4.31%, 12/30/2026		2,764,513		2,437,388
				10,929,172
Telecommunications 1.2%
CB-SDG, Ltd., GBP Acquisition Facility 1st Lien Term Loan, (Great Britain), 04/03/2026^(e)(f)(h)	£	317,460		(39,333	)
CB-SDG, Ltd., GBP Facility 1st Lien Term Loan B-1, (Great Britain), 3M GBP LIBOR + 7.13%, 7.88%, 04/03/2026^(e)(f)(g)		2,367,238		2,639,705
CB-SDG, Ltd., GBP Facility 1st Lien Term Loan B-2, (Great Britain), 3M GBP LIBOR + 7.13%, 7.88%, 04/03/2026^(e)(f)(g)		372,920		415,843
Glide Holdings, Ltd. (fka Cablecom Networking Holdings, Ltd.), 1st Lien Capex Facility Term Loan, (Great Britain), 1M GBP LIBOR + 7.50%, 8.00%, 12/14/2023^(e)(f)(j)		438,596		543,420
Glide Holdings, Ltd. (fka Cablecom Networking Holdings, Ltd.), Accordian Facility 1st Lien Term Loan, (Great Britain), 1M GBP LIBOR + 7.50%, 8.00%, 12/14/2023^(e)(j)		146,406		181,397

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
Glide Holdings, Ltd. (fka Cablecom Networking Holdings, Ltd.), Facility 1st Lien Term Loan A-2, (Great Britain), 6M GBP LIBOR + 5.50%, 6.23%, 12/14/2023^(e)(f)(j)	£	561,404	$	695,579
Iridium Satellite, LLC, Initial 1st Lien Term Loan, 1M LIBOR + 3.75%, 4.75%, 11/04/2026	$	1,711,984		1,676,033
Zayo Group Holdings, Inc., Initial 1st Lien Term Loan, 1M LIBOR + 3.00%, 3.18%, 03/09/2027		2,322,610		2,199,326
				8,311,970
Transportation: Cargo 0.3%
Neovia Logistics, LP, Initial 1st Lien Term Loan, 3M LIBOR + 6.50%, 7.82%, 05/08/2024^(e)		689,000		661,298
Neovia Logistics, LP, Initial 2nd Lien Term Loan, 3M LIBOR + 10.25%, 11.39%, 11/08/2024^(e)(g)(j)		1,243,436		1,198,308
				1,859,606
Transportation: Consumer 0.2%
APG Intermediate Holdings Corp., 1st Lien Delayed Draw Term Loan, 6M LIBOR + 5.25%, 6.75%, 01/03/2025^(e)(h)		804,480		44,247
APG Intermediate Holdings Corp., 1st Lien Revolver, 6M LIBOR + 5.25%, 6.75%, 01/03/2025^(e)(h)		1,000		266
APG Intermediate Holdings Corp., Initial 1st Lien Term Loan, 3M LIBOR + 5.25%, 6.75%, 01/03/2025^(e)		1,012,579		992,327
				1,036,840
Utilities: Electric 0.8%
Brookfield WEC Holdings, Inc., Refinancing Facility 1st Lien Term Loan, 1M LIBOR + 3.00%, 3.75%, 08/01/2025		5,382,552		5,186,304
Utilities: Water 0.3%
Storm U.S. Holdco, Inc., Initial 1st Lien Term Loan, 3M LIBOR + 5.25%, 6.25%, 05/05/2023^(e)(f)		45,555		45,555
TWH Infrastructure Industries, Inc., 1st Lien Revolver, 3M LIBOR + 5.50%, 5.81%, 04/09/2025^(e)		463,581		445,037

Senior Loans^(b)(c)(d) (continued)

	Principal Amount		Value^(a)
TWH Infrastructure Industries, Inc., 1st Lien Term Loan, 3M LIBOR + 5.50%, 5.81%, 04/09/2025^(e)(f)	$	1,358,763	$	1,304,413
				1,795,005
Wholesale 0.6%
Pet IQ, LLC, 1st Lien Term Loan, 1M LIBOR + 5.00%, 6.00%, 07/08/2025^(e)(f)		4,288,851		4,288,851
Total Senior Loans (Cost: $627,499,602)				609,116,499

Subordinated Loans 1.4%^{(b)(c)(d)(e)(j)}

Banking, Finance, Insurance & Real Estate 1.2%
AffiniPay Intermediate Holdings, LLC, 1st Lien Term Loan, 12.75%, 02/28/2028		2,529,386	2,428,211
Ardonagh Midco 2, PLC, (Great Britain), 11.50%, 01/15/2027^(h)(i)		64,410	(162	)
eCapital Finance Corp., Subordinated Delayed Draw Term Loan, (Canada), 1M LIBOR + 8.50%, 10.00%, 01/31/2025^(h)		3,379,572	2,933,469
eCapital Finance Corp., Subordinated Term Loan, (Canada), 1M LIBOR + 8.50%, 10.00%, 01/31/2025		2,872,637	2,843,910
Preservation Capital I LLP, Second Lien Term Loan, 6M GBP LIBOR + 11.00%, 11.80%, 02/23/2026	£	163,246	202,262
			8,407,690
Healthcare & Pharmaceuticals 0.2%
Air Medical Group Holdings, Inc., Initial Unsecured Term Loan, 6M LIBOR + 7.88%, 8.88%, 03/13/2026^(f)	$	1,000,000	1,000,000
High Tech Industries 0.0%
Visual Edge Technology, Inc., 1st Lien Term Loan, 15.00%, 09/03/2024^(g)		183,546	176,204
Total Subordinated Loans (Cost: $9,577,774)			9,583,894

Corporate Bonds 8.9%

	Principal Amount			Value^(a)
Automotive 0.2%
Dana, Inc., 5.38%, 11/15/2027	$	580,000		$	578,904
Dana, Inc., 5.63%, 06/15/2028		435,000			431,824
Ford Motor Co., 8.50%, 04/21/2023		125,000			132,188
					1,142,916
Banking, Finance, Insurance & Real Estate 1.4%
Brookfield Property REIT, Inc., 5.75%, 05/15/2026^(d)		250,000			211,250
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., (Canada), 4.88%, 02/15/2030^(d)		125,000			104,450
Dolya Holdco 18 DAC, (Ireland), 5.00%, 07/15/2028^(d)		3,000,000			2,961,600
Ford Motor Credit Co, LLC, 5.13%, 06/16/2025		640,000			640,256
HUB International, Ltd., 7.00%, 05/01/2026^(d)		2,000,000			1,995,800
Springleaf Finance Corp., 6.63%, 01/15/2028		1,857,000			1,838,430
Summit Materials, LLC, 5.13%, 06/01/2025^(d)		2,000,000			1,975,000
					9,726,786
Beverage, Food & Tobacco 0.9%
Cott Holdings, Inc., 5.50%, 04/01/2025^(d)		1,084,000			1,089,518
Del Monte Foods, Inc., 11.88%, 05/15/2025^(d)		1,000,000			1,010,000
IRB Holding Corp., 6.75%, 02/15/2026^(d)		1,487,000			1,420,085
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Cayman Islands), 5.50%, 01/15/2030^(d)		2,995,000			3,069,875
Performance Food Group, Inc., 5.50%, 10/15/2027^(d)		(250,000	)		(241,250	)
					6,348,228
Chemicals, Plastics & Rubber 0.5%
Kraton Polymers, LLC / Kraton Polymers Capital Corp., 7.00%, 04/15/2025^(d)		14,000			14,070

Corporate Bonds (continued)

	Principal Amount			Value^(a)
Trident TPI Holdings, Inc., 9.25%, 08/01/2024^(d)	$	3,541,000		$	3,629,525
					3,643,595
Construction & Building 0.6%
Hillman Group, Inc., 6.38%, 07/15/2022^(d)		3,459,000			3,192,553
PowerTeam Services, LLC, 9.03%, 12/04/2025^(d)		295,000			300,900
Tutor Perini Corp., 6.88%, 05/01/2025^(d)		344,000			327,660
					3,821,113
Consumer Goods: Durable 0.2%
CommScope, Inc., 8.25%, 03/01/2027^(d)		(250,000	)		(256,925	)
Kronos Acquisition Holdings, Inc., 9.00%, 08/15/2023^(d)		1,750,000			1,666,875
					1,409,950
Energy: Electricity 0.2%
Enviva Partners, LP, 6.50%, 01/15/2026^(d)(m)		1,070,000			1,112,800
Energy: Oil & Gas 0.3%
Exterran Energy Solutions, LP, 8.13%, 05/01/2025		2,281,000			1,887,527
Extraction Oil & Gas, Inc., 7.38%, 05/15/2024^(d)(k)		250,000			48,125
Great Western Petroleum, LLC / Great Western Finance Corp., 9.00%, 09/30/2021^(d)		490,000			294,000
Vine Oil & Gas, LP, 9.75%, 04/15/2023^(d)		232,000			140,360
					2,370,012
Healthcare & Pharmaceuticals 0.6%
Immucor, Inc., 11.13%, 02/15/2022^(d)		4,537,000			4,049,272
High Tech Industries 0.6%
Go Daddy Operating Co, LLC / GD Finance Co., Inc., 5.25%, 12/01/2027^(d)		2,000,000			2,035,000
Science Applications International Corp., 4.88%, 04/01/2028^(d)		1,800,000			1,789,308

Corporate Bonds (continued)

	Principal Amount			Value^(a)
Uber Technologies, Inc., 8.00%, 11/01/2026^(d)	$	125,000		$	127,187
					3,951,495
Hotel, Gaming & Leisure 0.1%
Colt Merger Sub, Inc., 8.13%, 07/01/2027^(d)(m)		962,000			929,533
Media: Broadcasting & Subscription 0.8%
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026^(d)		144,000			133,020
Diamond Sports Group, LLC / Diamond Sports Finance Co., 5.38%, 08/15/2026^(d)		125,000			90,469
Townsquare Media, Inc., 6.50%, 04/01/2023^(d)(e)		2,612,000			2,265,910
Viasat, Inc., 6.50%, 07/15/2028^(d)		2,790,000			2,790,586
					5,279,985
Metals & Mining 0.1%
Constellium SE, (France), 5.63%, 06/15/2028^(d)		1,000,000			980,000
First Quantum Minerals, Ltd., (Canada), 7.25%, 05/15/2022^(d)		250,000			244,750
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		(250,000	)		(251,682	)
					973,068
Retail 0.4%
L Brands, Inc., 6.88%, 07/01/2025^(d)		346,000			357,245
L Brands, Inc., 9.38%, 07/01/2025^(d)		76,000			76,091
PetSmart, Inc., 8.88%, 06/01/2025^(d)		2,000,000			2,004,920
					2,438,256
Services: Business 0.5%
Iron Mountain, Inc., 4.88%, 09/15/2029^(d)		2,000,000			1,945,000
Iron Mountain, Inc., 5.25%, 07/15/2030^(d)		1,125,000			1,108,125
					3,053,125

Corporate Bonds (continued)

	Principal Amount		Value^(a)
Services: Consumer 0.4%
Korn / Ferry International, 4.63%, 12/15/2027^(d)	$	2,500,000	$	2,425,000
Telecommunications 0.5%
CenturyLink, Inc., 4.00%, 02/15/2027^(d)		3,399,000		3,301,279
Transportation: Cargo 0.5%
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028^(d)		2,000,000		1,982,500
Watco Cos., LLC, 6.50%, 06/15/2027^(d)		1,126,000		1,153,677
				3,136,177
Transportation: Consumer 0.1%
American Airlines Group, Inc., 5.00%, 06/01/2022^(d)		1,739,000		1,008,620
Utilities: Electric 0.0%
NextEra Energy Partners, LP, 1.50%, 09/15/2020^(d)		96,000		98,516
Total Corporate Bonds (Cost: $62,396,971)				60,219,726

Convertible Bonds 0.2%

Construction & Building 0.2%
Tutor Perini Corp., 2.88%, 06/15/2021	1,750,000	1,648,677
Total Convertible Bonds (Cost: $1,656,188)		1,648,677

Collateralized Loan Obligations 18.4%^(d)(e)

Collateralized Loan Obligations — Debt 7.3%^(c)
AMMC CLO XI, Ltd., (Cayman Islands), 3M LIBOR + 5.80%, 6.56%, 04/30/2031	1,500,000	1,175,787
AMMC CLO XIV, Ltd., (Cayman Islands), 3M LIBOR + 7.35%, 8.34%, 07/25/2029	250,000	220,309
AMMC CLO XXI, Ltd., (Cayman Islands), 3M LIBOR + 6.50%, 7.06%, 11/02/2030	100,000	86,324
AMMC CLO XXII, Ltd., (Cayman Islands), 3M LIBOR + 5.50%, 6.49%, 04/25/2031	750,000	629,907
Apidos CLO XX, Ltd., (Cayman Islands), 3M LIBOR + 8.70%, 9.88%, 07/16/2031	250,000	160,533

Collateralized Loan Obligations^(d)(e) (continued)

	Principal Amount		Value^(a)
Atlas Senior Loan Fund VII, Ltd., (Cayman Islands), 3M LIBOR + 8.05%, 8.42%, 11/27/2031	$	1,792,383	$	896,763
Barings CLO, Ltd. 2019-II, (Cayman Islands), 3M LIBOR + 6.69%, 7.91%, 04/15/2031		1,250,000		1,156,211
Canyon Capital CLO, Ltd. 2018-1, (Cayman Islands), 3M LIBOR + 5.75%, 6.97%, 07/15/2031		850,000		688,500
Canyon Capital CLO, Ltd. 2019-1, (Cayman Islands), 3M LIBOR + 6.68%, 7.90%, 04/15/2032		500,000		451,792
Carlyle Global Market Strategies CLO, Ltd. 2019-2, (Cayman Islands), 3M LIBOR + 6.60%, 7.82%, 07/15/2032		3,000,000		2,762,952
CBAM, Ltd. 2017-3, (Cayman Islands), 3M LIBOR + 6.50%, 7.64%, 10/17/2029		511,538		446,426
CIFC Funding 2015-2A, Ltd., (Cayman Islands), 3M LIBOR + 6.81%, 8.03%, 04/15/2030		6,000,000		5,575,464
CIFC Funding 2017-2A, Ltd., (Cayman Islands), 3M LIBOR + 5.95%, 7.09%, 04/20/2030		1,000,000		884,928
CIFC Funding, Ltd. 2018-IV, (Cayman Islands), 3M LIBOR + 5.90%, 7.04%, 10/17/2031		1,000,000		871,217
Cook Park CLO, Ltd., (Cayman Islands), 3M LIBOR + 5.40%, 6.54%, 04/17/2030		1,250,000		1,072,786
Crestline Denali CLO XIV, Ltd., (Cayman Islands), 3M LIBOR + 6.35%, 7.39%, 10/23/2031		750,000		530,844
Crestline Denali CLO XIV, Ltd., (Cayman Islands), 3M LIBOR + 8.10%, 9.14%, 10/23/2031		250,000		128,203
Crestline Denali CLO XVI, Ltd., (Cayman Islands), 3M LIBOR + 2.60%, 3.74%, 01/20/2030		1,500,000		1,177,899
Denali Capital CLO XII, Ltd., (Cayman Islands), 3M LIBOR + 5.90%, 7.12%, 04/15/2031		750,000		517,243
Dryden 28 Senior Loan Fund, (Cayman Islands), 3M LIBOR + 6.45%, 6.84%, 08/15/2030		1,000,000		935,785
Dryden 55 Senior Loan Fund, (Cayman Islands), 3M LIBOR + 5.40%, 6.62%, 04/15/2031		375,000		313,055

Collateralized Loan Obligations^(d)(e) (continued)

	Principal Amount		Value^(a)
Dryden 57 Senior Loan Fund, (Cayman Islands), 3M LIBOR + 5.20%, 5.59%, 05/15/2031	$	500,000	$	414,000
Dryden 58 Senior Loan Fund, (Cayman Islands), 3M LIBOR + 5.35%, 6.49%, 07/17/2031		1,000,000		838,517
Goldentree Loan Opportunities X, Ltd., (Cayman Islands), 3M LIBOR + 5.65%, 6.79%, 07/20/2031		750,000		660,091
ICG U.S. CLO, Ltd. 2018-1, (Cayman Islands), 3M LIBOR + 5.15%, 6.26%, 04/21/2031		500,000		358,179
INGIM, Ltd. 2013-3, (Cayman Islands), 3M LIBOR + 5.90%, 7.04%, 10/18/2031		1,250,000		969,445
KKR CLO 24, Ltd., (Cayman Islands), 3M LIBOR + 6.38%, 7.52%, 04/20/2032		750,000		643,908
LCM 30, Ltd., (Cayman Islands), 3M LIBOR + 6.95%, 8.09%, 04/20/2031		2,000,000		1,877,322
Madison Park Funding XIV, Ltd., (Cayman Islands), 3M LIBOR + 7.77%, 8.87%, 10/22/2030		1,000,000		611,551
Madison Park Funding XXIII, Ltd., (Cayman Islands), 3M LIBOR + 6.25%, 7.24%, 07/27/2030		500,000		451,145
Madison Park Funding XXXIV, Ltd., (Cayman Islands), 3M LIBOR + 6.75%, 7.74%, 04/25/2031		1,500,000		1,406,556
Madison Park Funding XXXVI, Ltd., (Cayman Islands), 3M LIBOR + 7.25%, 9.19%, 01/15/2033		2,500,000		2,379,982
Madison Park Funding XXXVII, Ltd., (Cayman Islands), 3M LIBOR + 6.55%, 7.77%, 07/15/2032		1,000,000		922,673
Magnetite CLO, Ltd. 2019-22, (Cayman Islands), 3M LIBOR + 6.75%, 7.97%, 04/15/2031		1,000,000		943,284
Mariner CLO, LLC 2019-1A, (Cayman Islands), 3M LIBOR + 6.89%, 7.65%, 04/30/2032		1,250,000		1,172,879
Niagara Park CLO, Ltd., (Cayman Islands), 3M LIBOR + 6.45%, 7.59%, 07/17/2032		1,000,000		918,522
Northwoods Capital XII-B, Ltd., (Cayman Islands), 3M LIBOR + 5.79%, 6.10%, 06/15/2031		750,000		484,380

Collateralized Loan Obligations^(d)(e) (continued)

	Principal Amount		Value^(a)
Octagon Investment Partners 35, Ltd., (Cayman Islands), 3M LIBOR + 5.20%, 6.34%, 01/20/2031	$	1,500,000	$	1,230,868
OHA Credit Funding 3, Ltd., (Cayman Islands), 3M LIBOR + 5.50%, 6.64%, 07/20/2032		2,500,000		2,161,257
OHA Loan Funding 2016-1, Ltd., (Cayman Islands), 3M LIBOR + 6.35%, 7.49%, 01/20/2033		4,000,000		3,510,764
Steele Creek CLO, Ltd. 2016-1, (Cayman Islands), 3M LIBOR + 5.75%, 6.06%, 06/15/2031		750,000		502,618
TICP CLO V 2016-5, Ltd., (Cayman Islands), 3M LIBOR + 5.75%, 6.89%, 07/17/2031		857,000		752,798
TICP CLO XI, Ltd., (Cayman Islands), 3M LIBOR + 6.00%, 7.14%, 10/20/2031		300,000		270,713
TICP CLO XI, Ltd. 2018-11X, (Cayman Islands), 3M LIBOR + 6.00%, 7.14%, 10/20/2031		500,000		451,188
Venture 28A CLO, Ltd., (Cayman Islands), 3M LIBOR + 6.16%, 7.30%, 10/20/2029		1,000,000		813,120
Venture 37 CLO, Ltd., (Cayman Islands), 3M LIBOR + 6.95%, 8.17%, 07/15/2032		3,000,000		2,419,995
Venture XXXVI CLO, Ltd., (Cayman Islands), 3M LIBOR + 6.92%, 8.06%, 04/20/2032		300,000		230,963
Voya CLO, Ltd. 2019-2, (Cayman Islands), 3M LIBOR + 6.60%, 7.74%, 07/20/2032		1,000,000		925,021
Wellfleet CLO, Ltd. 2020-1, (Cayman Islands), 3M LIBOR + 7.24%, 8.42%, 04/15/2033		650,000		617,025
				49,621,692
Collateralized Loan Obligations — Equity 11.1%
Allegro CLO, Ltd. 2018-2A, (Cayman Islands), 15.63%, 07/15/2031		1,650,000		974,510
AMMC CLO 22, Ltd., (Cayman Islands), 19.19%, 04/25/2031		1,500,000		953,257
AMMC CLO XXI, Ltd., (Cayman Islands), 18.05%, 11/02/2030		124,950		69,121
Anchorage Credit Funding 7, Ltd., (Cayman Islands), 13.92%, 04/25/2037		250,000		172,647

Collateralized Loan Obligations^(d)(e) (continued)

	Principal Amount		Value^(a)
Atlas Senior Loan Fund I, Ltd., (Cayman Islands), 49.22%, 11/17/2027	$	250,000	$	30,782
Atrium XV, (Cayman Islands), 13.24%, 01/23/2048		4,080,000		2,214,257
Avery Point VI CLO, Ltd., (Cayman Islands), 13.92%, 08/05/2027		314,012		68,426
Bain Capital Credit CLO 2019-1, (Cayman Islands), 22.35%, 04/18/2032		1,400,000		788,290
Bain Capital Credit CLO 2020-1, (Cayman Islands), 13.92%, 04/18/2033		250,000		172,433
Bain Capital Credit CLO, Ltd. 2018-1, (Cayman Islands), 17.18%, 04/23/2031		920,000		519,477
Bain Capital Credit CLO, Ltd. 2019-2, (Cayman Islands), 16.28%, 10/17/2032		810,000		530,090
Canyon Capital CLO, Ltd. 2016-1, (Cayman Islands), 15.82%, 07/15/2031		1,000,000		610,954
Canyon Capital CLO, Ltd. 2019-1, (Cayman Islands), 10.86%, 04/15/2032		2,797,500		1,750,606
Carlyle Global Market Strategies CLO, Ltd. 2013-1, (Cayman Islands), 11.47%, 08/14/2030		500,000		181,963
Carlyle Global Market Strategies CLO, Ltd. 2018-3, (Cayman Islands), 13.43%, 10/15/2030		500,000		244,108
Carlyle Global Market Strategies CLO, Ltd. 2018-4, (Cayman Islands), 20.71%, 01/20/2031		2,310,000		1,321,170
Carlyle Global Market Strategies CLO, Ltd. 2019-3, (Cayman Islands), 14.70%, 10/20/2032		3,500,000		2,384,781
Cedar Funding CLO V, Ltd., (Cayman Islands), 14.79%, 07/17/2031		2,300,000		1,403,506
Cedar Funding CLO VIII, Ltd., (Cayman Islands), 12.85%, 10/17/2030		250,000		129,334
Cedar Funding X CLO, Ltd., (Cayman Islands), 13.92%, 10/20/2032		250,000		170,576
CIFC Funding 2018-II, Ltd., (Cayman Islands), 13.92%, 04/20/2031		250,000		155,822

Collateralized Loan Obligations^(d)(e) (continued)

	Principal Amount		Value^(a)
Crestline Denali CLO XVI, Ltd., (Cayman Islands), 12.27%, 01/20/2030	$	500,000	$	263,758
Dryden 28 Senior Loan Fund, (Cayman Islands), 18.80%, 08/15/2030		1,406,251		421,635
Dryden 33 Senior Loan Fund, (Cayman Islands), 23.30%, 04/15/2029		500,000		185,113
Dryden 38 Senior Loan Fund, (Cayman Islands), 16.61%, 07/15/2030		650,000		308,916
Dryden 41 Senior Loan Fund, (Cayman Islands), 10.57%, 04/15/2031		850,000		448,220
Dryden 43 Senior Loan Fund, (Cayman Islands), 29.23%, 07/20/2029		1,000,000		432,435
Dryden 57 Senior Loan Fund, (Cayman Islands), 15.77%, 05/15/2031		717,000		532,933
Dryden 58 Senior Loan Fund, (Cayman Islands), 19.63%, 07/17/2031		3,125,000		1,883,319
Dryden 68 Senior Loan Fund, (Cayman Islands), 17.07%, 07/15/2049		500,000		320,027
Dryden 78 Senior Loan Fund, (Cayman Islands), 11.83%, 04/17/2033		10,250,000		7,361,068
Eastland Investors Corp., (Cayman Islands), 05/01/2022		300		133,500
Eaton Vance CLO 2015-1, Ltd., (Cayman Islands), 13.92%, 01/20/2030		312,500		167,020
Eaton Vance CLO 2018-1, Ltd., (Cayman Islands), 13.92%, 10/15/2030		1,025,000		593,307
Elmwood CLO I, Ltd., (Cayman Islands), 22.65%, 04/20/2030		1,000,000		745,443
Elmwood CLO V, Ltd., (Cayman Islands), 13.92%, 07/24/2031^(m)		2,875,000		2,673,750
Highbridge Loan Management, Ltd. 2014-3, (Cayman Islands), 17.75%, 07/18/2029		3,077,500		959,432
ICG U.S. CLO, Ltd. 2018-2, (Cayman Islands), 26.62%, 07/22/2031		1,650,000		1,225,221
KKR CLO 12, Ltd., (Cayman Islands), 13.92%, 10/15/2030		1,000,000		454,093

Collateralized Loan Obligations^(d)(e) (continued)

	Principal Amount		Value^(a)
LCM XVIII, LP, (Cayman Islands), 38.39%, 04/20/2031	$	1,400,000	$	423,373
Madison Park Funding XXVII, Ltd., (Cayman Islands), 12.11%, 01/20/2047		250,000		199,194
Madison Park Funding XXVIII, Ltd., (Cayman Islands), 18.99%, 07/15/2030		2,000,000		1,522,202
Madison Park Funding XXXI, Ltd., (Cayman Islands), 16.12%, 01/23/2048		4,250,000		2,860,127
Madison Park Funding XXXII, Ltd., (Cayman Islands), 17.72%, 01/22/2048		1,510,000		896,079
Madison Park Funding XXXVII, Ltd., (Cayman Islands), 15.44%, 07/15/2049		7,500,000		5,865,307
Magnetite CLO, Ltd. 2012-6, (Cayman Islands), 09/15/2023^(j)		1,241,000		496
Mariner CLO, Ltd. 2018-5A, (Cayman Islands), 15.78%, 04/25/2031		500,000		315,043
Neuberger Berman CLO XXIII, Ltd., (Cayman Islands), 13.92%, 10/17/2027		29,095		6,386
Newark BSL CLO 1, Ltd., (Cayman Islands), 13.92%, 07/25/2030		250,000		112,376
Oaktree CLO, Ltd. 2018-1, (Cayman Islands), 6.37%, 10/20/2030		2,250,000		1,472,989
Oaktree CLO, Ltd. 2019-2, (Cayman Islands), 4.70%, 04/15/2031		3,860,000		1,640,075
Oaktree CLO, Ltd. 2019-3, (Cayman Islands), 11.04%, 07/20/2031		4,750,000		3,136,605
Octagon Investment Partners 35, Ltd., (Cayman Islands), 16.48%, 01/20/2031		850,000		509,296
OHA Credit Partners XI, Ltd., (Cayman Islands), 15.33%, 01/20/2032		300,000		201,128
OHA Credit Partners XV, Ltd., (Cayman Islands), 16.22%, 01/20/2030		1,360,000		867,641
OHA Loan Funding, Ltd. 2013-1, (Cayman Islands), 17.95%, 07/23/2031		876,000		403,054

Collateralized Loan Obligations^(d)(e) (continued)

	Principal Amount		Value^(a)
OZLM XIX, Ltd. 2017-19A, (Cayman Islands), 10.67%, 11/22/2030	$	1,000,000	$	413,606
OZLM XIX, Ltd. 2017-19X, (Cayman Islands), 18.39%, 11/22/2030		500,000		206,803
OZLM XVI, Ltd. 2017-16A, (Cayman Islands), 33.95%, 05/16/2030		562,500		181,805
OZLM XXI, Ltd. 2017-21A, (Cayman Islands), 12.68%, 01/20/2031		800,000		405,914
Steele Creek CLO, Ltd. 2017-1, (Cayman Islands), 18.05%, 10/15/2030		250,000		82,084
Stewart Park CLO, Ltd., (Cayman Islands), 19.92%, 01/15/2030		13,000,000		2,868,138
Symphony CLO XI, Ltd., (Cayman Islands), 01/17/2025^(j)		1,000		160
THL Credit Wind River 2018-2 CLO, Ltd., (Cayman Islands), 13.92%, 07/15/2030		2,900,000		1,984,995
THL Credit Wind River 2018-3 CLO, Ltd., (Cayman Islands), 13.92%, 01/20/2031		3,875,000		2,670,483
Venture XVIII CLO, Ltd., (Cayman Islands), 5.15%, 10/15/2029		250,000		57,004
Voya CLO, Ltd. 2018-1, (Cayman Islands), 13.92%, 04/19/2031		4,000,000		2,387,504
Wellfleet CLO, Ltd. 2017-3, (Cayman Islands), 20.84%, 01/17/2031		250,000		147,050
Wellfleet CLO, Ltd. 2018-3, (Cayman Islands), 20.99%, 01/20/2032		2,400,000		1,541,472
Wellfleet CLO, Ltd. 2020-1, (Cayman Islands), 10.83%, 04/15/2033		5,955,000		4,208,154
York CLO-4, Ltd., (Cayman Islands), 13.92%, 04/20/2032		500,000		317,000
York CLO-7, Ltd., (Cayman Islands), 11.46%, 01/22/2033		4,000,000		2,943,372
				74,802,215
Total Collateralized Loan Obligations (Cost: $145,473,048)				124,423,907

Common Stocks 0.4%^(d)

	Shares		Value^(a)
Automotive 0.0%
GB Auto Service Holdings, LLC^(e)(l)		23,724	$	30,011
Banking, Finance, Insurance & Real Estate 0.1%
Eagle Point Credit Co., Inc.		37,500		266,625
The Ultimus Group Aggregator, LP, Class B^(e)(l)		182		—
The Ultimus Group, LLC, Class A^(e)(l)		1		903
The Ultimus Group, LLC, Class B^(e)(j)(l)		1,609		—
				267,528
Beverage, Food & Tobacco 0.0%
GPM Investments, LLC, Class F^(e)(l)		—		1,026
Italian Fine Foods Holdings, LP, Class A^(e)(l)		25,000		28,821
				29,847
Chemicals, Plastics & Rubber 0.0%
Plaskolite PPC Blocker, LLC^(e)(l)		10		709
Construction & Building 0.0%
Kene Holdings, LP, Class A^(e)(l)		50,000		46,949
Consumer Goods: Durable 0.0%
DRS Holdings I, Inc.^(e)(l)		50		34,268
Containers, Packaging & Glass 0.0%
Berry Global Group, Inc.^(l)		2,500		110,800
Healthcare & Pharmaceuticals 0.1%
Bearcat Parent, Inc.^(e)(l)		51		75,830
Coherus Biosciences, Inc.^(l)		2,456		43,864
KNPAK Holdings, LP, Class A^(e)(l)		100,000		80,244
Olympia TopCo, LP, Class A^(e)(l)		50,000		40,763
OMERS Bluejay Investment Holdings, LP, Class A^(e)(l)		25		28,347
OMERS Wildcats Investment Holdings, LLC, Class A^(e)(l)		162		48,000
SiroMed Equity Holdings, LLC^(e)(l)		3,703		3,760
Virence Holdings, LLC, Class A^(e)(l)		—		32,536
				353,344

Common Stocks 0.4%^(d) (continued)

	Shares		Value^(a)
High Tech Industries 0.2%
Astorg VII Co-Invest ERT, (Luxemborg)^(e)(l)		1,000,000	$	1,138,819
Frontline Technologies Parent, LLC, Class B^(e)(l)		2,728		14,249
H&F Unite Partners, LP^(e)(l)		50,032		49,926
Insight PDI Holdings, LLC, Class A^(e)(l)		26,548		22,748
Project Falcon Parent, Inc., Class B-1^(e)(l)		47,536		48,942
Rocket Parent, LLC, Class A^(e)(l)		50,000		23,655
Wildcat Parent, LP^(e)(l)		535		56,447
				1,354,786
Services: Business 0.0%
Fastsigns Holdings, Inc.^(e)(l)		50		58,227
IRI Parent, LP, Class A-1^(e)(l)		250		31,085
				89,312
Services: Consumer 0.0%
Centric Brands, Inc.^(e)(l)		3,125		—
Transportation: Consumer 0.0%
APG Holdings, LLC, Class A^(e)(l)		50,000		55,570
Total Common Stocks (Cost: $2,352,609)				2,373,124

Preferred Stocks 0.0%^(d)(e)(j)

Capital Equipment 0.0%
Blue Angel Holdco, LLC, Class A	243	32,805
Energy: Oil & Gas 0.0%
Titan DI Preferred Holdings, Inc.	—	52,625
Healthcare & Pharmaceuticals 0.0%
Virence Intermediate Holding Corp.	25	28,985
High Tech Industries 0.0%
EZ Elemica Holdings, Inc.	50	39,936
Frontline Technologies Parent, LLC, Class A	25	32,138
Peachtree Parent, Inc., Series A	25	28,443
Project Falcon Parent, Inc., Class A-1	50	52,956
		153,473

Preferred Stocks 0.0%^(d)(e)(j) (continued)

	Shares		Value^(a)
Services: Business 0.0%
IRI Group Holdings, Inc., Series A-1		25	$	28,464
Total Preferred Stocks (Cost: $299,412)				296,352

Private Asset-Backed Debt 1.8%^(c)(d)(e)(j)

	Principal Amount
Banking, Finance, Insurance & Real Estate 1.8%
BFS Receivables I, LLC, 1st Lien Revolver, 1M LIBOR + 6.00%, 6.17%, 02/09/2022^(h)(n)	$	1,000,000	406,225
DFC Funding No. 1, Ltd., Mezzanine Revolver, (Great Britain), 1M GBP LIBOR + 9.75%, 10.50%, 12/12/2020^(h)	£	865,062	1,026,313
DFC Global Facility Borrower III, LLC, 1st Lien Revolver, 1M LIBOR + 10.75%, 11.75%, 09/27/2024^(h)	$	10,000,000	7,303,202
HC ABS Funding, Ltd., 1st Lien Term Loan A, (Cayman Islands), 1M LIBOR + 6.00%, 6.75%, 12/01/2065		2,453,039	2,393,398
HC ABS Funding, Ltd., Class C, (Cayman Islands)		1	36,000
NSF Funding 2020, Ltd., 1st Lien Revolver, (Great Britain), 1M GBP LIBOR + 4.40%, 6.40%, 03/10/2026^(h)(o)	£	11,500,000	783,667
Total Private Asset-Backed Debt (Cost: $12,826,002)			11,948,805

Real Estate Debt 0.8%^(c)(d)(e)(j)

Banking, Finance, Insurance & Real Estate 0.6%
285 Mezz, LLC, Junior Mezzanine Extension Upsize Term Loan, 20.00%, 05/05/2021^(g)	$	914,965	896,666
285 Mezz, LLC, Mezzanine Construction Term Loan, 1M LIBOR + 14.00%, 16.28%, 05/05/2021^(g)(h)		2,592,589	2,032,237
CHDG Phase 1A1 Manager LLC, Mezzanine Construction Term Loan, 1M LIBOR + 12.25%, 13.75%, 11/25/2021^(g)(h)		1,174,594	991,103
			3,920,006

Unfunded Security	Total revolving and delayed draw loan commitments		Less: drawn commitments		Total undrawn commitments
285 Mezz, LLC, Mezzanine Construction Term Loan	$	2,592,589	$	2,084,089	$	508,500
A.U.L. Corp., 1st Lien Revolver		1,000		—		1,000
Affinipay Midco, LLC, 1st Lien Revolver		766,307		153,261		613,046
Affirm Operational Loans VI Trust, 1st Lien Revolver		500,000		—		500,000
AMCP Clean Intermediate, LLC, 1st Lien Revolver		1,100		581		519
Anaqua Parent Holdings, Inc., 1st Lien Revolver		230,769		76,923		153,846
APG Intermediate Holdings Corp., 1st Lien Delayed Draw Term Loan		804,480		60,336		744,144
APG Intermediate Holdings Corp., 1st Lien Revolver		1,000		286		714
AQ Sunshine, Inc., 1st Lien Delayed Draw Term Loan		85,975		—		85,975
AQ Sunshine, Inc., Initial 1st Lien Revolver		136,423		122,781		13,642
Ardonagh Midco 2, PLC, (Great Britain)		64,410		—		64,410
Ardonagh Midco 3, PLC, EUR Facility 1st Lien Term Loan B-1, (Great Britain)		217,829		—		217,829
Ardonagh Midco 3, PLC, GBP Facility 1st Lien Term Loan B-1, (Great Britain)		1,885,614		—		1,885,614
Ardonagh Midco 3, PLC, GBP Facility 1st Lien Term Loan B-2, (Great Britain)		400,389		—		400,389
ARM Funding, LLC, 1st Lien Revolver B		2,500,000		1,499,767		1,000,233
Athenahealth, Inc., 1st Lien Revolver		232,108		—		232,108
Atlas Intermediate III, LLC, 1st Lien Revolver		226,620		151,080		75,540
Bearcat Buyer, Inc., 1st Lien Delayed Draw Term Loan		1,013,387		321,182		692,205
Bearcat Buyer, Inc., 1st Lien Revolver		580,465		—		580,465
Bearcat Buyer, Inc., 2nd Lien Delayed Draw Term Loan		580,465		184,298		396,167
BFS Receivables I, LLC, 1st Lien Revolver		1,000,000		413,725		586,275
Blue Angel Buyer 1, LLC, 1st Lien Delayed Draw Term Loan		640,850		281,107		359,743
Blue Angel Buyer 1, LLC, 1st Lien Revolver		321,199		—		321,199
Canopy Bidco, Ltd., Senior Capex Facility 1st Lien Term Loan, (Great Britain)		620,896		161,283		459,613
Capnor Connery Bidco A/S, Facility 1st Lien Term Loan D, (Denmark)		6,929,793		611,017		6,318,776
CB-SDG, Ltd., GBP Acquisition Facility 1st Lien Term Loan, (Great Britain)		393,333		—		393,333
Centric Brands, Inc., 1st Lien Revolver		268,883		133,830		135,053
CEP V I 5 UK, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain)		6,346,154		—		6,346,154
CHDG Phase 1A1 Manager LLC, Mezzanine Construction Term Loan		1,174,594		1,014,594		160,000
Commify, Ltd., 1st Lien Acquisition Term Loan, (Great Britain)		854,800		—		854,800
Comprehensive EyeCare Partners, LLC, 1st Lien Delayed Draw Term Loan		419,106		340,312		78,794
Comprehensive EyeCare Partners, LLC, 1st Lien Revolver		1,000		915		85

Unfunded Security	Total revolving and delayed draw loan commitments		Less: drawn commitments		Total undrawn commitments
Concert Golf Partners Holdco, LLC, 1st Lien Delayed Draw Term Loan	$	573,424	$	143,087	$	430,337
Concert Golf Partners Holdco, LLC, 1st Lien Revolver		764,512		206,418		558,094
Cority Software Inc., 1st Lien Revolver, (Canada)		230,579		—		230,579
CPI Holdco, LLC, 1st Lien Revolver		3,435,381		631,974		2,803,407
Creation Holdings, Inc., 1st Lien Revolver		544,813		363,209		181,604
CVP Holdco, Inc., 1st Lien Delayed Draw Term Loan		2,725,227		806,639		1,918,588
CVP Holdco, Inc., 1st Lien Revolver		326,487		321,590		4,897
DecoPac, Inc., Initial 1st Lien Revolver		1,000		200		800
DFC Funding No. 1, Ltd., Mezzanine Revolver, (Great Britain)		1,071,812		1,047,749		24,063
DFC Global Facility Borrower III, LLC, 1st Lien Revolver		10,000,000		7,503,202		2,496,798
DRB Holdings, LLC, 1st Lien Revolver		1,000		—		1,000
DRS Holdings III, Inc., 1st Lien Revolver		1,000		400		600
eCapital Finance Corp., Subordinated Delayed Draw Term Loan, (Canada)		3,379,572		2,967,264		412,308
EISG Bidco AB, Facility 1st Lien Term Loan B, (Sweden)		429,422		—		429,422
Elemica Parent, Inc., 1st Lien Delayed Draw Term Loan		561,538		—		561,538
Elemica Parent, Inc., 1st Lien Revolver		478,712		350,657		128,055
eResearch Technology, Inc., 2nd Lien Delayed Draw Term Loan		1,343,232		—		1,343,232
EuroParcs (Top) Holding B.V., Acquisition Facility 1st Lien Term Loan B, (Netherlands)		2,261,725		—		2,261,725
EuroParcs (Top) Holding B.V., Incremental Facility 1st Lien Term Loan, (Netherlands)		917,851		283,616		634,235
Evolent Health, LLC, 1st Lien Delayed Draw Term Loan		3,518,192		—		3,518,192
Ferraro Fine Foods Corp., 1st Lien Revolver		1,000		333		667
Floss Bidco, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain)		1,481,024		321,648		1,159,376
Flow Control Solutions, Inc., 1st Lien Delayed Draw Term Loan		994,201		—		994,201
Flow Control Solutions, Inc., 1st Lien Revolver		372,825		—		372,825
Foundation Risk Partners Corp., 1st Lien 3rd Amendment Delayed Draw Term Loan		1,258,791		367,936		890,855
Foundation Risk Partners Corp., 1st Lien Revolver		3,000		—		3,000
Foundation Risk Partners Corp., 2nd Lien 3rd Amendment Delayed Draw Term Loan		720,610		62,798		657,812
FWR Holding Corp., 1st Lien 2nd Amendment Delayed Draw Term Loan		4,280		—		4,280
FWR Holding Corp., Initial 1st Lien Revolver		1,000		525		475
GB Auto Service, Inc., 1st Lien 1st Amendment Delayed Draw Term Loan		6,002,624		2,975,613		3,027,011
GB Auto Service, Inc., 1st Lien Revolver		264,159		54,772		209,387

Unfunded Security	Total revolving and delayed draw loan commitments		Less: drawn commitments		Total undrawn commitments
GPM Investments, LLC, 1st Lien Delayed Draw Term Loan A	$	3,312,452	$	—	$	3,312,452
GraphPAD Software, LLC, 1st Lien Revolver		1,000		—		1,000
Hammersmith Bidco, Ltd., Acquisition Capex Facility 1st Lien Term Loan, (Great Britain)		2,079,716		1,089,441		990,275
Hometown Food Co., 1st Lien Revolver		1,000		—		1,000
IMIA Holdings, Inc., 1st Lien Revolver		408,163		—		408,163
IntraPac International, LLC, 1st Lien Revolver		415,407		167,202		248,205
Invoice Cloud, Inc., 1st Lien Delayed Draw Term Loan		1,197,849		1,070,189		127,660
Invoice Cloud, Inc., 1st Lien Revolver		255,319		—		255,319
Just Childcare, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain)		528,985		—		528,985
Kellermeyer Bergensons Services, LLC, 1st Lien Delayed Draw Term Loan		540,079		—		540,079
Kene Acquisition, Inc., 1st Lien Delayed Draw Term Loan		632,240		483,645		148,595
Kene Acquisition, Inc., 1st Lien Revolver		675,812		109,819		565,993
Laboratories Bidco, LLC, 1st Lien Revolver		513,489		—		513,489
Lavatio Midco SARL, Acquisition Facility 1st Lien Term Loan, (Luxembourg)		1,094,142		679,150		414,992
MB2 Dental Solutions, LLC, 1st Lien Revolver		1,333		1,332		1
Micromeritics Instrument Corp., 1st Lien Revolver		331,039		320,004		11,035
Movati Athletic Group, Inc., 1st Lien Delayed Draw Term Loan, (Canada)		185,416		128,425		56,991
MRI Software, LLC, 1st Lien Delayed Draw Term Loan		473,329		—		473,329
MRI Software, LLC, 1st Lien Revolver		507,673		—		507,673
Nelipak European Holdings Cooperatief U.A., EUR 1st Lien Revolver, (Netherlands)		653,567		264,968		388,599
NMC Skincare Intermediate Holdings II, LLC, 1st Lien Revolver		333,333		213,333		120,000
NSF Funding 2020, Ltd., 1st Lien Revolver, (Great Britain)		14,248,492		1,068,637		13,179,855
Nuehealth Performance, LLC, 1st Lien Revolver		1,000		—		1,000
NXTGenpay Intressenter Bidco AB, Facility 1st Lien Term Loan D, (Sweden)		193,240		—		193,240
Oakley Ekomid, Ltd., CAR Facility 1st Lien Term Loan, (Great Britain)		842,588		—		842,588
Olympia Acquisition, Inc., 1st Lien Delayed Draw Term Loan		2,425,161		—		2,425,161
Olympia Acquisition, Inc., 1st Lien Revolver		640,539		597,836		42,703
OMH-HealthEdge Holdings, LLC, 1st Lien Revolver		1,000		—		1,000
P27 Bidco, Ltd., Capex Facility 1st Lien Term Loan, (Great Britain)		403,145		80,629		322,516
PDI TA Holdings, Inc., 1st Lien Revolver		205,023		153,767		51,256

Unfunded Security	Total revolving and delayed draw loan commitments		Less: drawn commitments		Total undrawn commitments
Petroleum Service Group, LLC, 1st Lien Delayed Draw Term Loan	$	1,313,959	$	108,153	$	1,205,806
Petroleum Service Group, LLC, 1st Lien Revolver		2,105,660		—		2,105,660
Premise Health Holding Corp., 1st Lien Delayed Draw Term Loan		1,103		—		1,103
Premise Health Holding Corp., 1st Lien Revolver		1,000		583		417
Puerto Rico Waste Investment, LLC, 1st Lien Revolver, (Puerto Rico)		157,737		—		157,737
QF Holdings, Inc., 1st Lien Delayed Draw Term Loan		262,533		—		262,533
QF Holdings, Inc., 1st Lien Revolver		1,000		133		867
Raptor Technologies, LLC, 1st Lien Delayed Draw Term Loan		1,027,519		655,229		372,290
Reddy Ice Holdings, Inc., 1st Lien Delayed Draw Term Loan		952,667		484,667		468,000
Reddy Ice Holdings, Inc., 1st Lien Revolver		955,102		372,490		582,612
Revint Intermediate II, LLC (fka Implementation Management Assistance, LLC), 1st Lien Revolver		1,000		396		604
RSC Acquisition, Inc., Initial 1st Lien Delayed Draw Term Loan		554,024		32,590		521,434
RSC Acquisition, Inc., Initial 1st Lien Revolver		1,000		—		1,000
RSK Group, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain)		630,600		597,884		32,716
RSK Group, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain)		619,500		—		619,500
RTI Surgical, Inc., 2nd Lien 2nd Amendment Incremental Delayed Draw Term Loan		915,320		867,582		47,738
SaintMichelCo, Ltd., Acquisition Facility 1st Lien Term Loan, (Great Britain)		371,700		198,240		173,460
SCM Insurance Services, Inc., 1st Lien Revolver, (Canada)		736		368		368
SCSG EA Acquisition Co., Inc., 1st Lien Revolver		1,000		222		778
SecurAmerica, LLC, 1st Lien Revolver		1,125		—		1,125
Sigma Electric Manufacturing Corp., 1st Lien Revolver		1,333		1,111		222
SpareFoot, LLC, 1st Lien Revolver		1,000		829		171
Spectra Finance, LLC, Initial 1st Lien Revolver		1,000		972		28
SSE Buyer, Inc., 1st Lien Delayed Draw Term Loan		189,399		—		189,399
SSE Buyer, Inc., 1st Lien Revolver		1,000		729		271
Sunshine Sub, LLC, 1st Lien Revolver		144,269		14,427		129,842
Symbol Bidco I, Ltd., Acquisition Capex Facility 1st Lien Term Loan, (Great Britain)		530,999		—		530,999
TA/WEG Holdings, LLC, 1st Lien Revolver		301,040		166,842		134,198
TA/WEG Holdings, LLC, Initial 1st Lien Delayed Draw Term Loan		2,186,890		874,756		1,312,134
Teligent, Inc., 1st Lien Revolver		1,100		1,000		100
TimeClock Plus, LLC, 1st Lien Delayed Draw Term Loan		495,170		—		495,170

Unfunded Security	Total revolving and delayed draw loan commitments		Less: drawn commitments		Total undrawn commitments
TimeClock Plus, LLC, 1st Lien Revolver	$	458,311	$	114,578	$	343,733
True Potential LLP, Acquisition Facility 1st Lien Term Loan, (Great Britain)		2,407,591		1,963,908		443,683
Ultimate Software Group, Inc. (The), 1st Lien Revolver		1,000		891		109
Ultimus Group Midco, LLC (The), 1st Lien Revolver		396,226		226,415		169,811
United Digestive MSO Parent, LLC, 1st Lien Delayed Draw Term Loan		1,022,727		282,954		739,773
Visolit Finco A/S, 1st Lien Committed Accordion Term Loan, (Norway)		1,160,363		—		1,160,363
VLS Recovery Services, LLC, 1st Lien Delayed Draw Term Loan C		1,070,365		—		1,070,365
VLS Recovery Services, LLC, 1st Lien Revolver		1,000		—		1,000
WebPT, Inc., 1st Lien Delayed Draw Term Loan		255,205		—		255,205
Wildcat BuyerCo, Inc., 1st Lien Delayed Draw Term Loan		1,079,810		392,033		687,777
Wildcat BuyerCo, Inc., 1st Lien Revolver		255,015		81,605		173,410
WSHP FC Acquisition, LLC, 1st Lien 2nd Amendment Delayed Draw Term Loan		350,877		—		350,877
WSHP FC Acquisition, LLC, 1st Lien Revolver		88,719		28,390		60,329
Total	$	130,836,756	$	39,919,351	$	90,917,405

(i) This loan or a portion of this loan represents an unsettled loan purchase. The interest rate will be determined at the time of settlement and will be based upon a spread plus the applicable reference rate determined at the time of purchase.

(j) Security valued at fair value using methods determined in good faith by or under the direction of the board of trustees.

(k) Loan was on non-accrual status as of June 30, 2020.

(l) Non-income producing security as of June 30, 2020.

(m) When-Issued or delayed delivery security based on typical market settlement convention for such security.

(n) The Fund entered into a $500,000 commitment in a secured borrowing with a third party. The secured borrowing provides for the third party to hold a senior interest in the Fund's investment in the first lien revolver. The fair value and commitment of the related first lien revolver associated with the secured borrowing were $122,296 and $500,000, respectively. The fair value of the secured borrowing was $122,296 as of June 30, 2020.

(o) The Fund entered into a $8,970,00 commitment in a secured borrowing with a third party. The secured borrowing provides for the third party to hold a senior interest in the Fund's investment in the first lien revolver. The fair value and commitment of the related first lien revolver associated with the secured borrowing were $641,182 and £6,900,000, respectively. The fair value of the secured borrowing was $651,740 as of June 30, 2020.

As of June 30, 2020, the aggregate cost of securities for Federal income tax purposes was $868,513,301.
Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:

Gross unrealized appreciation	$	7,255,374
Gross unrealized depreciation		(50,042,059	)
Net unrealized depreciation	$	(42,786,685	)

Foreign Forward Currency Contracts

On June 30, 2020, CION Ares Diversified Credit Fund had entered into forward foreign currency contracts that obligate the Fund to deliver currencies at specified future dates. Unrealized appreciation and depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts were as follows:

Description	Notional Amount to be Purchased			Notional Amount to be Sold			Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
Foreign currency forward contract	$	(1,117,601	)	£	(1,098,452	)	GMS	July 15, 2020	$	19,149	$	—
Foreign currency forward contract	$	(1,150,721	)	£	(1,132,532	)	GMS	July 15, 2020		18,189		—
Foreign currency forward contract	$	(1,949,057	)	SEK	(1,961,141	)	GMS	September 18, 2020		—		(12,084	)
Foreign currency forward contract	$	(4,167,715	)	NOK	(4,117,433	)	GMS	September 18, 2020		50,282		—
Foreign currency forward contract	$	(2,178,798	)	SEK	(2,177,627	)	GMS	September 18, 2020		1,171		—
Total									$	88,791	$	(12,084	)

Swap Agreements outstanding as of June 30, 2020 were as follows:

Swap Agreements: Centrally Cleared or Exchange Traded

Credit Default Swaps on Credit Indices — Buy Protection (1)

Descriptions	Payment Frequency		Fixed Deal Pay Rate			Expiration Date	Exchange	Notional Amount (2)		Value (3)		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.HY S33 5Y		Q		5.00	%	December 20, 2024	ICE	$	2,028,600	$	8,701	$	100,738	$	(92,037	)
CDX.NA.HY S33 Tranche 15-25		Q		5.00	%	December 20, 2024	ICE		375,000		142,153		100,250		41,903

Total Swap Agreements: Centrally Cleared or Exchange Traded

150,854

200,988

(50,134

)

Swap Agreements: Over the Counter

Credit Default Swaps on Credit Indices — Buy Protection (1)

Descriptions	Payment Frequency		Fixed Deal Pay Rate			Expiration Date	Counterparty	Notional Amount (2)		Value (3)			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY S31 Tranche 15-25		Q		5.00	%	December 20, 2023	Goldman Sachs	$	2,784,000	$	860,268		$	(160,312	)	$	1,020,580
CDX.NA.HY S31 Tranche 25-35		Q		5.00	%	December 20, 2023	Goldman Sachs		500,000		(11,067	)		56,250			(67,317	)
CMBX.NA.BBB-.9		M		3.00	%	September 17, 2058	Goldman Sachs		625,000		121,191			140,563			(19,372	)
HCA CDS USD SR 5Y D14		Q		5.00	%	June 20, 2025	Goldman Sachs		375,000		(49,480	)		(26,037	)		(23,443	)
JWN CDS USD SR 5Y D14		Q		1.00	%	June 20, 2024	Goldman Sachs		210,000		31,697			11,722			19,975

Total Swap Agreements: Over the Counter				$	952,609			$	22,186			$	930,423
Total Swap Agreements:				$	1,103,463			$	223,174			$	880,289

(1) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(3) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the expected amount paid or received for the credit derivative had the notional amount of the swap agreement been closed/sold as of year-end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

The following is a summary of fair values of investments in derivative contracts disclosed in the Fund's Statement of Assets and Liabilities, as of June 30, 2020:

	Assets			Liabilities
Swap Credit Contracts	$	1,164,010	*	$	60,547
Forward Foreign Currency Contracts		88,791			12,084

* Includes cumulative unrealized appreciation (depreciation) of swap contracts as shown in the schedule of investments. Only the portion of the unrealized appreciation (depreciation) not yet cash settled is shown in the statement of assets and liabilities as variation margin.

The following is a summary of the Fund's realized gain and/or (loss) and change in net unrealized gain and/or (loss) on derivative investments recognized in the Fund's Statement of Operations categorized by primary risk exposure as of June 30, 2020:

	Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations
	Credit Contracts			Foreign Currency Contracts			Total
Forward Currency Contracts	$	—		$	(396,622	)	$	(396,622	)
Purchased Swaptions		438,515			—			438,515
Written Swaptions		(229,173	)		—			(229,173	)
Swaps		632,917			—			632,917
	Change in Unrealized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations
	Credit Contracts			Foreign Currency Contracts			Total
Forward Foreign Currency Contracts	$	—		$	771,344		$	771,344
Swaps		1,118,041			—			1,118,041

The average notional amounts of derivative contracts outstanding as of June 30, 2020 which are indicative of the volume of the derivative types were as follows:

	Credit Contracts		Foreign Currency Contracts		Total
Forward Foreign Currency Contracts
Buy	$	—	$	15,507,247	$	15,507,247
Sell		—		13,035,886		13,035,886
Purchased Swaptions		2,166,667		—		2,166,667
Written Swaptions		500,000		—		500,000
Swaps
Exchange Traded — Buy Protection		1,643,600		—		1,643,600
Over-the-Counter — Buy Protection		4,504,192		—		4,504,192

Abbreviations:

144A Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

CLO Collateralized Loan Obligation

Assets:
Investments in unaffiliated issuers, at value (cost $867,849,111)	$	825,726,616
Swaps, at fair value (cost ($8,027))		1,013,156
Cash		2,911,396
Cash denominated in foreign currency, at value (cost $2,939,056)		2,956,645
Receivable for securities sold		11,418,647
Forward foreign currency contracts		88,791
Variation margin on swaps		47,039
Due from brokers		1,155,627
Receivable for fund shares issued		1,022,695
Interest and principal receivable		8,774,802
Deferred debt issuance costs		1,504,650
Other assets		76,172
Total assets		856,696,236
Liabilities:
Credit facilities		131,920,469
Swaps, at fair value (cost ($30,213))		60,547
Payable for securities purchased		44,791,577
Forward foreign currency contracts		12,084
Payable for distributions to shareholders		1,592,778
Payable for investment advisory fees		677,543
Payable for commitment fee		367,504
Payable for administration and transfer agent fees		142,175
Payable for interest expense		501,503
Payable for distribution and shareholder service fees		190,253
Payable for expense support		251,062
Accrued expenses and other payables		732,533
Total liabilities		181,240,028
Net assets	$	675,456,208
Net assets consist of:
Paid-in capital	$	738,564,101
Distributable earnings accumulated loss		(63,107,893	)
Net assets	$	675,456,208

Common shares:
Class A:
Net Assets	$	52,600,404
Shares Outstanding ($.001 par value; unlimited shares authorized)		2,263,889
Net Asset Value Per Share	$	26.24
Maximum Offering Price Per Share	$	24.65
Class C:
Net Assets	$	62,324,116
Shares Outstanding ($.001 par value; unlimited shares authorized)		2,685,841
Net Asset Value Per Share	$	23.21
Class I:
Net Assets	$	404,804,389
Shares Outstanding ($.001 par value; unlimited shares authorized)		17,374,223
Net Asset Value Per Share	$	23.30
Class L:
Net Assets	$	6,305,421
Shares Outstanding ($.001 par value; unlimited shares authorized)		271,455
Net Asset Value Per Share	$	23.23
Maximum Offering Price Per Share	$	24.22
Class U:
Net Assets	$	112,112,327
Shares Outstanding ($.001 par value; unlimited shares authorized)		4,812,461
Net Asset Value Per Share	$	23.30
Class U-2:
Net Assets	$	1,083,353
Shares Outstanding ($.001 par value; unlimited shares authorized)		46,501
Net Asset Value Per Share	$	23.30
Class W:
Net Assets	$	36,226,198
Shares Outstanding ($.001 par value; unlimited shares authorized)		1,551,629
Net Asset Value Per Share	$	23.35
Maximum Offering Price Per Share	$	24.08

Investment income:
Interest	$	32,199,008
Dividend		9,002
Total investment income		32,208,010
Expenses:
Management fee (Note 6)		4,806,222
Interest expense (Note 5)		1,395,789
Short sale dividend expense		8,373
Administrative services of the adviser (Note 6)		623,583
Legal fees		309,267
Marketing expense		119,210
Administration, custodian and transfer agent fees (Note 6)		363,873
Insurance expense		88,091
Amortization of debt issuance cost (Note 5)		296,877
Audit fees		180,326
Due diligence fees		94,603
Trustee fees		129,300
Commitment fee expense (Note 5)		236,959
Printing expense		115,622
Class A shareholder service expense		66,411
Class C shareholder service expense		76,849
Class L shareholder service expense		7,502
Class U-2 shareholder service expense(a)		371
Class C distribution fees		230,546
Class L distribution fees		7,502
Class U distribution fees		330,933
Class U-2 distribution fees(a)		741
Class W distribution fees		90,989
Other expenses		496,729
Total expenses		10,076,668
Tax expense		57,415
Expense support recoupment (Note 6)		2,362,845
Net expenses		12,496,928
Net investment income		19,711,082
Net realized and unrealized gain/(loss) on investments, foreign currency and derivative contracts
Net realized loss on investments		(28,294,132	)
Net realized loss on foreign currency		(1,094,225	)
Net realized loss on forward foreign currency contracts		(396,622	)
Net realized gain on purchased swaptions		438,515
Net realized loss on written swaptions		(229,173	)
Net realized gain on swaps		632,917
Net unrealized loss on investments		(49,868,097	)
Net unrealized gain on foreign currency		5,281,008
Net unrealized gain on forward foreign currency contracts		771,344
Net unrealized gain on swaps		1,118,041
Net realized and unrealized loss on investments, foreign currency and derivative contracts		(71,640,424	)
Total decrease in net assets resulting from operations	$	(51,929,342	)

(a) Period from April 13, 2020, date operations commenced, through June 30, 2020.

	Six Months Ended June 30, 2020 (Unaudited)			For the Period Ended December 31, 2019^(a)			For the Year Ended October 31, 2019
Increase (decrease) in net assets from operations:
Net investment income	$	19,711,082		$	4,627,819		$	17,420,309
Net realized gain/loss on investments and foreign currency		(28,942,720	)		139,643			2,842,157
Net unrealized gain on investments and foreign currency		(42,697,704	)		10,447,168			(8,183,359	)
Net increase/(decrease) from operations		(51,929,342	)		15,214,630			12,079,107
Distributions to shareholders from (Note 2):
Distributable earnings — Class A		(1,556,605	)		(515,063	)		(2,776,451	)
Distributable earnings — Class C		(1,807,944	)		(569,985	)		(2,551,364	)
Distributable earnings — Class I		(11,142,703	)		(2,965,640	)		(11,159,149	)
Distributable earnings — Class L		(176,658	)		(53,838	)		(205,652	)
Distributable earnings — Class U		(2,641,944	)		(304,735	)		(46,763	)
Distributable earnings — Class U-2		(9,312	)		—			—
Distributable earnings — Class W		(1,065,027	)		(352,195	)		(648,791	)
Total distributions		(18,400,193	)		(4,761,456	)		(17,388,170	)
Increase (decrease) in net assets from operations and distributions		(70,329,535	)		10,453,174			(5,309,063	)
Share transactions:
Class A:
Proceeds of shares issued		8,471,430			4,514,131			29,509,300
Value of distributions reinvested		539,889			184,889			1,067,687
Cost of shares redeemed		(10,446,710	)		—			(13,557,079	)
Net increase (decrease) from share transactions		(1,435,391	)		4,699,020			17,019,908
Class C:
Proceeds of shares issued		8,060,972			4,415,043			31,409,887
Value of distributions reinvested		937,997			297,112			1,301,750
Cost of shares redeemed		(5,338,496	)		—			(1,992,142	)
Net increase from share transactions		3,660,473			4,712,155			30,719,495
Class I:
Proceeds of shares issued		116,811,055			47,937,317			210,089,276
Value of distributions reinvested		4,682,059			1,153,734			3,904,823
Cost of shares redeemed		(27,548,222	)		—			(23,791,402	)
Net increase from share transactions		93,944,892			49,091,051			190,202,697
Class L:
Proceeds of shares issued		1,622,873			640,422			3,744,948
Value of distributions reinvested		114,184			33,179			131,384
Cost of shares redeemed		(1,049,499	)		—			(211,897	)
Net increase from share transactions		687,558			673,601			3,664,435

	Six Months Ended June 30, 2020 (Unaudited)			For the Period Ended December 31, 2019^(a)		For the Year Ended October 31, 2019
Class U:
Proceeds of shares issued		77,291,411			31,434,447		10,506,151	^(b)
Value of distributions reinvested		2,243,059			280,233		45,636	^(b)
Cost of shares redeemed		(1,165,800	)		—		(151	)^(b)
Net increase from share transactions		78,368,670			31,714,680		10,551,636	^(b)
Class U-2:
Proceeds of shares issued		1,039,525	^(c)		—		—
Value of distributions reinvested		4,441	^(c)		—		—
Net increase from share transactions		1,043,966	^(c)		—		—
Class W:
Proceeds of shares issued		—			—		38,374,996	^(d)
Value of distributions reinvested		824,855			286,441		526,013	^(d)
Cost of shares redeemed		(111,425	)		—		(305	)^(d)
Net increase from share transactions		713,430			286,441		38,900,704	^(d)
Total increase in net assets		106,654,063			101,630,122		285,749,812
Net Assets, beginning of period		568,802,145			467,172,023		181,422,211
Net Assets, end of period	$	675,456,208		$	568,802,145	$	467,172,023

(a) For the two month period ended December 31, 2019. See Note 1 of Notes to Financial Statements.

(b) Period from July 26, 2019, date operations commenced, through October 31, 2019.

(d) Period from December 21, 2018, date operations commenced, through October 31, 2019.

Operating activities:
Net decrease in net assets resulting from operations	$	(51,929,342	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities:
Purchases of investments		(493,727,012	)
Proceeds from the sale of investments		282,462,066
Proceeds from swaps		2,060,627
Amortization and accretion of discounts and premiums, net		(1,362,021	)
Net realized (gain)/loss on investments		28,294,132
Net realized (gain)/loss on purchased swaptions		(438,515	)
Net realized (gain)/loss on written swaptions		229,173
Net realized (gain)/loss on swaps		(632,917	)
Net unrealized (gain)/loss on investments		49,868,097
Net unrealized (gain)/loss on swaps		(1,118,041	)
Effect of exchange rate changes on line of credit		(3,318,470	)
Amortization of debt issuance cost		296,877
Payment-in-kind interest		(807,267	)
Changes in operating assets and liabilities:
Due from brokers		756,807
Receivable for securities sold		(1,740,796	)
Forward foreign currency contracts		284,517
Variation margin on swaps		21,527
Interest and principal receivable		(2,423,045	)
Other assets		74,048
Payable for securities purchased		18,624,738
Forward foreign currency contracts		(1,055,861	)
Payable for investment advisory fees		104,024
Payable for interest expense		421,148
Payable for administration, custodian and transfer agent fees		(75,192	)
Payable for distribution and shareholder servicing fees		37,734
Payable for commitment fees		128,005
Payable for expense support		207,227
Accrued expenses and other payables		(647,952	)
Net cash flow used in operating activities		(175,405,684	)

	Six Months Ended June 30, 2020 (Unaudited)			For the Period Ended December 31, 2019*			For the Year Ended October 31, 2019			For the For the Year Ended October 31, 2018			Period from January 26, 2017 to October 31, 2017
Class A
Per share data:
Net asset value, beginning of period	$	25.93		$	25.44		$	25.80		$	25.25		$	25.00
Income from investment operations:
Net investment income^(a)		0.69			0.23			1.39			1.52			0.86
Net realized and unrealized gain (loss)		0.31			0.49			(0.36	)		0.42			0.44
Total income from investment operations		1.00			0.72			1.03			1.94			1.30
Less distributions declared to shareholders:
From net investment income		(0.69	)		(0.23	)		(1.39	)		(1.39	)		(0.86	)
From net realized gains on investments		—			—			—			—			(0.12	)
From net unrealized gain on investments and foreign currency		—			—			—			—			(0.07	)
Total distributions		(0.69	)		(0.23	)		(1.39	)		(1.39	)		(1.05	)
Net asset value, end of period	$	26.24		$	25.93		$	25.44		$	25.80		$	25.25
Total return, excluding expense support^(b)		(7.08	)%^(c)		2.86	%^(c)		4.37	%		(2.44	)%		(37.12	)%^(c)
Total return, including expense support^(d)		(7.70	)%^(c)		2.86	%^(c)		4.10	%		7.91	%		5.32	%^(c)
Ratios to average net assets/supplemental data:
Net assets, end of period	$	52,600,404		$	60,203,302		$	54,385,716		$	37,915,185		$	12,864,545
Including interest expense:
Expenses, excluding expense support^(e)(h)		3.23	%^(f)		4.01	%^(f)		4.03	%		5.98	%		58.85	%^(f)
Expenses, including expense support^(e)(g)(h)		3.85	%^(f)		4.01	%^(f)		4.30	%		0.34	%		0.00	%^(f)
Excluding interest expense:
Expenses, excluding expense support^(h)		2.78	%^(f)		3.33	%^(f)		3.38	%		5.97	%		58.85	%^(f)
Expenses, including expense support^(g)(h)		3.41	%^(f)		3.33	%^(f)		3.65	%		0.33	%		0.00	%^(f)
Net investment income^(e)		5.89	%^(f)		5.27	%^(f)		5.56	%		5.91	%		4.48	%^(f)
Portfolio turnover rate		35.61	%^(c)		5.42	%^(c)		63.58	%		28.36	%		164.09	%^(c)

* For the two month period ended December 31, 2019. See Note 1 of Notes to Financial Statements.

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Based on net asset value per share. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment Plan. Total Return is not annualized for periods less than one year. Total return excludes expense support provided or recouped by the adviser.

(d) Based on net asset value per share. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment Plan. Total Return is not annualized for periods less than one year. Total return includes expense support provided or recouped by the adviser.

(e) Includes organizational and offering costs.

(f) Annualized, except for certain non-recurring costs.

(g) Includes expense support provided or recouped by the adviser.

(h) For the six months ended June 30, 2020, the ratio of operating expenses to average net assets consisted of 1.53% of base management fees, 0.45% of the cost of borrowing, 0.62% of net expense support and 1.25% of other operating expenses. For the period ended December 31, 2019, the ratio of operating expenses to average net assets consisted of 1.56% of base management fees, 0.68% of the cost of borrowing, 0.00% of net expense support and 1.77% of other operating expenses. For the year ended October 31, 2019, the ratio of operating expenses to average net assets consisted of 1.47% of base management fees, 0.65% of the cost of borrowing, 0.27% of net expense support and 1.91% of other operating expenses. For the year ended October 31, 2018, the ratio of operating expenses to average net assets consisted of 1.49% of base management fees, 0.00% of the cost of borrowing, (5.91)% of net expense support and 4.76% of other operating expenses. For the period ended October 31, 2017, the ratio of operating expenses to average net assets consisted of 1.49% of base management fees, 0.00% of the cost of borrowing, (56.68)% of net expense support and 55.19% of other operating expenses.

	Six Months Ended June 30, 2020 (Unaudited)			For the Period Ended December 31, 2019*			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Period from July 12, 2017 (commencement of operations) to October 31, 2017
Class C
Per share data:
Net asset value, beginning of period	$	25.90		$	25.44		$	25.80		$	25.25		$	24.95
Income from investment operations:
Net investment income^(a)		0.69			0.19			1.39			1.52			0.39
Net realized and unrealized gain (loss)		(2.69	)		0.50			(0.36	)		0.42			0.33
Total income from investment operations		(2.00	)		0.69			1.03			1.94			0.72
Less distributions declared to shareholders:
From net investment income		(0.69	)		(0.19	)		(1.39	)		(1.39	)		(0.39	)
From net realized gains on investments		—			(0.04	)		—			—			(0.02	)
From net unrealized gain on investments and foreign currency		—			—			—			—			(0.01	)
Total distributions		(0.69	)		(0.23	)		(1.39	)		(1.39	)		(0.42	)
Net asset value, end of period	$	23.21		$	25.90		$	25.44		$	25.80		$	25.25
Total return, excluding expense support^(b)		(7.47	)%^(c)		2.74	%^(c)		3.70	%		(3.19	)%		(3.56	)%^(c)
Total return, including expense support^(d)		(7.71	)%^(c)		2.74	%^(c)		4.10	%		7.91	%		2.95	%^(c)
Ratios to average net assets/supplemental data:
Net assets, end of period	$	62,324,116		$	65,778,748		$	59,912,232		$	29,868,425		$	3,897,826
Including interest expense:
Expenses, excluding expense support^(e)(h)		3.98	%^(f)		4.76	%^(f)		4.82	%		6.73	%		22.59	%^(f)
Expenses, including expense support^(e)(g)(h)		4.22	%^(f)		4.76	%^(f)		4.42	%		0.34	%		0.00	%^(f)
Excluding interest expense:
Expenses, excluding expense support^(h)		3.53	%^(f)		4.07	%^(f)		4.15	%		6.72	%		22.59	%^(f)
Expenses, including expense support^(g)(h)		3.77	%^(f)		4.07	%^(f)		3.75	%		0.33	%		0.00	%^(f)
Net investment income^(e)		5.90	%^(f)		4.52	%^(f)		5.48	%		5.91	%		5.17	%^(f)
Portfolio turnover rate		35.61	%^(c)		5.42	%^(c)		63.58	%		28.36	%		164.09	%^(c)

* For the two month period ended December 31, 2019. See Note 1 of Notes to Financial Statements.

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(e) Includes organizational and offering costs.

(f) Annualized, except for certain non-recurring costs.

(g) Includes expense support provided or recouped by the adviser.

(h) For the six months ended June 30, 2020, the ratio of operating expenses to average net assets consisted of 1.53% of base management fees, 0.45% of the cost of borrowing, 0.24% of net expense support and 2.00% of other operating expenses. For the period ended December 31, 2019, the ratio of operating expenses to average net assets consisted of 1.56% of base management fees, 0.68% of the cost of borrowing, 0.00% of net expense support and 2.52% of other operating expenses. For the year ended October 31, 2019, the ratio of operating expenses to average net assets consisted of 1.47% of base management fees, 0.67% of the cost of borrowing, (0.40)% of net expense support and 2.67% of other operating expenses. For the year ended October 31, 2018, the ratio of operating expenses to average net assets consisted of 1.49% of base management fees, 0.00% of the cost of borrowing, (6.20)% of net expense support and 5.05% of other operating expenses. For the period ended October 31, 2017, the ratio of operating expenses to average net assets consisted of 1.49% of base management fees, 0.00% of the cost of borrowing, (33.93)% of net expense support and 32.44% of other operating expenses.

	Six Months Ended June 30, 2020 (Unaudited)			For the Period Ended December 31, 2019*			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Period from July 12, 2017 (commencement of operations) to October 31, 2017
Class I
Per share data:
Net asset value, beginning of period	$	25.93		$	25.44		$	25.80		$	25.25		$	24.95
Income from investment operations:
Net investment income^(a)		0.75			0.23			1.39			1.52			0.40
Net realized and unrealized gain (loss)		(2.69	)		0.49			(0.36	)		0.42			0.32
Total income from investment operations		(1.94	)		0.72			1.03			1.94			0.72
Less distributions declared to shareholders:
From net investment income		(0.69	)		(0.23	)		(1.39	)		(1.39	)		(0.40	)
From net realized gains on investments		—			—			—			—			(0.01	)
From net unrealized gain on investments and foreign currency		—			—			—			—			(0.01	)
Total distributions		(0.69	)		(0.23	)		(1.39	)		(1.39	)		(0.42	)
Net asset value, end of period	$	23.30		$	25.93		$	25.44		$	25.80		$	25.25
Total return, excluding expense support^(b)		(6.99	)%^(c)		2.88	%^(c)		4.78	%		(2.19	)%		(2.49	)%^(c)
Total return, including expense support^(d)		(7.47	)%^(c)		2.86	%^(c)		4.10	%		7.91	%		2.95	%^(c)
Ratios to average net assets/supplemental data:
Net assets, end of period	$	404,804,389		$	354,144,166		$	298,480,878		$	111,705,126		$	6,047,638
Including interest expense:
Expenses, excluding expense support^(e)(h)		2.99	%^(f)		3.74	%^(f)		3.87	%		5.73	%		18.62	%^(f)
Expenses, including expense support^(e)(g)(h)		3.47	%^(f)		3.87	%^(f)		4.55	%		0.34	%		0.00	%^(f)
Excluding interest expense:
Expenses, excluding expense support^(h)		2.54	%^(f)		3.06	%^(f)		3.17	%		5.71	%		18.62	%^(f)
Expenses, including expense support^(g)(h)		3.02	%^(f)		3.19	%^(f)		3.85	%		0.32	%		0.00	%^(f)
Net investment income^(e)		6.37	%^(f)		5.44	%^(f)		5.38	%		5.91	%		5.19	%^(f)
Portfolio turnover rate		35.61	%^(c)		5.42	%^(c)		63.58	%		28.36	%		164.09	%^(c)

* For the two month period ended December 31, 2019. See Note 1 of Notes to Financial Statements.

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(e) Includes organizational and offering costs.

(f) Annualized, except for certain non-recurring costs.

(g) Includes expense support provided or recouped by the adviser.

(h) For the six months ended June 30, 2020, the ratio of operating expenses to average net assets consisted of 1.54% of base management fees, 0.45% of the cost of borrowing, 0.48% of net expense support and 1.00% of other operating expenses. For the period ended December 31, 2019, the ratio of operating expenses to average net assets consisted of 1.56% of base management fees, 0.68% of the cost of borrowing, 0.13% of net expense support and 1.51% of other operating expenses. For the year ended October 31, 2019, the ratio of operating expenses to average net assets consisted of 1.48% of base management fees, 0.71% of the cost of borrowing, 0.68% of net expense support and 1.68% of other operating expenses. For the year ended October 31, 2018, the ratio of operating expenses to average net assets consisted of 1.49% of base management fees, 0.00% of the cost of borrowing, (4.79)% of net expense support and 3.64% of other operating expenses. For the period ended October 31, 2017, the ratio of operating expenses to average net assets consisted of 1.49% of base management fees, 0.00% of the cost of borrowing, (29.81)% of net expense support and 28.33% of other operating expenses.

	Six Months Ended June 30, 2020 (Unaudited)			For the Period Ended December 31, 2019*			For the Year Ended October 31, 2019			For the Period from November 2, 2017 (commencement of operations) to October 31, 2018
Class L
Per share data:
Net asset value, beginning of period	$	25.92		$	25.44		$	25.80		$	25.23
Income from investment operations:
Net investment income^(a)		0.70			0.19			1.39			1.52
Net realized and unrealized gain (loss)		(2.70	)		0.52			(0.36	)		0.43
Total income from investment operations		(2.00	)		0.71			1.03			1.95
Less distributions declared to shareholders:
From net investment income		(0.69	)		(0.19	)		(1.39	)		(1.38	)
From net realized gains on investments		—			(0.04	)		—			—
Total distributions		(0.69	)		(0.23	)		(1.39	)		(1.38	)
Net asset value, end of period	$	23.23		$	25.92		$	25.44		$	25.80
Total return, excluding expense support^(b)		(7.27	)%^(c)		2.82	%^(c)		4.32	%		(2.69	)%^(c)
Total return, including expense support^(d)		(7.71	)%^(c)		2.82	%^(c)		4.10	%		7.96	%^(c)
Ratios to average net assets/supplemental data:
Net assets, end of period	$	6,305,421		$	6,324,858		$	5,536,090		$	1,933,475
Including interest expense:
Expenses, excluding expense support^(e)(h)		3.44	%^(f)		4.24	%^(f)		4.38	%		6.23	%^(f)
Expenses, including expense support^(e)(g)(h)		3.88	%^(f)		4.24	%^(f)		4.60	%		0.34	%^(f)
Excluding interest expense:
Expenses, excluding expense support^(h)		3.00	%^(f)		3.56	%^(f)		3.67	%		6.21	%^(f)
Expenses, including expense support^(g)(h)		3.44	%^(f)		3.56	%^(f)		3.89	%		0.32	%^(f)
Net investment income^(e)		5.96	%^(f)		4.47	%^(f)		5.35	%		5.91	%^(f)
Portfolio turnover rate		35.61	%^(c)		5.42	%^(c)		63.58	%		28.36	%^(c)

* For the two month period ended December 31, 2019. See Note 1 of Notes to Financial Statements.

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(e) Includes organizational and offering costs.

(f) Annualized, except for certain non-recurring costs.

(g) Includes expense support provided or recouped by the adviser.

(h) For the six months ended June 30, 2020, the ratio of operating expenses to average net assets consisted of 1.54% of base management fees, 0.45% of the cost of borrowing, 0.44% of net expense support and 1.46% of other operating expenses. For the period ended December 31, 2019, the ratio of operating expenses to average net assets consisted of 1.56% of base management fees, 0.68% of the cost of borrowing, 0.00% of net expense support and 2.01% of other operating expenses. For the year ended October 31, 2019, the ratio of operating expenses to average net assets consisted of 1.49% of base management fees, 0.72% of the cost of borrowing, 0.21% of net expense support and 2.18% of other operating expenses. For the period ended October 31, 2018, the ratio of operating expenses to average net assets consisted of 1.48% of base management fees, 0.00% of the cost of borrowing, (4.71)% of net expense support and 3.57% of other operating expenses.

	Six Months Ended June 30, 2020 (Unaudited)			For the Period Ended December 31, 2019*			For the Period from July 26, 2019 (commencement of operations) to October 31, 2019
Class U
Per share data:
Net asset value, beginning of period	$	25.92		$	25.44		$	25.86
Income from investment operations:
Net investment income^(a)		0.75			0.23			0.40
Net realized and unrealized gain (loss)		(2.68	)		0.48			(0.45	)
Total income from investment operations		(1.93	)		0.71			(0.05	)
Less distributions declared to shareholders:
From net investment income		(0.69	)		(0.23	)		(0.37	)
Total distributions		(0.69	)		(0.23	)		(0.37	)
Net asset value, end of period	$	23.30		$	25.92		$	25.44
Total return, excluding expense support^(b)(c)		(7.41	)%		2.74	%		1.60	%
Total return, including expense support^(d)(c)		(7.44	)%		2.82	%		(0.14	)%
Ratios to average net assets/supplemental data:
Net assets, end of period	$	112,112,327		$	42,902,144		$	10,433,963
Including interest expense:
Expenses, excluding expense support^(e)(f)(h)		3.75	%		4.31	%		4.85	%
Expenses, including expense support^(e)(g)(f)(h)		3.78	%		3.83	%		6.59	%
Excluding interest expense:
Expenses, excluding expense support^(f)(h)		3.30	%		3.66	%		3.88	%
Expenses, including expense support^(g)(f)(h)		3.33	%		4.48	%		5.62	%
Net investment income^(e)(f)		6.39	%		5.39	%		12.08	%
Portfolio turnover rate^(c)		35.61	%		5.42	%		63.58	%

* For the two month period ended December 31, 2019. See Note 1 of Notes to Financial Statements.

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(e) Includes organizational and offering costs.

(f) Annualized, except for certain non-recurring costs.

(g) Includes expense support provided or recouped by the adviser.

(h) For the six months ended June 30, 2020, the ratio of operating expenses to average net assets consisted of 1.55% of base management fees, 0.45% of the cost of borrowing, 0.03% of net expense support and 1.75% of other operating expenses. For the period ended December 31, 2019, the ratio of operating expenses to average net assets consisted of 1.56% of base management fees, 0.65% of the cost of borrowing, (0.47)% of net expense support and 2.10% of other operating expenses. For the period ended October 31, 2019, the ratio of operating expenses to average net assets consisted of 1.61% of base management fees, 0.89% of the cost of borrowing, 1.74% of net expense support and 2.35% of other operating expenses.

	For the Period from April 12, 2020 to June 30, 2020 (Unaudited)
Class U-2
Per share data:
Net asset value, beginning of period	$	21.79
Income from investment operations:
Net investment income^(a)		0.47
Net realized and unrealized gains		1.34
Total income from investment operations		1.81
Less distributions declared to shareholders:
From net investment income		(0.30	)
Total distributions		(0.30	)
Net asset value, end of period	$	23.30
Total return, excluding expense support^(b)(c)		2.34	%
Total return, including expense support^(d)(c)		2.34	%
Ratios to average net assets/supplemental data:
Net assets, end of period	$	1,083,353
Including interest expense:
Expenses, excluding expense support^(e)(f)(h)		3.74	%
Expenses, including expense support^(e)(f)(g)(h)		3.74	%
Excluding interest expense:
Expenses, excluding expense support^(f)(h)		3.41	%
Expenses, including expense support^(f)(g)(h)		3.41	%
Net investment income^(e)(f)		10.02	%
Portfolio turnover rate^(c)		35.61	%

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(e) Includes organizational and offering costs.

(f) Annualized.

(g) Includes expense support provided or recouped by the adviser.

(h) For the period ended June 30, 2020, the ratio of operating expenses to average net assets consisted of 1.65% of base management fees, 0.33% of the cost of borrowing, 0.00% of net expense support and 1.76% of other operating expenses.

	Six Months Ended June 30, 2020 (Unaudited)			For the Period Ended December 31, 2019*			For the Period from December 21, 2018 (commencement of operations) to October 31, 2019
Class W
Per share data:
Net asset value, beginning of period	$	25.92		$	25.44		$	25.03
Income from investment operations:
Net investment income^(a)		0.82			0.25			1.23
Net realized and unrealized gain (loss)		(2.70	)		0.46			0.38
Total income from investment operations		(1.88	)		0.71			1.61
Less distributions declared to shareholders:
From net investment income		(0.69	)		(0.23	)		(1.20	)
Total distributions		(0.69	)		(0.23	)		(1.20	)
Net asset value, end of period	$	23.35		$	25.92		$	25.44
Total return, excluding expense support^(b)(c)		(7.24	)%		2.82	%		7.00	%
Total return, including expense support^(d)(c)		(7.24	)%		2.82	%		6.25	%
Ratios to average net assets/supplemental data:
Net assets, end of period	$	36,226,198		$	39,448,927		$	38,423,144
Including interest expense:
Expenses, excluding expense support^(e)(f)(h)		3.48	%		4.28	%		4.73	%
Expenses, including expense support^(e)(g)(f)(h)		3.48	%		4.28	%		5.47	%
Excluding interest expense:
Expenses, excluding expense support^(f)(h)		3.03	%		3.59	%		3.65	%
Expenses, including expense support^(g)(f)(h)		3.03	%		3.59	%		4.39	%
Net investment income^(e)(f)		6.89	%		4.97	%		5.14	%
Portfolio turnover rate^(c)		35.61	%		5.42	%		63.58	%

* For the two month period ended December 31, 2019. See Note 1 of Notes to Financial Statements.

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(e) Includes organizational and offering costs.

(f) Annualized, except for certain non-recurring costs.

(g) Includes expense support provided or recouped by the adviser.

(h) For the six months ended June 30, 2020, the ratio of operating expenses to average net assets consisted of 1.53% of base management fees, 0.45% of the cost of borrowing, 0.00% of net expense support and 1.50% of other operating expenses. For the period ended December 31, 2019, the ratio of operating expenses to average net assets consisted of 1.56% of base management fees, 0.68% of the cost of borrowing, 0.00% of net expense support and 2.03% of other operating expenses. For the period ended October 31, 2019, the ratio of operating expenses to average net assets consisted of 1.57% of base management fees, 0.91% of the cost of borrowing, 0.74% of net expense support and 2.24% of other operating expenses.

(1) Organization

CION Ares Diversified Credit Fund (the "Fund") is a diversified, closed-end management investment company that is registered under the Investment Company Act of 1940. The Fund is structured as an interval fund and continuously offers its shares. The Fund was organized as a Delaware statutory trust on June 21, 2016. CION Ares Management, LLC (the "Adviser") serves as the investment Adviser to the Fund and was registered as an investment adviser with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940 (the "Advisers Act") on January 4, 2017. The Adviser is a joint venture between affiliates of Ares Management Corporation ("Ares") and CION Investment Group, LLC ("CION") and is controlled by Ares. The Adviser oversees the management of the Fund's activities and is responsible for making investment decisions for the Fund's portfolio.

On August 2, 2018, the Fund formed a wholly owned special purpose financing vehicle, CADEX Credit Financing, LLC (the "Financing Sub"), a Delaware limited liability company. On September 13, 2017, the Fund formed a wholly owned blocker corporation , CADEX Blocker Corp. (the "Blocker Corp"), a Delaware Corporation.

Investment Objective and Policies

The Fund's investment objective is to provide superior risk-adjusted returns across various market cycles by investing in a diversified portfolio of liquid and illiquid asset classes. The Fund seeks to capitalize on market inefficiencies and relative value opportunities throughout the entire global credit spectrum.

Fiscal Year End Change

On September 25, 2019, the Fund's board of trustees approved a change to the fiscal year end of the Fund from October 31 to December 31. Accordingly, the Fund's financial statements and related notes include information as of and for the six months ended June 30, 2020, the two month period ended December 31, 2019 and the year ended October 31, 2019.

(2) Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared on an accrual basis of accounting in conformity with U.S. generally accepted accounting principles ("GAAP"), and includes the accounts of the Fund and its consolidated subsidiaries. The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies. The consolidated financial statements

reflect all adjustments and reclassification, that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated. The Adviser makes estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates and such differences may be material.

Investments Valuation

All investments in securities are recorded at their fair value. See Note 3 for more information on the Fund's valuation process.

Interest Income

Interest income is recorded on the accrual basis to the extent that such amounts are expected to be collected and adjusted for accretion of discounts and amortization of premiums. The Fund may have investments that contain payment-in-kind ("PIK") provisions. The PIK interest, computed at the contractual rate specified, may be added to the principal balance and adjusted cost of the investments and recorded as interest income. The PIK interest for the six months ended June 30, 2020 was $807,267 recorded as interest income.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) and is in the process of collection.

Discounts and Premiums

Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security using the effective interest method. The adjusted cost of investments represents the original cost adjusted for PIK interest, the accretion of discounts, and amortization of premiums.

Cash and Cash Equivalents

The Fund considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. The Fund's cash and cash equivalents are maintained with a major United

States financial institution, which is a member of the Federal Deposit Insurance Corporation. While the Fund's current cash balance exceeds insurance limits, the risk of loss is remote.

Investment Transactions, Related Investment Income and Expenses

Investment transactions are accounted for on the trade date. Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Fund looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser in accordance with the Fund's valuation policy (the "Valuation Policy"). The Valuation Policy is reviewed and approved at least annually by the Fund's board of trustees (the "Board"). The Adviser has been authorized by the Board to utilize independent third-party pricing and valuation services to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing 12-month period (with certain de minimis exceptions) in accordance with the Valuation Policy and a consistently applied valuation process. As part of the valuation process for investments that do not have readily available market prices, the Adviser may take into account the following types of factors, if relevant, in determining the fair value of the Fund's investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser considers the pricing indicated by the external event to corroborate its valuation.

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. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the

Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

See Note 3 for more information on the Fund's valuation process.

Interest income, adjusted for amortization of premiums and accretion of discounts on investments, is earned from settlement date and is recorded on the accrual basis. Realized gains and losses are reported on the specific identification method. Expenses are recorded on the accrual basis as incurred.

Realized and unrealized gains and losses and net investment income, excluding class specific expenses are allocated daily to each class of shares based upon the relative proportion of net assets of each class. Differences in per share distributions by class are generally due to differences in class specific expenses.

Foreign Currency Transactions and Forward Foreign Currency Contracts

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (ii) purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on transaction dates.

The Fund does not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gain (loss) on investments in the Consolidated Statement of Operations.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the difference between the amounts of income and expense items recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or

paid. Net unrealized foreign currency gains and losses arise from the changes in fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.

The Fund may enter into forward foreign currency exchange contracts for operational purposes and to protect against adverse exchange rate fluctuations. A forward foreign currency contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency at a specific exchange rate on a future date. The Fund may also enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. The Fund is subject to the credit risk that the other party will not complete the obligations of the contract. The fair values of the forward foreign currency exchange contracts are obtained from an independent pricing source.

Distributions to Shareholders

The Fund records distributions from net investment income daily. These distributions may be reinvested or paid monthly to shareholders. The Fund intends to pay common shareholders at least annually all or substantially all of its taxable income. The Fund intends to pay any capital gains distributions at least annually.

The Fund may make distributions, without limitation, from offering proceeds or borrowings, which may constitute a return of capital, as well as net investment income from operations, capital and non-capital gains from the sale of assets, and dividends or distributions from equity investments. Furthermore, a portion of the Fund's distributions may be derived from expense support payments made by the Adviser, which are subject to repayment by the Fund within three years, pursuant to the Expense Support and Conditional Reimbursement Agreement (the "Expense Support

Agreement"). The purpose of such expense support payments is to ensure that the Fund bears an appropriate level of expenses. As such, the Fund's distributions may not be entirely based on investment performance and can only be sustained if positive investment performance is achieved in future periods and/or the Adviser continues to make such expense support payments. Any future repayments of expenses by the Fund will reduce cash otherwise potentially available for distributions. There can be no assurance that sufficient performance will be achieved in order to sustain the current level of the Fund's distributions. After the expiration of the current term of the Expense Support Agreement on July 31, 2021, the Adviser may not make expense support payments in future periods. If the Adviser does not make any expense support payments during such period, all or a portion of the Fund's distributions may be a return of capital which would reduce the available capital for investment. The sources of the Fund's distributions may vary periodically. Please refer to the Financial Highlights table for the sources of distributions.

Commitments and Contingencies

In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the Fund's custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications, and is engaged from time to time in various legal actions. The maximum exposure of the Fund under these arrangements and activities is unknown. However, the Fund expects the risk of material loss to be remote.

Commitments to extend credit include loan proceeds the Fund is obligated to advance, such as delayed draws or revolving credit arrangements. Commitments generally have fixed expiration dates or other termination clauses. Unrealized gains or losses associated with unfunded commitments are recorded in the consolidated financial statements and reflected as an adjustment to the fair value of the related security in the Consolidated Schedule of Investments. The par amount of the unfunded commitments is not recognized by the Fund until it becomes funded. As of June 30, 2020, the Fund had unfunded commitments of $90,917,404.

Income Taxes

The Fund intends to distribute all or substantially all of its taxable income and to comply with the other requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to Regulated Investment Companies.

Accordingly, no provision for U.S. federal income taxes is required.

The Fund may elect to incur an excise tax if it is deemed prudent by its board of trustees from a cash management perspective or in the best interest of shareholders due to other facts and circumstances. For the six months ended June 30, 2020, the Fund incurred U.S. federal excise tax of $57,415.

As of December 31, 2019, which is the end of the Fund's taxable year, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

Deferred Debt Issuance Costs

Debt issuance costs are amortized over the life of the related debt instrument using the straight line method.

Recent Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848)," which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Fund is currently evaluating the impact of adopting ASU 2020-04 on the Fund's consolidated financial statements.

(3) Investments

Fair Value Measurements

The Fund follows the provisions of ASC 820, Fair Value Measurements and Disclosures under U.S. GAAP, which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. This standard defines fair value and establishes a hierarchal disclosure framework, which prioritizes and ranks the level of market price observability used in measuring investments at fair value and expands disclosures about assets and liabilities measured at fair value. ASC 820 defines "fair value" as the

price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchal disclosure framework establishes a three-tier hierarchy to maximize the use of observable data and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique.

Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The three tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

• Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

• Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In addition to using the above inputs in investment valuations, the Fund continues to employ a valuation policy that is consistent with the provisions of ASC 820. Consistent with the Fund's valuation policy, it evaluates the source of inputs, including any markets in which the Fund's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. The Fund's valuation policy considers the fact that because there may not be a readily available market value for the investments in the Fund's portfolio, therefore, the fair value of the investments may be determined using unobservable inputs.

The assets and liabilities classified as Level 1 or Level 2 are typically valued based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs. The Adviser obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading

characteristics and other data. The Adviser is responsible for all inputs and assumptions related to the pricing of securities. The Adviser has internal controls in place that support its reliance on information received from third-party pricing sources. As part of its internal controls, the Adviser obtains, reviews, and tests information to corroborate prices received from third-party pricing sources. For any security, if market or dealer quotations are not readily available, or if the Adviser determines that a quotation of a security does not represent a fair value, then the security is valued at a fair value as determined in good faith by the Adviser and will be classified as Level 3. In such instances, the Adviser will use valuation techniques consistent with the market or income approach to measure fair value and will give consideration to all factors which might reasonably affect the fair value.

The assets and liabilities classified as Level 3 (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Fund may also employ other valuation multiples to determine EV, such as revenues. The Fund may also use industry specific valuation analyses to determine enterprise value, such as capitalization rate analysis used in the real estate industry. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Fund has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind down analysis may be utilized to estimate enterprise value. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the

Fund does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Fund considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Fund are substantially illiquid with no active transaction market, the Fund depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The fair value of CLOs is estimated based on various valuation models from third-party pricing services as well as internal models. The valuation models generally utilize discounted cash flows and take into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic factors, the characteristics and condition of the underlying collateral, comparable yields for similar securities and recent trading activity. These securities are classified as Level 3.

Private asset-backed securities classified as Level 3 are typically valued using two different valuation techniques. The first valuation technique is an analysis of the forecasted cash flows of the security. The forecasted cash flows take into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic factors, and the characteristics and condition of the underlying collateral. For equity securities, the projected cash flows are present valued using a market discount rate to determine the fair value. For debt securities, the analysis is used to determine if the borrower has the ability to repay its obligations. If it is determined that the borrower does have the ability to repay its obligations, the second valuation technique that is utilized is a yield analysis. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Fund considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the borrower and the specific investment. As the debt investments are substantially illiquid with no active transaction market, the Fund depends on primary market data, including newly funded transactions, as inputs in determining the appropriate market yield, as applicable.

The following is a reconciliation of the Fund's investments in which significant unobservable inputs (Level 3) were used in determining fair value.

For the six months ended June 30, 2020:

	Senior Loans ($)			Subordinated Loans ($)			Corporate Bonds ($)		Collateralized Loan Obligations ($)			Common Stocks ($)			Preferred Stocks ($)			Private Asset Backed Debt ($)			Real Estate Debt ($)			Warrants ($)			Total ($)
Balance as of December 31, 2019		336,700,275			1,150,157			—		118,100,940			803,875			268,294			9,800,576			5,510,966			467,292			472,802,375
Purchases^(a)		136,976,250			8,468,604			—		57,580,004			1,217,956			48,500			3,912,678			278,490			—			208,482,482
Sales^(b)		(26,330,053	)		(27,996	)		—		(28,787,947	)		(76,867	)		—			(836,674	)		—			—			(56,059,537	)
Net Realized and Unrealized Gains (Loss)		(19,430,895	)		(20,521	)		—		(22,600,057	)		6,871			(20,442	)		(959,384	)		(132,188	)		(11,957	)		(43,168,573	)
Accrued Discounts/ (Premiums)		891,396			13,650			—		130,967			—			—			31,609			3,029			—			1,070,651
Transfers in to Level 3		8,939,604			—			2,265,910		—			—			—			—			—			—			11,205,514
Transfers out of Level 3		(4,887,679	)		—			—		—			—			—			—			—			—			(4,887,679	)
Balance as of June 30, 2020		432,858,898			9,583,894			2,265,910		124,423,907			1,951,835			296,352			11,948,805			5,660,297			455,335			589,445,233
Net Change in Unrealized appreciation/ (depreciation) from investments held at June 30, 2020		(16,580,078)			(21,596	)		—		(20,270,423	)		(1,334	)		(20,443	)		(953,245	)		(132,188	)		9,052			(37,970,255	)

(a) Purchases include PIK interest and securities received from restructure.

(b) Sales include principal redemptions.

Investments were transferred into and out of Level 3 and out of and into Level 2 during the six months ended June 30, 2020 due to changes in the quantity and quality of information obtained to support the fair value of each investment as assessed by the Adviser.

The following table summarizes the quantitative inputs and assumptions used for investments in securities at fair value categorized as Level 3 in the fair value hierarchy as of June 30, 2020.

Fair Value
($)

Valuation
Technique

Unobservable
Inputs

Range

Weighted
Average

Assets
Investments in securities

Senior Loans

1,412,267

Income
(Other)

Constant
Default
Rate (CDR),
Constant
Prepayment
Rate (CPR),
Recovery
Rate

25.9
50.0%,
0.0%

Senior Loans

18,861,482

Broker
Quotes
and/or
3rd Party
Pricing
Services

N/A

Senior Loans

412,590,575

Yield
Analysis

Market
Yield

4.1
36.9%

% -

8.6

Senior Loans

-5,426

Other

Recent
Transaction
Price

0.99

Subordinated
Loans

9,583,894

Yield
Analysis

Market
Yield

8.9
17.8%

% -

11.4

Corporate
Bonds

2,265,910

Broker
Quotes
and/or
3rd Party
Pricing
Services

N/A

Collateralized
Loan
Obligation

656

Other

Estimated
Liquidation
Value

160 -
$496

414

Collateralized
Loan
Obligations

121,749,501

Broker
Quotes
and/or
3rd Party
Pricing
Services

N/A

Collateralized
Loan
Obligations

2,673,750

Other

Recent
Transaction
Price

0.93

Common Stocks

1,951,835

EV Market
Multiple
Analysis

EBITDA
Multiple

7.0
26.5x

x -

17.0

Preferred Stocks

296,352

EV Market
Multiple
Analysis

EBITDA
Multiple

9.0
22.0x

x -

16.3

Fair Value
($)

Valuation
Technique

Unobservable
Inputs

Range

Weighted
Average

Private
Asset-Backed
Debt

406,225

Income
(Other)

Cumulative
Collection
Rate

1.1

Private
Asset-Backed
Debt

7,303,202

Income
(Other)

MPL: Constant
Default
Rate (CDR),
Constant
Prepayment
Rate (CPR),
Recovery
Rate; SPL:
Collection
Rate

CAD MPL:
18.0%,
30.0%,
0.0%;
US MPL:
55.0%,
16.0%,
0.0%;
US SPL:
88.3%;
CAD SPL:
89.1%

Private
Asset-Backed
Debt

1,026,313

Income
(Other)

Constant
Default
Rate (CDR),
Constant
Prepayment
Rate (CPR),
Recovery
Rate

15.0
0.0%,
0.0%

Private
Asset-Backed
Debt

783,667

Income
(Other)

Constant
Default
Rate (CDR) -
Two
Segments,
Constant
Prepayment
Rate (CPR),
Recovery
Rate

9.7%/
7.9%,
15.0%,
0.0%

Private
Asset-Backed
Debt

2,429,398

Other

Recent
Transaction
Price

0.99

Real Estate
Debt

5,660,297

Yield
Analysis

Market
Yield

13.8
16.3%

% -

15.1

Warrants

455,335

EV Market
Multiple
Analysis

EBITDA
Multiple

2.3
31.2x

x -

30.5

Total Level 3
Investments

589,445,233

Changes in market yields or discount rates, each in isolation, may change the fair value of certain of the investments. Generally, an increase in market yields or discount rates may result in a decrease in the fair value of certain of the investments.

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 investments may fluctuate from period to period. Additionally, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal

and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Fund has recorded it.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the values currently assigned.

(4) Common Stock

The Fund, pursuant to an exemptive order granted by the SEC on July 11, 2017, offers multiple classes of shares. On July 11, 2017, the Fund's registration statement offering Class A, Class C, and Class I shares became effective. On November 2, 2017, the Fund's registration statement offering Class L shares became effective. On November 15, 2018, the Fund's registration statement offering Class U shares became effective and on November 30, 2018 the Fund's registration statement offering Class W shares became effective. On March 31, 2020, the Fund's registration statement offering Class U-2 shares became effective. The maximum sales load imposed on purchases, maximum contingent deferred sales charges, shareholder servicing and/or distribution fees charged will vary depending on each share class. Common share transactions were as follows:

Class A	For the Six Months Ended June 30, 2020
	Shares			Amount ($)
Common shares outstanding — beginning of period		2,321,589			59,078,604
Common shares issued		341,024			8,471,430
Reinvestment of distributions		23,063			539,889
Common shares redeemed		(421,787	)		(10,446,710	)
Common shares outstanding — end of period		2,263,889			57,643,213
Class C	For the Six Months Ended June 30, 2020
	Shares			Amount ($)
Common shares outstanding — beginning of period		2,539,852			64,949,429
Common shares issued		329,107			8,060,972
Reinvestment of distributions		40,117			937,997
Common shares redeemed		(223,235	)		(5,338,496	)
Common shares outstanding — end of period		2,685,841			68,609,902

Class I	For the Six Months Ended June 30, 2020
	Shares			Amount ($)
Common shares outstanding — beginning of period		13,653,699			350,127,050
Common shares issued		4,712,049			116,811,055
Reinvestment of distributions		200,513			4,682,059
Common shares redeemed		(1,195,038	)		(27,548,222	)
Common shares outstanding — end of period		17,374,223			444,071,942
Class L	For the Six Months Ended June 30, 2020
	Shares			Amount ($)
Common shares outstanding — beginning of period		244,006			6,258,818
Common shares issued		66,345			1,622,873
Reinvestment of distributions		4,894			114,184
Common shares redeemed		(43,790	)		(1,049,499	)
Common shares outstanding — end of period		271,455			6,946,376
Class U	For the Six Months Ended June 30, 2020
	Shares			Amount ($)
Common shares outstanding — beginning of period		1,655,229			42,266,316
Common shares issued		3,113,026			77,291,441
Reinvestment of distributions		96,743			2,243,059
Common shares redeemed		(52,537	)		(1,165,800	)
Common shares outstanding — end of period		4,812,461			120,635,016
Class U-2	For the Six Months Ended June 30, 2020
	Shares			Amount ($)
Common shares outstanding — beginning of period		0			0
Common shares issued		46,307			1,039,525
Reinvestment of distributions		194			4,441
Common shares redeemed		0			0
Common shares outstanding — end of period		46,501			1,043,966
Class W	For the Six Months Ended June 30, 2020
	Shares			Amount ($)
Common shares outstanding — beginning of period		1,521,579			39,187,145
Common shares issued		0			0
Reinvestment of distributions		35,062			824,855
Common shares redeemed		(5,012	)		(111,425	)
Common shares outstanding — end of period		1,551,629			39,900,755

Quarter Ended	Repurchase Date	Shares Repurchased		Purchase Price Per Share		Aggregate Consideration for Repurchased Shares		Size of Repurchase Offer		% of Outstanding Shares Offered to be Repurchased			% of Outstanding Shares Repurchased
December 31, 2019	January 16, 2020		679,546		26.01		17,674,912		1,161,309		5.00	%		2.93	%
March 31, 2020	April 16, 2020		1,227,410		22.13		27,163,080		1,415,494		5.00	%		4.34	%
			1,906,956				44,837,992

(5) Credit Facility

Information about the Fund's senior securities as of June 30, 2020 is shown in the following table.

Class and Six Months Ended	Total Amount Outstanding Exclusive of Treasury Securities⁽¹⁾		Asset Coverage Per Unit⁽²⁾($)		Involuntary Liquidating Preference Per Unit⁽³⁾		Average Market Value Per Unit⁽⁴⁾
Revolving Credit Facility (Wells Fargo Bank, N.A.)
June 30, 2020		55,950,970		6,090.31		—		N/A
December 31, 2019		19,053,614		5,382.52		—		N/A
October 31, 2019		19,396,773		3,846.84		—		N/A
Revolving Credit Facility (State Street Bank and Trust Company)
June 30, 2020		75,969,499		6,090.31		—		N/A
December 31, 2019		110,386,661		5,382.52		—		N/A
October 31, 2019		144,356,650		3,846.84		—		N/A

(1) Total amount of each class of senior securities outstanding at principal value at the end of the period presented.

(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the "Asset Coverage Per Unit.''

(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The "—" in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4) Not applicable to senior securities outstanding as of period end.

covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Wells Credit Facility. As of June 30, 2020, the Fund and Financing Sub were in compliance in all material respects with the terms of the Wells Credit Facility.

As of June 30, 2020, there was $55,950,970 outstanding under the Wells Credit Facility. The interest rate charged under the Wells Credit Facility is generally based on an applicable LIBOR rate plus spread ranging from 1.75% to 2.15%, as defined in the agreements governing the Wells Credit Facility. Unused portions of the Wells Credit Facility accrue a commitment fee equal to an annual rate between 0.50% and 1.50%, depending on the usage. The fair value of the Financing Sub's borrowings under the Wells Credit Facility approximates the carrying amount presented in the accompanying Consolidated Statement of Assets and Liabilities at cost for the remaining maturity for which the Financing Sub has determined would be categorized as Level 2 in the fair value hierarchy.

For the six months ended June 30, 2020 the components of interest and unused commitment fees expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balance for the Wells Credit Facility were as follows:

	For the Six Months Ended June 30, 2020 ($)
Stated interest expense		557,291
Unused commitment fees		142,496
Total interest and credit facility fees expense		699,665
Annualized average stated interest rate		2.56	%
Average outstanding balance		43,696,374
Amortization of debt issuance costs		268,513

See Note 10 for further information regarding a subsequent event related to the Wells Credit Facility.

State Street Credit Facility

The Fund is a party to a senior secured revolving credit facility (as amended, the "State Street Credit Facility"), which allows for the Fund to borrow up to $200 million at any one time outstanding. The State Street Credit Facility maturity date is July 17, 2022. Under the State Street Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of

additional indebtedness and liens, (b) limitations on certain restricted payments, (c) maintaining a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of the Fund and its consolidated subsidiaries (subject to certain exceptions) of not less than 3:1.0. These covenants are subject to important limitations and exceptions that are described in the documents governing the State Street Credit Facility. Amounts available to borrow under the State Street Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Fund's portfolio that are pledged as collateral. As of June 30, 2020, the Fund was in compliance in all material respects with the terms of the State Street Credit Facility.

As of June 30, 2020, there was $75,969,499 outstanding under the State Street Credit Facility. The interest rate charged on the State Street Credit Facility is based on an applicable LIBOR rate plus 0.95% (as defined in the agreements governing the State Street Credit Facility). Unused portions of the State Street Credit Facility accrue a commitment fee equal to 0.20%. The fair value of the Fund's borrowings under the State Street Credit Facility approximates the carrying amount presented in the accompanying Consolidated Statement of Assets and Liabilities at cost for the remaining maturity for which the Fund has determined would be categorized as Level 2 in the fair value hierarchy.

	For the Six Months Ended June 30, 2020 ($)
Stated interest expense		835,798
Unused commitment fees		94,463
Total interest and credit facility fees expense		930,261
Annualized average stated interest rate		1.74	%
Average outstanding balance		96,410,479
Amortization of debt issuance costs		28,364

Under the Investment Company Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the Fund will have an asset coverage of at least 300%. In general, the term "asset coverage" for this purpose means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the

Fund. In addition, the Fund may be limited in its ability to declare any cash distribution on its capital stock or purchase its capital stock unless, at the time of such declaration or purchase, the Fund has an asset coverage (on its indebtedness) of at least 300% after deducting the amount of such distribution or purchase price, as applicable. For non-public indebtedness issued by the Fund (for example, the Wells Credit Facility and the State Street Credit Facility), the Fund may be able to continue to pay distributions on its capital stock or purchase its capital stock even if the asset coverage ratio on its indebtedness falls below 300%. As of June 30, 2020, the Fund's asset coverage was 989%.

(6) Investment Advisory and Other Agreements

The Adviser is registered as an investment adviser under the Advisers Act. The Adviser is an affiliate of Ares and leverages Ares' entire investment platform and benefits from the significant capital markets, trading and research expertise of all of Ares' investment professionals.

Pursuant to the investment advisory agreement, dated December 6, 2016 (the "Investment Advisory Agreement") (most recently amended and restated as of May 22, 2020), by and between the Fund and the Adviser, the Adviser provides certain investment advisory and administrative services to the Fund and in consideration of the advisory services provided, the Adviser is entitled to a fee consisting of two components — a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"). Pursuant to the investment sub-advisory agreement, dated as of December 6, 2016 (the "Investment Sub-Advisory Agreement"), by and between the Adviser and the Fund, the Adviser pays the Ares Capital Management II LLC (the "Sub-Adviser") 40% of the Management Fee and Incentive Fee actually received and retained and not otherwise used to support expenses.

The Adviser provides certain investment advisory and administrative services to the Fund pursuant to the Investment Advisory Agreement. Pursuant to its Investment Advisory Agreement, the Fund has agreed to pay the Adviser the Management Fee at an annual rate of 1.25% of the average daily value of the Fund's total assets of the Fund (including any assets attributable to any preferred shares that may be issued or to indebtedness) minus the Fund's liabilities other than liabilities relating to indebtedness. The management fees incurred by the Fund for the six months ended June 30, 2020 were $4,806,222.

Effective May 22, 2020, applied on a prospective basis the Incentive Fee is calculated and payable quarterly in arrears based upon each share class's "pre-incentive fee net investment income" for the immediately preceding quarter,

and is subject to a hurdle rate, expressed as a rate of return on each share class's "average daily net asset value," equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income accrued during the calendar quarter, minus the share class's operating expenses for the quarter and taking into account the Expense Support Agreement. For such purposes, each share class's operating expenses will include the Management Fee, expenses reimbursed to the Adviser under the administration agreement, dated as of December 6, 2016 (the "Adviser Administration Agreement"), by and between the Fund and the Adviser, and any interest expense and distributions paid on any issued and outstanding preferred shares, but will exclude the Incentive Fee.

The "catch-up" provision is intended to provide the Adviser with an incentive fee of 15% on each share class's pre-incentive fee net investment income when the share class's pre-incentive fee net investment income reaches 1.765% of average daily net asset value in any calendar quarter. During the six months ended June 30, 2020 there were no incentive fees incurred.

Prior to May 22, 2020, the Incentive Fee was calculated and payable quarterly in arrears based upon the Fund's (rather than each class's) "pre-incentive fee net investment income" for the immediately preceding quarter, and was subject to a hurdle rate, expressed as a rate of return on the Fund's "adjusted capital," equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a "catch-up" feature. "Adjusted Capital" previously was defined as the cumulative gross proceeds received by the Fund from the sale of the Fund's shares (including pursuant to the Fund's DRIP (as defined below), reduced by amounts paid in connection with purchases of the Fund's shares pursuant to the Fund's share repurchase program and further reduced by distribution representing a return of capital. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income accrued during the calendar quarter, minus the Fund's operating expenses for the quarter.

The Adviser is obligated to pay expenses associated with providing the investment services stated in the Investment Advisory Agreement and Investment Sub-Advisory Agreement, including expenses associated with office space for their officers and employees, investment and economic research, trading and investment management of the Fund.

Under the Expense Support Agreement, the Adviser may at its discretion, for the period ending July 31, 2021, reimburse the Fund's operating expenses to the extent that aggregate distributions made to each class' shareholders during the

Class A

Three Months Ended	Expense Support from the Adviser ($)		Recoupment of Expense Support ($)		Unreimbursed Expense Support ($)		Annualized Ratio of Other Fund Operating Expenses to Average Net Assets for the Period⁽¹⁾%		Annualized Distribution Rate for the Period⁽²⁾($)		Eligible for Reimbursement through
January 31, 2017		193,243		193,243		0		9.01		1.39257355	January 31, 2020
October 31, 2017		592,329		168,659		423,669		7.68		1.39257355	October 31, 2020
January 31, 2018		412,396		0		412,396		5.42		1.39257355	January 31, 2021
April 30, 2018		306,581		0		306,581		4.43		1.39257355	April 30, 2021
July 31, 2018		282,399		0		282,399		3.86		1.39257355	July 31, 2021
October 31, 2018		351,380		0		351,380		3.15		1.39257355	October 31, 2021
January 31, 2019		112,892		0		112,892		1.21		1.39257355	January 31, 2022
April 30, 2019		10,033		0		10,033		1.29		1.39257355	April 30, 2022
Total		2,261,253		361,902		1,899,351

Class C

Three Months Ended	Expense Support from the Adviser ($)		Recoupment of Expense Support ($)		Unreimbursed Expense Support ($)		Annualized Ratio of Other Fund Operating Expenses to Average Net Assets for the Period⁽¹⁾%		Annualized Distribution Rate for the Period⁽²⁾($)		Eligible for Reimbursement through
July 31, 2017		0		0		0		0		0	July 31, 2020
October 31, 2017		98,889		98,889		0		5.32		1.39257355	October 31, 2020
January 31, 2018		173,902		57,212		116,690		6.07		1.39257355	January 31, 2021
April 30, 2018		206,018		0		206,018		4.94		1.39257355	April 30, 2021
July 31,2018		263,530		0		263,530		4.33		1.39257355	July 31, 2021
October 31, 2018		312,501		—		312,501		3.66		1.39257355	October 31, 2021
January 31, 2019		163,026		0		163,026		1.96		1.39257355	January 31, 2022
April 30, 2019		84,215		—		84,215		2.03		1.39257355	April 30, 2022
Total		1,302,081		156,100		1,145,981

Class I

Three Months Ended	Expense Support from the Adviser ($)		Recoupment of Expense Support ($)		Unreimbursed Expense Support ($)		Annualized Ratio of Other Fund Operating Expenses to Average Net Assets for the Period⁽¹⁾%		Annualized Distribution Rate for the Period⁽²⁾($)		Eligible for Reimbursement through
July 31, 2017		0		0		0		0		0	July 31, 2020
October 31, 2017		172,437		172,437		0		4.81		1.39257355	October 31, 2020
January 31, 2018		246,239		246,239		0		5.03		1.39257355	January 31, 2021
April 30, 2018		369,279		369,279		0		3.84		1.39257355	April 30, 2021
July 31, 2018		521,001		521,001		0		3.19		1.39257355	July 31, 2021
October 31, 2018		779,372		779,379		0		2.45		1.39257355	October 31, 2021
January 31, 2019		281,055		0		281,055		0.96		1.39257355	January 31, 2022
April 30, 2019		0		0		0		0		1.39257355	April 30, 2022
Total		2,369,382		2,088,327		281,055

Class L

Three Months Ended	Expense Support from the Adviser ($)		Recoupment of Expense Support ($)		Unreimbursed Expense Support ($)		Annualized Ratio of Other Fund Operating Expenses to Average Net Assets for the Period⁽¹⁾%		Annualized Distribution Rate for the Period⁽²⁾($)		Eligible for Reimbursement through
July 31, 2017		0		0		0		0		0	July 31, 2020
October 31, 2017		0		0		0		0		1.39257355	October 31, 2020
January 31, 2018		27		27		0		5.49		1.39257355	January 31, 2021
April 30, 2018		3,558		3,558		0		3.54		1.39257355	April 30, 2021
July 31, 2018		9,112		9,112		0		3.23		1.39257355	July 31, 2021
October 31, 2018		16,193		16,193		0		2.62		1.39257355	October 31, 2021
January 31, 2019		7,456		0		7,456		1.46		1.39257355	January 31, 2022
April 30, 2019		2,303		0		2,303		1.54		1.39257355	April 30, 2022
Total		38,649		28,890		9,759

Class U

Three Months Ended	Expense Support from the Adviser ($)		Recoupment of Expense Support ($)		Unreimbursed Expense Support ($)		Annualized Ratio of Other Fund Operating Expenses to Average Net Assets for the Period⁽¹⁾%		Annualized Distribution Rate for the Period⁽²⁾($)		Eligible for Reimbursement through
December 31, 2019		26,627		0		26,627		0.29		1.39257355	December 31, 2022
Total		26,637		0		26,627

(1) Other Fund Operating Expenses is defined as, the Fund's total Operating Expenses (as defined below), excluding the management fees and Incentive fees, offering expenses, financing fees and costs, interest expense and extraordinary expenses. "Operating Expenses" means all operating costs and expenses incurred by the Fund, as determined in accordance with generally accepted accounting principles for investment companies.

(2) The Annualized Distribution Rate per Share equals the projected annualized distribution amount which is calculated based on the average regular cash distributions per share that were declared during record dates in the applicable Expense Support Payment Quarter.

Pursuant to the Adviser Administration Agreement, the Adviser furnishes the Fund with office equipment and clerical, bookkeeping and record keeping services at the Adviser's office facilities. Under the Adviser Administration Agreement, the Fund is obligated to reimburse the Adviser, at cost, based upon the Fund's allocable portion of the Adviser's overhead and other expenses (including travel expenses) incurred by the Adviser in performing its obligations under the Adviser Administration Agreement, including the Fund's allocable portion of the compensation, rent and other expenses of certain of its officers (including but not limited to the chief compliance officer, chief financial officer, chief accounting officer, general counsel, treasurer and assistant treasurer) and their respective staffs. The Adviser Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other party. The total of such expenses incurred for the six months ended June 30, 2020 was $623,583.

Pursuant to an administration agreement between State Street Bank and Trust Company ("State Street") and the Fund, State Street performs, or oversees the performance of, certain of the Fund's required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, being responsible for the financial records that the Fund is required to maintain and preparing reports to the Fund's shareholders and reports filed with the SEC. In addition, State Street oversees the preparation and filing of the Fund's tax returns and generally oversees the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others. The Fund pays State Street for these services. The total of such expenses incurred by the Fund for the six months ended June 30, 2020 was $167,936.

Pursuant to a transfer agent agreement between DST Systems, Inc. ("DST") and the Fund, DST performs transfer agency services for the Fund. DST maintains the shareholder accounting records for the Fund. The Fund pays DST for these services. The total of such expenses incurred for the six months ended June 30, 2020 was $195,937.

Shareholder Service Expenses

The Fund has adopted a "Shareholder Services Plan" with respect to its Class A, Class C, Class L and Class U-2 Shares under which the Fund may compensate financial industry professionals for providing ongoing services in respect of clients with whom they have distributed shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent,

facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request. Under the Shareholder Services Plan, the Fund, with respect to Class A, Class C, Class L, and Class U-2 Shares, may incur expenses on an annual basis equal up to 0.25% of its average net assets attributable to Class A, Class C, Class L, and Class U-2 Shares, respectively.

Distribution Plan

The Fund, with respect to its Class C, Class L, Class U, Class W and Class U-2 Shares, is authorized under a "Distribution Plan" to pay to the Distributor a distribution fee for certain activities relating to the distribution of shares to investors. These activities include marketing and other activities to support the distribution of Class C, Class L, Class U, Class W and Class U-2 Shares. The Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1 as a condition of an exemptive order under the 1940 Act which permits it to have asset based distribution fees. Under the Distribution Plan, the Fund pays the Distributor a distribution fee at an annual rate of 0.75% of average daily net assets attributable to Class C Shares, 0.25% of the average daily net assets attributable to Class L Shares, 0.50% of the average daily net assets attributable to Class W Shares and Class U-2 Shares, and 0.75% of the average daily net assets attributable to Class U Shares.

(7) Investment Transactions

For the six months ended June 30, 2020, the cost of investments purchased and proceeds from sales of investments, excluding short obligations, were as follows:

Cost of Investments Purchased				Proceeds from the Sale of Investments
$	503,396,441			$	(271,582,901	)

(8) Derivative Instruments

The Fund recognizes all of its derivative instruments at fair value as either assets or liabilities in the Consolidated Statement of Assets and Liabilities. The changes in the fair value are included in the Consolidated Statement of Operations during the current year. The Fund is exposed to

	As of June 30, 2020
Description	Notional Amount			Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities			Balance Sheet Location of Net Amounts
Foreign currency forward contract	£	(1,098,452	)	7/15/2020	$	19,149	$	—		Forward foreign currency contracts
Foreign currency forward contract	£	(1,132,532	)	7/15/2020		18,189		—		Forward foreign currency contracts
Foreign currency forward contract	SEK	(1,961,141	)	9/18/2020		—		(12,084	)	Forward foreign currency contracts
Foreign currency forward contract	NOK	(4,117,433	)	9/18/2020		50,282		—		Forward foreign currency contracts
Foreign currency forward contract	SEK	(3,691,269	)	1/17/2020		1,171		—		Forward foreign currency contracts
Total					$	88,791	$	(12,084	)

The following table presents the rights of offset and related arrangements associated with the Fund's derivative instruments:

									Gross Amounts Not Offset in Statement of Assets and Liabilities
Description	Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in Assets (Liabilities)		Net Amounts of Assets (Liabilities) Presented			Financial Instrument			Collateral (Received) Pledged		Net Amount
Assets:
Goldman Sachs:
Forward Foreign Currency Contracts	$	88,791		$	—	$	88,791		$	(12,084	)	$	—	$	76,707
Swap Agreements		1,040,555			—		1,040,555			(110,132	)		—		930,423
Total	$	1,129,346		$	—	$	1,129,346		$	(122,216	)	$	—	$	1,007,130
Liabilities:
Goldman Sachs:
Forward Foreign Currency Contracts	$	(12,084	)	$	—	$	(12,084	)	$	12,084		$	—	$	—
Swap Agreements		(110,132	)		—		(110,132	)		110,132			—		—
Total	$	(122,216	)	$	—	$	(122,216	)	$	122,216		$	—	$	—

(9) Risk Factors

Senior Loans Risk

Although senior loans ("Senior Loans") are senior and typically secured in a first or second lien position in contrast to other below investment grade fixed income instruments, which are often subordinated or unsecured, the risks associated with such Senior Loans are generally similar to the risks of other below investment grade fixed income instruments. Investments in below investment grade Senior Loans are considered speculative because of the credit risk of the issuers of debt instruments (each, a "Borrower"). Such Borrowers are more likely than investment grade Borrowers to default on their payments of interest and principal owed to the Fund, and such defaults would likely reduce the net asset value of the Fund and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which would likely adversely affect the Senior Loan's value.

Senior Loans are subject to the risk of non-payment of scheduled interest or principal. Such non-payment would result in a reduction of income to the Fund, a reduction in the value of the investment and a likely decrease in the net asset value of the Fund. There can be no assurance that the liquidation of any collateral securing a Senior Loan would satisfy the Borrower's obligation in the event of nonpayment of scheduled interest or principal payments, whether when due or upon acceleration, or that the collateral could be liquidated, readily or otherwise. In the event of bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral, if any, securing a Senior Loan. The collateral securing a Senior Loan, if any, may lose all or substantially all of its value in the event of the bankruptcy or insolvency of a Borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the Borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the Borrower. Additionally, a Senior Loan may be "primed" in bankruptcy, which reduces the ability of the holders of the Senior Loan to recover on the collateral.

There may be less readily available information about most Senior Loans and the Borrowers thereunder than is the case for many other types of securities, including securities issued

in transactions registered under the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Borrowers subject to the periodic reporting requirements of Section 13 of the Exchange Act. Senior Loans may be issued by companies that are not subject to SEC reporting requirements and these companies, therefore, do not file reports with the SEC that must comply with SEC form requirements and, in addition, are subject to a less stringent liability disclosure regime than companies subject to SEC reporting requirements. As a result, the Adviser will rely primarily on its own evaluation of a Borrower's credit quality rather than on any available independent sources. Consequently, the Fund will be particularly dependent on the analytical abilities of the Adviser. In certain circumstances, Senior Loans may not be deemed to be securities under certain federal securities laws, other than the Investment Company Act. Therefore, in the event of fraud or misrepresentation by a Borrower or an arranger, the Fund may not have the protection of the antifraud provisions of the federal securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would rely on the contractual provisions in the Senior Loan agreement itself and common law fraud protections under applicable state law.

The secondary trading market for Senior Loans may be less liquid than the secondary trading market for registered investment grade debt securities. No active trading market may exist for certain Senior Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell Senior Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

Senior Loans are subject to legislative risk. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain Borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Senior Loans that are considered highly levered transactions. If the Fund attempts to sell a Senior Loan at a time when a financial institution is engaging in such a sale, the price the Fund could receive for the Senior Loan may be adversely affected.

Subordinated Loans Risk

Subordinated loans generally are subject to similar risks as those associated with investments in Senior Loans, except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a Subordinated Loan, the first priority lien holder has first claim to the underlying collateral of the loan to the extent such claim is secured. Additionally, an over secured creditor may be entitled to additional interest and other charges in bankruptcy increasing the amount of their allowed claim. Subordinated Loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior obligations of the Borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated Loans generally have greater price volatility than Senior Loans and may be less liquid.

Corporate Bonds Risk

The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate- and longer-term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the Borrower, such as investors' perceptions of the creditworthiness of the Borrower, the Borrower's financial performance, perceptions of the Borrower in the market place, performance of management of the Borrower, the Borrower's capital structure and use of financial leverage and demand for the Borrower's goods and services. There is a risk that the Borrowers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. High yield corporate bonds are often high risk and have speculative characteristics. High yield corporate bonds may be particularly susceptible to adverse Borrower-specific developments.

CLO Securities Risk

Collateralized Loan Obligations "CLO" issue securities in tranches with different payment characteristics and different credit ratings. The rated tranches of securities issued by CLOs ("CLO Securities") are generally assigned credit ratings by one or more nationally recognized statistical rating organizations. The subordinated (or residual) tranches do not receive ratings. Below investment grade tranches of CLO Securities typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior tranches of the CLO.

The riskiest portion of the capital structure of a CLO is the subordinated (or residual) tranche, which bears the bulk of defaults from the loans in the CLO and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CLO typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the subordinated tranche, CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CLO Securities as a class. The risks of an investment in a CLO depend largely on the collateral and the tranche of the CLO in which the Fund invests.

The CLOs in which the Fund invests may have issued and sold debt tranches that will rank senior to the tranches in which the Fund invests. By their terms, such more senior tranches may entitle the holders to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments with respect to the tranches in which the Fund invests. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a CLO, holders of more senior tranches would typically be entitled to receive payment in full before the Fund receives any distribution. After repaying such senior creditors, such CLO may not have any remaining assets to use for repaying its obligation to the Fund. In the case of tranches ranking equally with the tranches in which the Fund invests, the Fund would have to share on an equal basis any distributions with other creditors holding such securities in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant CLO. Therefore, the Fund may not receive back the full amount of its investment in a CLO.

The transaction documents relating to the issuance of CLO Securities may impose eligibility criteria on the assets of the CLO, restrict the ability of the CLO's investment manager to trade investments and impose certain portfolio-wide asset quality requirements. These criteria, restrictions and requirements may limit the ability of the CLO's investment manager to maximize returns on the CLO Securities. In addition, other parties involved in CLOs, such as third-party credit enhancers and investors in the rated tranches, may impose requirements that have an adverse effect on the returns of the various tranches of CLO Securities. Furthermore, CLO Securities issuance transaction documents generally contain provisions that, in the event that certain tests are not met (generally interest coverage and over-collateralization tests at varying levels in the capital structure), proceeds that would otherwise be distributed to holders of a junior tranche must be

diverted to pay down the senior tranches until such tests are satisfied. Failure (or increased likelihood of failure) of a CLO to make timely payments on a particular tranche will have an adverse effect on the liquidity and market value of such tranche.

Payments to holders of CLO Securities may be subject to deferral. If cash flows generated by the underlying assets are insufficient to make all current and, if applicable, deferred payments on CLO Securities, no other assets will be available for payment of the deficiency and, following realization of the underlying assets, the obligations of the Borrower of the related CLO Securities to pay such deficiency will be extinguished.

The market value of CLO Securities may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets. Furthermore, the leveraged nature of each subordinated class may magnify the adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and recoveries on the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets. Finally, CLO Securities are limited recourse and may not be paid in full and may be subject to up to 100% loss.

Asset-Backed Securities Risk

Asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. For instance, asset-backed securities may be particularly sensitive to changes in prevailing interest rates. In addition, the underlying assets are subject to prepayments that shorten the securities' weighted average maturity and may lower their return. Asset-backed securities are also subject to risks associated with their structure and the nature of the assets underlying the security and the servicing of those assets. Payment of interest and repayment of principal on asset-backed securities is largely dependent upon the cash flows generated by the assets backing the securities and, in certain cases, supported by letters of credit, surety bonds or other credit enhancements. The values of asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence by, or defalcation of, their servicers. Furthermore, debtors may be entitled to the protection of a number of state and federal consumer credit laws with respect to the assets underlying these securities,

which may give the debtor the right to avoid or reduce payment. In addition, due to their often complicated structures, various asset-backed securities may be difficult to value and may constitute illiquid investments. If many Borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in asset-backed securities.

Investment and Market Risk

An investment in the common shares of the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the common shares of the Fund represents an indirect investment in the portfolio of Senior Loans, Corporate Bonds, CLO Securities and other securities and loans owned by the Fund, and the value of these securities and loans may fluctuate, sometimes rapidly and unpredictably. For instance, during periods of global economic downturn, the secondary markets for Senior Loans and investments with similar economic characteristics (such as second lien loans and unsecured loans) and Corporate Bonds may experience sudden and sharp price swings, which can be exacerbated by large or sustained sales by major investors in these markets, a high-profile default by a major Borrower, movements in indices tied to these markets or related securities or investments, or a change in the market's perception of Senior Loans and investments with similar economic characteristics (such as second lien loans and unsecured loans) and Corporate Bonds. At any point in time, an investment in the common shares of the Fund may be worth less than the original amount invested, even after taking into account distributions paid by the Fund, if any, and the ability of common shareholders to reinvest dividends. The Fund currently utilizes leverage, which magnifies the Fund's risks and, in turn, the risks to the common shareholders.

Interest Rate Risk

The market value of Corporate Bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as rates rise. Accordingly, an increase in market interest rates (which are currently considered low by historic standards) may cause a decrease in the price of a debt security and, therefore, a decline in the net asset value of the Fund's common shares. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Because Senior Loans with floating or variable rates reset their interest rates only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of

the Fund's common shares. In addition, Senior Loans or similar loans or securities may allow the Borrower to opt between LIBOR-based interest rates and interest rates based on bank prime rates, which may have an effect on the net asset value of the Fund's common shares.

LIBOR Rate Risk

National and international regulators and law enforcement agencies have conducted investigations into a number of rates or indices that are deemed to be "reference rates." Actions by such regulators and law enforcement agencies may result in changes to the manner in which certain reference rates are determined, their discontinuance, or the establishment of alternative reference rates. In particular, on July 27, 2017, the Chief Executive of the U.K. Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. Such announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. It appears highly likely that LIBOR will be discontinued or modified by 2021.

The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, is considering replacing U.S. dollar LIBOR with a new index calculated by short-term repurchase agreements, backed by Treasury securities (the" Secured Overnight Financing Rate," or "SOFR"). The future of LIBOR at this time is uncertain. Potential changes, or uncertainty related to such potential changes, may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities, or the cost of our borrowings. In addition, changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market for LIBOR-based securities, including the value of the LIBOR-indexed, floating-rate debt securities in our portfolio, or the cost of our borrowings. Additionally, if LIBOR ceases to exist, the Fund may need to renegotiate the State Street Credit Facility and Wells Credit Facility agreements extending beyond 2021 with our credit facility lenders that utilize LIBOR as a factor in determining the interest rate to replace LIBOR with the new standard that is established.

Liquidity Risk

The Fund may not be able to readily dispose of illiquid securities or loans at prices that approximate those at which the Fund could sell the securities or loans if they were more widely traded and, as a result of that illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations.

Limited liquidity can also affect the market price of securities, thereby adversely affecting the net asset value of the common shares and ability to make dividend distributions. Some securities are not readily marketable and may be subject to restrictions on resale. Securities generally are not listed on any national securities exchange and no active trading market may exist for the securities in which the Fund may invest. When a secondary market exists, if at all, the market for some securities may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Further, the lack of an established secondary market for illiquid securities may make it more difficult to value such securities, which may negatively affect the price the Fund would receive upon disposition of such securities.

Duration and Maturity Risk

The Fund has no fixed policy regarding portfolio maturity or duration. Holding long duration and long maturity investments will expose the Fund to certain additional risks.

When interest rates rise, certain obligations will be paid off by the Borrower more slowly than anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

When interest rates fall, certain obligations will be paid off by the Borrower more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as Borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the Adviser will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.

Special Situations and Stressed Investments Risk

Although investments in debt and equity securities and other obligations of companies that may be in some level of financial or business distress, including companies involved in, or that have recently completed, bankruptcy or other reorganization and liquidation proceedings ("Stressed Issuers") (such investments, "Special Situation Investments") may result in significant returns for the Fund, they are speculative and involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary

for successful investment in distressed assets is unusually high. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment and/or may be required to accept payment over an extended period of time. Among the risks inherent in investments in a troubled company is that it may be difficult to obtain information as to the true financial condition of such company. Troubled company investments and other distressed asset-based investments require active monitoring.

The Fund may make investments in Stressed Issuers when the Adviser believes it is reasonably likely that the Stressed Issuer will make an exchange offer or will be the subject to a plan of reorganization pursuant to which the Fund will receive new securities in return for a Special Situation Investment. There can be no assurance, however, that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which the Fund makes its investment in the Special Situation Investment and the time that any such exchange offer or plan of reorganization is completed, if at all. During this period, it is unlikely that the Fund would receive any interest payments on the Special Situation Investment, the Fund would be subject to significant uncertainty whether the exchange offer or plan of reorganization will be completed and the Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the extent the Fund seeks capital appreciation through investment in Special Situation Investments, the Fund's ability to achieve current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to when, in what manner and for what value the obligations evidenced by Special Situation Investments will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the Special Situation Investments or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is made or plan of reorganization is adopted with respect to Special Situation Investments held by the Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made or even no value. Moreover, any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. Similarly, if the Fund participates in negotiations with respect to any exchange offer or plan of

reorganization with respect to an issuer of Special Situation Investments, the Fund may be restricted from disposing of such securities. To the extent that the Fund becomes involved in such proceedings, the Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor.

To the extent that the Fund holds interests in a Stressed Issuer that are different (or more senior or junior) than those held by other funds and/or accounts managed by the Adviser or its affiliates ("Other Accounts"), the Adviser is likely to be presented with decisions involving circumstances where the interests of such Other Accounts may be in conflict with the Fund's interests. Furthermore, it is possible that the Fund's interest may be subordinated or otherwise adversely affected by virtue of such Other Accounts' involvement and actions relating to their investment. In addition, when the Fund and Other Accounts hold investments in the same Stressed Issuer (including in the same level of the capital structure), the Fund may be prohibited by applicable law from participating in restructurings, work-outs, renegotiations or other activities related to its investment in the Stressed Issuer absent an exemption due to the fact that Other Accounts hold investments in the same Stressed Issuer. As a result, the Fund may not be permitted by law to make the same investment decisions as Other Accounts in the same or similar situations even if the Adviser believes it would be in the Fund's best economic interests to do so. Also, the Fund may be prohibited by applicable law from investing in a Stressed Issuer (or an affiliate) that Other Accounts are also investing in or currently invest in even if the Adviser believes it would be in the best economic interests of the Fund to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with Stressed Issuers who are near default and more likely to enter into restructuring or work-out transactions with their existing debt holders, which may include the Fund and its affiliates. In some cases, to avoid the potential of future prohibited transactions, the Adviser may avoid recommending allocating an investment opportunity to the Fund that it would otherwise recommend, subject to the Adviser's then-current allocation policy and any applicable exemptions.

Below Investment Grade Rating Risk

Debt instruments that are rated below investment grade are often referred to as "high yield" securities or "junk bonds." Below investment grade instruments are rated "Ba1" or lower by Moody's, "BB+" or lower by S&P or "BB+" or lower by Fitch or, if unrated, are judged by the Adviser to be of comparable credit quality. While generally providing greater

income and opportunity for gain, below investment grade debt instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default. The credit rating of an instrument that is rated below investment grade does not necessarily address its market value risk, and ratings may from time to time change, positively or negatively, to reflect developments regarding the Borrower's financial condition. Below investment grade instruments often are considered to be speculative with respect to the capacity of the Borrower to timely repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of some Borrowers issuing such debt instruments to repay principal and pay interest on the instrument, increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments.

The secondary market for below investment grade instruments may be less liquid than that for higher rated instruments. Because unrated securities may not have an active trading market or may be difficult to value, the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund's ability to achieve its investment objectives will be more dependent on the Adviser's credit analysis than would be the case when the Fund invests in rated securities.

Under normal market conditions, the Fund will invest in debt instruments rated in the lower rating categories ("Caa1" or lower by Moody's, "CCC+" or lower by S&P or "CCC+" or lower by Fitch) or unrated and of comparable quality. For these securities, the risks associated with below investment grade instruments are more pronounced. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to an investment, the Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.

European 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"). Concerns regarding the sovereign debt of various Eurozone countries and proposals for investors to incur substantial write-downs and reductions in the face value of the sovereign debt of certain

countries give rise to concerns about sovereign defaults, the possibility that one or more countries might leave the European Union ("EU") or the Eurozone and various proposals (still under consideration and unclear in material respects) for support of affected countries and the Euro as a currency. The outcome of any such situation cannot be predicted. Sovereign debt defaults and EU and/or Eurozone exits could have material adverse effects on investments by the Fund in securities of European companies, including but not limited to the availability of credit to support such companies' financing needs, uncertainty and disruption in relation to financing, customer and supply contracts denominated in Euro and wider economic disruption in markets served by those companies, while austerity and other measures that have been introduced in order to limit or contain these issues may themselves lead to economic contraction and resulting adverse effects for the Fund. A number of the Fund's securities may be denominated in the Euro. Legal uncertainty about the funding of Euro denominated obligations following any breakup or exits from the Eurozone (particularly in the case of investments in securities of companies in affected countries) could also have material adverse effects on the Fund. On January 31, 2020, the UK officially withdrew from the EU and the two sides entered into a transition agreement whereby the UK effectively remains in the EU from an economic perspective but no longer has any political representation in the EU parliament. During this transition phase, the UK and EU will seek to negotiate and finalize a new trade deal. If no deal is agreed to by the end of the transition phase (currently set as December 31, 2020), the trading relationship between the UK and EU will be governed by World Trade Organization rules (known as a "hard Brexit"). The impact of a hard 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. The Brexit process 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-US 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 US dollars and the depreciation of the British pound sterling and/or the Euro in relation to the US dollar in anticipation of Brexit or otherwise adversely affects the Fund's investments denominated in British pound sterling or Euros that are not fully hedged regardless of the performance of the underlying issuer. Global central banks may maintain historically low interest rates longer than was anticipated prior to the Brexit vote, which could adversely affect the Fund's income and its level of distributions.

Market Disruption Risk

As of the filing date of these financial statements, there is an outbreak of a highly contagious form of a novel coronavirus ("COVID-19"), which the World Health Organization has declared a global pandemic, the United States has declared a national emergency, and for the first time in its history, every state in the United States is under a federal disaster declaration. Many states, including those in which the Fund's portfolio companies operate, have issued orders requiring the closure of, or certain restrictions on the operation of, non-essential businesses and/or requiring residents to stay at home. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, or the re-introduction of business shutdowns, cancellations of events and restrictions on travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter. While several countries, as well as certain states, counties and cities in the United States, have begun to lift the public health restrictions with a view to reopening their economies, recurring COVID-19 outbreaks have led to the re-introduction of such restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Additionally, the absence of viable treatment options or a vaccine could lead people to continue to self-isolate and not participate in the economy at prepandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a recession, and the Fund's business and operations, as well as the business and operations the Fund's portfolio companies, could be materially adversely affected by a prolonged recession in the U.S. and other major markets.

The COVID-19 pandemic (including the preventative measures taken in response thereto) has to date (i) created significant business disruption issues for certain of the Fund's portfolio companies, and (ii) materially and adversely impacted the value and performance of certain of the Fund's portfolio companies. The COVID-19 pandemic is having a particularly adverse impact on industries in which certain of the Fund's portfolio companies operate, including energy, hospitality, travel, retail and restaurants. Certain of the Fund's portfolio companies in other industries have also been significantly impacted. The COVID-19 pandemic is continuing as of the filing date of these financial statements,

and its extended duration may have further adverse impacts on the Fund's portfolio companies after June 30, 2020, including for the reasons described below. Although on March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which contains provisions intended to mitigate the adverse economic effects of the COVID-19 pandemic, it is uncertain whether, or how much, the Fund's portfolio companies have benefited or may benefit from the CARES Act or any other subsequent legislation intended to provide financial relief or assistance. As a result of this disruption and the pressures on their liquidity, certain of the Fund's portfolio companies have been, or may continue to be, incentivized to draw on most, if not all, of the unfunded portion of any revolving or delayed draw term loans made by us, subject to availability under the terms of such loans.

The effects described above on the Fund's portfolio companies have, for certain of the Fund's portfolio companies to date, impacted their ability to make payments on their loans on a timely basis and in many cases have required us to amend certain terms, including payment terms. In addition, an extended duration of the COVID-19 pandemic may impact the ability of the Fund's portfolio companies to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require the Fund to undertake similar amendment actions with respect to other of the Fund's investments or to restructure the Fund's investments. The amendment or restructuring of the Fund's investments may include the need for the Fund to make additional investments in the Fund's portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of the Fund's investments to permit a portfolio company to pay a portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal.

The COVID-19 pandemic has adversely impacted the fair value of the Fund's investments, including those reported as of June 30, 2020, and the values reported may differ materially from the values that the Fund may ultimately realize with respect to our investments. The impact of the COVID-19 pandemic may not yet be fully reflected in the valuation of the Fund's investments as the Fund's valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information that is often from a time period earlier, generally two to three months, than the period

for which the Fund is reporting. Additionally, the Fund may not have yet received information or certifications from the Fund's portfolio companies that indicate the full and ongoing extent of declining performance or non-compliance with debt covenants, as applicable, as a result of the COVID-19 pandemic. As a result, the Fund's valuations, including those reported as of June 30, 2020, may not show the complete or continuing impact of the COVID-19 pandemic and the resulting measures taken in response thereto. In addition, write downs in the value of the Fund's investments have reduced, and any additional write downs may further reduce, the Fund's net asset value (and, as a result, the Fund's asset coverage calculation). Accordingly, the Fund may continue to incur additional net unrealized losses or may incur realized losses after June 30, 2020, which could have a material adverse effect on the Fund's business, financial condition and results of operations.

The volatility and disruption to the global economy from the COVID-19 pandemic has affected, and is expected to continue to affect, the pace of the Fund's investment activity and the size of our portfolio, which may have a material adverse impact on the Fund's results of operations, including the Fund's total investment income. Such volatility and disruption have also led to the increased credit spreads in the private debt capital markets.

In response to the COVID-19 pandemic, Ares and CION have instituted a work from home policy until it is deemed safe to return to the office. Such a policy of an extended period of remote working by the Fund's investment adviser and/or its affiliate's employees could strain the Fund's technology resources and introduce operational risks, including heightened cybersecurity risk. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic.

(10) Subsequent Events

The Adviser has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were the following subsequent events:

The following common share distributions were declared for July and August 2020:

Record Date: daily
Payable Date: July 31, 2020
Per Share Amount: $0.1182734

Record Date: daily
Payable Date: August 31, 2020
Per Share Amount: $0.1182734

Dividend Reinvestment Plan

The Fund will operate under a dividend reinvestment plan, (the "DRIP") administered by DST Systems, Inc. ("DST"). Pursuant to the plan, the Fund's distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of shares of the Fund.

Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the plan on behalf of such participating shareholder. A shareholder who does not wish to have distributions automatically reinvested may terminate participation in the DRIP at any time by written instructions to that effect to DST. Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by the DST 30 days prior to the record date of the distribution or the shareholder will receive such distribution in shares through the DRIP. Under the DRIP, the Fund's distributions to shareholders are automatically reinvested in full and fractional shares as described below.

When the Fund declares a distribution, DST, on the shareholder's behalf, will receive additional authorized shares from the Fund either newly issued or repurchased from shareholders by the Fund and held as treasury stock. The number of shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution by the Fund's Net Asset Value (the "NAV") per share.

DST will maintain all shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by shareholders for personal and tax records. DST will hold shares in the account of the shareholders in non-certificated form in the name of the participant, and each shareholder's proxy, if any, will include those shares purchased pursuant to the DRIP. Each participant, nevertheless, has the right to request certificates for whole and fractional shares owned. The Fund will issue certificates in its sole discretion. DST will distribute all proxy solicitation materials, if any, to participating shareholders.

In the case of shareholders, such as banks, brokers or nominees, that hold shares for others who are beneficial owners participating under the DRIP, DST will administer the DRIP on the basis of the number of shares certified from time to time by the record shareholder as representing the total amount of shares registered in the shareholder's name and held for the account of beneficial owners participating under the DRIP.

Neither DST nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRIP, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.

The automatic reinvestment of dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. The Fund reserves the right to amend or terminate the DRIP. There is no direct service charge to participants with regard to purchases under the DRIP; however, the Fund reserves the right to amend the DRIP to include a service charge payable by the participants.

All correspondence concerning the DRIP should be directed to DST at CION Ares Diversified Credit Fund c/o DST Systems, Inc., P.O. Box 219422, Kansas City, MO 64121-9422. Certain transactions can be performed by calling the toll free number 888-729-4266.

Plan of Distribution

ALPS Distributors Inc. (the "Distributor") located at 1290 Broadway, Suite 1100, Denver, CO 80203, serves as the Fund's principal underwriter and acts as the Distributor of the Fund's shares on a best efforts basis, subject to various conditions. The Fund's shares are offered for sale through the Distributor at NAV plus the applicable sales load. The Distributor also may enter into agreements with financial intermediaries for the sale and servicing of the Fund's shares. In reliance on Rule 415 of the Securities Act of 1933, the Fund intends to offer to sell up to $1,061,000,000 of its shares, on a continual basis, through the Distributor. No arrangement has been made to place funds received in an escrow, trust or similar account. The Distributor is not required to sell any specific number or dollar amount of the Fund's shares, but will use its best efforts to solicit orders for the purchase of the shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market marker in Fund shares.

The Distributor has entered into a wholesale marketing agreement with CION Securities, a registered broker-dealer and an affiliate of CION. Pursuant to the terms of the wholesale marketing agreement, CION Securities will seek to market and otherwise promote the Fund through various wholesale distribution channels, including regional and independent retail broker-dealers and registered investment advisers.

CION Securities has also entered into a dealer manager agreement with the Fund pursuant to which CION Securities has agreed to provide certain marketing and wholesale services in consideration of its receipt of the dealer manager fee.

The Advisor or its affiliates, in the Advisor's discretion and from their own resources, may pay additional compensation to financial intermediaries in connection with the sale of the Fund's shares. In return for the additional compensation, the Fund may receive certain marketing advantages including access to a financial intermediaries' registered representatives, placement on a list of investment options offered by a financial intermediary, or the ability to assist in training and educating the financial intermediaries. The additional compensation may differ among financial intermediaries in amount or in the manner of calculation: payments of additional compensation may be fixed dollar amounts, or based on the aggregate value of outstanding shares held by shareholders introduced by the financial intermediary, or determined in some other manner. The receipt of additional compensation by a selling financial intermediary may create potential conflicts of interest between an investor and its financial intermediary who is recommending the Fund over other potential investments. Additionally, the Fund pays a servicing fee to the financial intermediaries or financial institution for providing ongoing services in respect of clients holding shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and ongoing liaison services as the Fund or the Advisor may reasonably request.

The Fund and the Advisor have agreed to indemnify the Distributor against certain liabilities, including liabilities under the 1933 Act, or to contribute to payments the Distributor may be required to make because of any of those liabilities. Such agreement does not include indemnification of the Distributor against liability resulting from willful misfeasance, bad faith or negligence on the part of the Distributor in the performance of its duties or from reckless disregard by the Distributor of its obligations and duties under the Distribution Agreement.

Privacy Notice

We are committed to maintaining the privacy of our shareholders and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, we will not receive any non-public personal information about shareholders of the common stock of the Fund, although certain of our shareholders' non-public information may become available to us. The non-public personal information that we may receive falls into the following categories:

• Information we receive from shareholders, whether we receive it orally, in writing or electronically. This includes shareholders' communications to us concerning their investment;

• Information about shareholders' transactions and history with us; or

• Other general information that we may obtain about shareholders, such as demographic and contact information such as address.

We do not disclose any non-public personal information about shareholders, except:

• to our affiliates (such as our investment adviser) and their employees that have a legitimate business need for the information;

• to our service providers (such as our administrator, accountants, attorneys, custodians, transfer agent, underwriter and proxy solicitors) and their employees as is necessary to service shareholder accounts or otherwise provide the applicable service;

• to comply with court orders, subpoenas, lawful discovery requests, or other legal or regulatory requirements; or

• as allowed or required by applicable law or regulation.

When the Fund shares non-public shareholder personal information referred to above, the information is made available for limited business purposes and under controlled circumstances designed to protect our shareholders' privacy. The Fund does not permit use of shareholder information for any non-business or marketing purpose, nor does the Fund permit third parties to rent, sell, trade or otherwise release or disclose information to any other party.

The Fund's service providers, such as their adviser, administrator, and transfer agent, are required to maintain physical, electronic, and procedural safeguards to protect shareholder nonpublic personal information; to prevent unauthorized access or use; and to dispose of such information when it is no longer required.

Personnel of affiliates may access shareholder information only for business purposes. The degree of access is based on the sensitivity of the information and on personnel need for the information to service a shareholder's account or comply with legal requirements.

If a shareholder ceases to be a shareholder, we will adhere to the privacy policies and practices as described above. We may choose to modify our privacy policies at any time. Before we do so, we will notify shareholders and provide a description of our privacy policy.

In the event of a corporate change in control resulting from, for example, a sale to, or merger with, another entity, or in the event of a sale of assets, we reserve the right to transfer your non-public personal information to the new party in control or the party acquiring assets.

Trustees

Name, address⁽¹⁾
and Year of Birth

Position(s) Held
with the Trust

Term of Office
and Length of
Time Served

Principal
Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee⁽²⁾

Other Directorships
Held by Trustee

Independent Trustees

James K. Hunt
1951

Trustee

2016

Consultant, Tournament Capital Advisors, LLC; from 2015 to 2016, Managing Partner and Chief Executive Officer, Middle Market Credit platform — Kayne Anderson Capital Advisors LLC; from 2014 to 2015, Chairman, THL Credit, Inc.; from 2010 to 2014, Chief Executive Officer and Chief Investment Officer, THL Credit, Inc. and THL Credit Advisors LLC

PennyMac Financial Services, Inc.; Ares Dynamic Credit Allocation Fund, Inc.

Paula B. Pretlow
1955

Trustee

2016

Prior to 2012, Senior Vice President, The Capital Group Companies

The Kresge Foundation; The Harry & Jeanette Weinberg Foundation; Northwestern University

John Joseph Shaw
1951

Trustee

2016

Independent Consultant; prior to 2012, President, Los Angeles Rams

Ares Dynamic Credit Allocation Fund, Inc.

Bruce H. Spector
1942

Trustee

2016

Independent Consultant; from 2007 to 2015, Senior Advisor, Apollo Global Management, LLC (private equity)

The Private Bank of California (2007-2013); Ares Dynamic Credit Allocation Fund, Inc.

Mark R. Yosowitz
1968

Trustee

2016

From 2014 to present, President, Mentored; from 2014 to present, Adjunct Professor, Brooklyn Law School; from 2008 to present, Senior Vice President, Corporate Development, ThinkEco Inc.

None

⁽¹⁾ The address of each Trustee is care of the Secretary of the Fund at 3 Park Avenue, 36th Floor, New York, NY 10016.

⁽²⁾ The term "Fund Complex" means two or more registered investment companies that share the same investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies or hold themselves out to investors as related companies for the purpose of investment and investor services.

⁽³⁾ "Interested person," as defined in the 1940 Act, of the Fund. Mr. Gatto, Mr. Goldstein, Mr. Reisner and Mr. Sachs are interested persons of the Fund due to their affiliation with the Adviser.

Executive Officers

Name, address⁽¹⁾and age

Position(s) Held
with the Trust

Term of Office
and Length of
Time Served

Principal Occupation(s) During Past 5 Years

Michael Reisner
1970

Co-President and Co-Chief Executive Officer

2016

Mr. Reisner is Co-Chief Executive Officer and Co-President of CION Investment Group, LLC as well as Co-Chief Executive Officer of CION Investment Corp. ("CIC"), a business development company focused on middle market loans. Mr. Reisner serves on the investment committee of CIC. In addition, Mr. Reisner is a Director and Co-Chief Executive Officer of CION Ares Management, LLC. Mr. Reisner joined CION in 2001.

Mark Gatto
1972

Co-President and Co-Chief Executive Officer

2016

Mr. Gatto is Co-Chief Executive Officer and Co-President of CION Investment Group, LLC as well as Co-Chief Executive Officer of CION Investment Corp., a business development company focused on middle market loans. Mr. Gatto serves on the investment committee of CIC. In addition, Mr. Gatto is a Director and Co-Chief Executive Officer of CION Ares Management, LLC. Mr. Gatto joined CION in 1999.

Greg Schill
1981

Vice President

2016

Mr. Schill is Senior Managing Director of CION Investment Group, LLC. Prior to this, he served as Managing Director since 2012. Mr. Schill joined CION in 2001.

Mitch Goldstein
1967

Vice President

2016

Mr. Goldstein is a Partner and Co-Head of the Ares Credit Group and a member of the Management Committee of Ares Management Corporation L.P. ("Ares Management"). He additionally serves as Co-President of ARCC. He is a member of the Ares Management Credit Group's U.S. Direct Lending and Commercial Finance Investment Committees and Ivy Hill Asset Management ("IHAM") Investment Committee. Mr. Goldstein joined Ares Management in 2005.

Greg Margolies
1966

Vice President

2016

Mr. Margolies is a Partner in the Ares Credit Group, the Head of Markets for Ares Management LLC and a member of the Management Committee of Ares Management. Additionally, Mr. Margolies serves as a member of the Ares Credit Group's U.S. Liquid Credit and Global Structured Credit Investment Committees, the Ares Dynamic Credit Allocation Fund, Inc. ("ARDC") Investment Committee and the Ares Private Equity Group's Special Situations Funds Investment Committee. Mr. Margolies joined Ares in 2009.

Penni F. Roll
1965

Treasurer
Chief Financial Officer

2019
2016-2019

Ms. Roll is a Partner and the Chief Financial Officer of the Ares Credit Group. She also serves as the Chief Financial Officer of ARCC. She may additionally from time to time serve as an officer, director or principal of entities affiliated with Ares Management or of investment funds managed by Ares Management and its affiliates. Ms. Roll joined Ares in 2010.

Scott Lem
1977

Chief Financial Officer
Treasurer

2019

2016-2019

Mr. Lem is a Partner and Chief Accounting Officer, Credit (Direct Lending) in the Ares Finance Department. Mr. Lem additionally serves as Chief Accounting Officer, Vice President and Treasurer of Ares Capital Corporation ("ARCC") and previously served as Assistant Treasurer of ARCC from May 2009 to May 2013. Mr. Lem also serves as Chief Financial Officer of Ares Dynamic Credit Allocation Fund ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares. He may from time to time serve as an officer, director or principal of entities affiliated with Ares Management or investment funds managed by Ares Management and its affiliates. From July 2003 to December 2008, Mr. Lem served as Controller of Ares Management. Mr. Lem joined Ares in 2003.

Miriam Krieger
1976

Chief Compliance Officer and Anti-Money Laundering Officer

2017

Ms. Krieger is a Partner and Global Chief Compliance Officer and is a member of the Ares Operations Management Group. Ms. Krieger is the firm's Global Anti-Money Laundering Officer and Global Anti-Corruption Officer and also serves as Chief Compliance Officer of several entities affiliated with Ares Management or of investment funds managed by Ares Management and its affiliates, including Ares Capital Corporation ("ARCC") and Ivy Hill Asset Management, L.P. ("IHAM"). Ms. Krieger joined Ares in 2010.

Executive Officers

Name, address⁽¹⁾and age

Position(s) Held
with the Trust

Term of Office
and Length of
Time Served

Principal Occupation(s) During Past 5 Years

Ian Fitzgerald
1975

General Counsel, Chief Legal Officer and Secretary
Vice President and Assistant Secretary

2019

2017-2019

Mr. Fitzgerald is a Managing Director and Associate General Counsel (Credit) in the Ares Legal Group, where he focuses on credit matters. He also serves as Vice President and Assistant Secretary of IHAM and Vice President and Assistant Secretary of Ivy Hill Asset Management GP, LLC, IHAM's General Partner. Mr. Fitzgerald joined Ares in 2010.

John Atherton
1981

Vice President and Assistant Secretary

2018

Mr. Atherton is a Principal and Associate General Counsel, Credit in the Ares Legal Department. Prior to joining Ares in 2018, Mr. Atherton was General Counsel, Private Investment Structures at Schroder Adveq. Previously Mr. Atherton was a Senior Associate in the London and Boston offices of Proskauer Rose LLP, where he focused on private investment funds.

Joshua Bloomstein
1973

Vice President and Assistant Secretary

2016

Mr. Bloomstein serves as a Partner and General Counsel (Credit) and Deputy General Counsel (Corporate) of Ares Management, where he focuses on direct credit lending matters. He is General Counsel, Vice President and Secretary of ARCC and Vice President and Assistant Secretary of Ares Commercial Real Estate Corporation. He is also a member of the Ares Enterprise Risk Committee. Mr. Bloomstein joined Ares in 2006.

Anton Feingold
1980

Vice President and Assistant Secretary

2016

Mr. Feingold is a Managing Director and Associate General Counsel (Real Estate) in the Ares Legal Group. He also serves as Vice President and Secretary of Ares Commercial Real Estate Corporation. Mr. Feingold joined Ares in 2014.

Keith Kooper
1975

Vice President and Assistant Secretary

2016

Mr. Kooper is a Partner and General Counsel (Real Estate) in the Ares Legal Group. He also serves as Vice President and Assistant Secretary of Ares Commercial Real Estate Corporation. Mr. Kooper additionally serves as a member of the Ares Enterprise Risk Committee. Mr. Kooper joined Ares in 2013.

Naseem Sagati Aghili
1981

Vice President and Assistant Secretary

2019

Ms. Sagati Aghili is a Partner and General Counsel of Ares Management and is a member of the Management Committee of Ares Management. Ms. Sagati Aghili joined Ares in 2009.

Kevin Early
1971

Vice President

2017

Mr. Early is a Partner, European Finance in the Ares Finance Department. Mr. Early joined Ares in 2012.

Michael Dennis
1976

Vice President

2017

Mr. Dennis is a Partner and Co-Head of European Credit, in the Ares Credit Group. Additionally, Mr. Dennis serves as a member of the Management Committee of Ares Management and the Ares Credit Group's European Direct Lending and European Liquid Credit Investment Committees. Mr. Dennis joined Ares in 2007.

Blair Jacobson
1972

Vice President

2017

Mr. Jacobson is a Partner and Co-Head of European Credit in the Ares Credit Group and a member of the Management Committee of Ares Management. He also serves on the boards of Ares Management Limited and Ares Management UK Limited. Additionally, Mr. Jacobson serves on the Ares Credit Group's European Direct Lending and European Liquid Credit Investment Committees. He joined Ares in 2012.

⁽¹⁾ The address of each officer is care of the Secretary of the Fund at 3 Park Avenue, 36th Floor, New York, NY 10016.

The Statement of Additional Information (SAI) includes additional information about the board members and is available, without charge, upon request. Shareholders may call 888-729-4266 to request the SAI.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Investment Companies.

(b) There have been no changes to the portfolio managers identified in the most recently filed annual report on Form N-CSR (File Nos. 333-212323 and 811-23165) for CION Ares Diversified Credit Fund (the “Fund”).

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None during the period covered by this Form N-CSR filing pursuant to a plan or program.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees during the period covered by this Form N-CSR filing.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Fund has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated.

CLASS A INCEPTION	1/26/2017
CLASS C INCEPTION	7/12/2017
CLASS I INCEPTION	7/12/2017
CLASS L INCEPTION	11/2/2017
CLASS U INCEPTION	7/25/2019
CLASS U-2 INCEPTION	4/13/2020
CLASS W INCEPTION	12/4/2018
TOTAL MANAGED ASSETS*	~$805M
TOTAL ISSUES	394
DISTRIBUTIONS¹	Monthly
CURRENT DISTRIBUTION RATE²	6.00	%
CLASS A SHARPE RATIO³ (ANNUALIZED)	0.20
CLASS A STANDARD DEVIATION⁴	4.35	%

CLASS C SHARPE RATIO³ (ANNUALIZED)	0.18
CLASS C STANDARD DEVIATION⁴	4.41	%
CLASS I SHARPE RATIO³ (ANNUALIZED)	0.21
CLASS I STANDARD DEVIATION⁴	4.42	%
CLASS L SHARPE RATIO³ (ANNUALIZED)	0.00
CLASS L STANDARD DEVIATION⁴	4.67	%
CLASS U SHARPE RATIO³ (ANNUALIZED)	-0.95
CLASS U STANDARD DEVIATION⁴	7.67	%
CLASS W SHARPE RATIO³ (ANNUALIZED)	-0.26
CLASS W STANDARD DEVIATION⁴	6.08	%

Letter to Shareholders					2
Fund Profile & Financial Data					5
Consolidated Schedule of Investments					7
Consolidated Statement of Assets and Liabilities					41
Consolidated Statement of Operations					43
Consolidated Statements of Changes in Net Assets					44
Consolidated Statement of Cash Flows					46
Financial Highlights					48
Notes to Consolidated Financial Statements					55
Proxy & Portfolio Information					80
Dividend Reinvestment Plan					81
Corporate Information					83
Privacy Notice					84
Trustees and Executive Officers					85
Voting Results					89

CEP V I 5 Midco Limited (aka Mak System)	3.3	%
True Potential Group Limited	1.5	%
Nelipak Holding Company	1.3	%
AffiniPay Midco, LLC	1.2	%
Bearcat Buyer, Inc.	1.1	%
GPM Investments, LLC	1.0	%
Capnor Connery Holdco A/S	1.0	%
Drilling Info Holdings, Inc.	1.0	%
Reddy Ice LLC	0.9	%
Foundation Risk Partners, Corp.	0.9	%

Structured Products (CLOs & Private ABS)	17.1	%
Information Technology	15.3	%
Healthcare	14.0	%
Financial	13.3	%
Service	11.6	%
Food/Tobacco	4.8	%
Gaming/Leisure	3.5	%
Manufacturing	2.3	%
Other	20.8	%
Cash	-2.7	%

	Principal Amount		Value^(a)
Hotel, Gaming & Leisure 0.2%
Mandarin Oriental Honolulu, Extension Upsize Term Loan, 14.00%, 03/31/2020	$	775,833	$	760,316
Mandarin Oriental Honolulu, Mezzanine Land Term Loan, 14.00%, 10/01/2020^(g)		999,974		979,975
				1,740,291
Total Real Estate Debt (Cost: $5,756,244)				5,660,297

Financing activities:
Borrowings on line of credit	$	307,413,308
Paydowns of line of credit		(301,789,157	)
Deferred debt issuance costs		(237,650	)
Proceeds of shares issued		215,110,656
Cost of shares redeemed		(45,661,033	)
Distributions to shareholders		(8,786,910	)
Net cash provided by financing activities		166,049,214
Net decrease in Cash		(9,356,470	)
Cash:
Beginning of period		15,224,511
End of period	$	5,868,041
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	974,641

	Level 1 — Quoted Prices ($)		Level 2 — Other Significant Observable Inputs ($)		Level 3 — Significant Unobservable Inputs ($)		Total ($)
Senior Loans		—		176,257,601		432,858,898		609,116,499
Subordinated Loans		—		—		9,583,894		9,583,894
Corporate Bonds		—		57,953,816		2,265,910		60,219,726
Convertible Bonds		—		1,648,677		—		1,648,677
Collateralized Loan Obligations		—		—		124,423,907		124,423,907
Common Stocks		421,289		—		1,951,835		2,373,124
Preferred Stocks		—		—		296,352		296,352
Private Asset-Backed Debt		—		—		11,948,805		11,948,805

				For				Against				Abstained				Broker Non-Votes
CION Ares Diversified Credit Fund					9,784,068				550,970				1,239,367				0

CION ARES DIVERSIFIED CREDIT FUND


By:	/s/ Michael A. Reisner
	Michael A. Reisner
	Co-President and Co-Chief Executive Officer


Date:	September 1, 2020

By:	/s/ Mark Gatto
	Mark Gatto
	Co-President and Co-Chief Executive Officer


Date:	September 1, 2020

By:	/s/ Scott C. Lem
	Scott C. Lem
	Chief Financial Officer

Date:	September 1, 2020