*
The
change
in
unrealized
appreciation/(depreciation)
is
included
in
net
change
in
unrealized
appreciation/(depreciation)
of
investments
in
the
accompanying
Statement
of
Operations.
Significant
unobservable
inputs
developed
by
the
valuation
designee
for
Level
3
investments
held
at
August
31,
2025
are
as
follows:
1
This
column
represents
the
directional
change
in
the
fair
value
of
the
level
3
investments
that
would
result
from
an
increase
to
the
corresponding
unobservable
input.
A
decrease
to
the
unobservable
input
would
have
the
opposite
effect
2
Fair
valued
corporate
convertible
bonds
are
valued
based
transaction
cost
or
by
applying
a
fixed
discount
rate
to
the
fixed
income
portion,
which
represents
the
implied
interest
rate
that
would
have
valued
the
entire
corporate
convertible
bond
at
the
time
of
issuance.
3
Fair
valued
common
shares
with
no
public
market
are
valued
based
on
transaction
cost
or
latest
round
of
financing.
4
Fair
valued
rights
are
valued
based
on
the
specifics
of
the
rights
at
a
discount
to
the
market
price
of
the
underlying
security.
5
Warrants
are
priced
based
on
the
Black
Scholes
Method;
the
key
input
to
this
method
is
modeled
volatility
of
the
investment;
the
lower
the
modeled
volatility,
the
lower
the
valuation
of
the
warrant.
Corporate
Convertible
Bonds
Common
Stock
Rights
Warrants
Balance
November
30,
2024
$
4
,
286
,
700
$
3
9,
421
,
214
$
128,
80
2
$
2
,
791
,
247
Purchases
6,918,956
20
,
044
,
212
-
262
,
331
Sales
-
-
-
(
1,0
29
,
891
)
Realized
loss
-
-
-
(
157,
992
)
Accretion
of
discount
36
,
599
-
-
-
Net
change
in
unrealized
appreciation
(depreciation)
7,106,849
5
,
81
4
,
138
70
,
058
6
,
323
,
767
Balance
August
31,
2025
$
18,349,104
$
65
,
279
,
564
$
1
98
,
860
$
8
,
189
,
462
Net
change
in
unrealized
appreciation
(depreciation)
from
investments
held
as
of
August
31,
2025
*
$
7,106,849
$
5
,
814
,
138
$
70
,
058
$
2,
404
,
803
Asset
Categories
Fair
Value
Valuation
Technique(s)
Unobservable
Input
Range
(Weighted
Average)
Impact
to
Valuation
from
an
Increase
in
Input
1
Corporate
Convertible
Bond
2
$17,149,104
Implied
Interest
Rate
Discount
6.9%
-
1
8
.
8
%
(
9.1
%)
Decrease
Corporate
Convertible
Bond
2
1,200,000
Transaction
Cost
None
None
None
Common
Shares
3
65,279,564
Transaction
Cost/
Latest
Round
of
Financing
None
None
None
Rights
4
198,860
Market
T
ransaction
Discount
70%
(70%)
Decrease
Warrants
5
8,189,462
Black
Scholes
Method
Volatility
0
%
-
40
%
(
3
8
%)
Increase