| Schedule of Investments Excluding Investments in Money Market Funds |
The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
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December 31, 2025 |
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December 31, 2024 |
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Investment Type |
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Cost |
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Fair Value |
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Cost |
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Fair Value |
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1st Lien/Senior Secured Debt |
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$ |
15,059,143 |
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$ |
15,033,160 |
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$ |
7,014,260 |
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$ |
7,006,800 |
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1st Lien/Last-Out Unitranche |
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295,586 |
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297,348 |
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263,347 |
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261,643 |
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2nd Lien/Senior Secured Debt |
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109,673 |
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110,097 |
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— |
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— |
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Structured Finance Obligation – Debt Instruments |
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171,830 |
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172,100 |
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— |
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— |
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Structured Finance Obligation – Equity Instruments |
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55,039 |
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54,401 |
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— |
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— |
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Preferred Stock |
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5,168 |
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2,093 |
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3,101 |
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— |
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Common Stock |
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7,660 |
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5,282 |
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5,214 |
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5,372 |
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Membership Interest |
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— |
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— |
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— |
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— |
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Warrants |
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24 |
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29 |
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— |
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— |
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Total investments |
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$ |
15,704,123 |
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$ |
15,674,510 |
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$ |
7,285,922 |
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$ |
7,273,815 |
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| Schedule of Investments as a Percentage of Fair Value and Net Asset |
The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:
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December 31, 2025 |
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December 31, 2024 |
Industry |
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Fair Value |
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Net Assets |
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Fair Value |
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Net Assets |
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Software |
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18.4 |
% |
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33.4 |
% |
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14.2 |
% |
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21.1 |
% |
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Financial Services |
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9.4 |
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17.1 |
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7.2 |
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10.6 |
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Commercial Services & Supplies |
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8.4 |
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15.2 |
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7.9 |
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11.8 |
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Health Care Providers & Services |
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6.1 |
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11.1 |
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6.0 |
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8.9 |
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Diversified Consumer Services |
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5.0 |
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9.1 |
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4.1 |
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6.0 |
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Machinery |
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4.5 |
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8.2 |
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7.7 |
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11.5 |
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Health Care Technology |
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4.5 |
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8.2 |
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0.9 |
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1.4 |
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Oil, Gas & Consumable Fuels |
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3.4 |
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6.1 |
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2.2 |
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3.2 |
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Trading Companies & Distributors |
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3.3 |
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5.9 |
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5.9 |
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8.7 |
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Insurance |
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3.0 |
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5.5 |
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4.2 |
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6.3 |
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Professional Services |
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2.9 |
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5.2 |
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3.8 |
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5.6 |
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IT Services |
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2.7 |
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4.9 |
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3.5 |
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5.2 |
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Food Products |
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2.2 |
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4.1 |
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4.4 |
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6.5 |
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Pharmaceuticals |
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2.0 |
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3.7 |
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1.5 |
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2.3 |
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Energy Equipment & Services |
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1.9 |
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3.5 |
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0.5 |
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0.7 |
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Chemicals |
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1.9 |
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3.4 |
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3.2 |
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4.7 |
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Wireless Telecommunication Services |
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1.8 |
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3.2 |
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3.3 |
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4.9 |
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Construction & Engineering |
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1.7 |
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3.1 |
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2.3 |
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3.5 |
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Air Freight & Logistics |
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1.5 |
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2.8 |
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— |
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— |
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Textiles, Apparel & Luxury Goods |
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1.5 |
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2.7 |
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0.7 |
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1.0 |
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Electric Utilities |
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1.4 |
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2.6 |
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0.2 |
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0.3 |
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Containers & Packaging |
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1.4 |
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2.4 |
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1.9 |
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2.9 |
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Building Products |
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1.1 |
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2.0 |
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2.0 |
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2.9 |
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Health Care Equipment & Supplies |
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1.0 |
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1.8 |
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1.9 |
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2.8 |
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Distributors |
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1.0 |
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1.8 |
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1.1 |
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1.6 |
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Specialty Retail |
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1.0 |
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1.7 |
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1.4 |
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2.1 |
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Technology Hardware, Storage & Peripherals |
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0.8 |
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1.5 |
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— |
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— |
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Media |
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0.8 |
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1.5 |
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1.4 |
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2.1 |
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Aerospace & Defense |
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0.8 |
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1.4 |
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0.9 |
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1.4 |
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Hotels, Restaurants & Leisure |
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0.7 |
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1.3 |
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0.7 |
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1.1 |
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Electrical Equipment |
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0.6 |
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1.0 |
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0.7 |
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1.0 |
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Consumer Staples Distribution & Retail |
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0.5 |
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0.9 |
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1.0 |
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1.5 |
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Leisure Products |
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0.5 |
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0.9 |
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0.9 |
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1.3 |
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Real Estate Mgmt. & Development |
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0.4 |
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0.6 |
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— |
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— |
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Technology Hardware & Equipment |
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0.3 |
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0.5 |
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0.4 |
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0.6 |
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Automobile Components |
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0.3 |
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0.5 |
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0.7 |
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1.0 |
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Diversified Financial Services |
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0.2 |
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0.4 |
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0.4 |
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0.5 |
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Entertainment |
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0.2 |
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0.4 |
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0.2 |
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0.3 |
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Beverages |
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0.2 |
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0.3 |
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— |
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— |
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Capital Goods |
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0.1 |
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0.2 |
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0.1 |
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0.1 |
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Household Products |
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0.1 |
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0.2 |
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0.1 |
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0.1 |
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Metals & Mining |
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0.1 |
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0.2 |
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0.2 |
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0.3 |
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Water Utilities |
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0.1 |
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0.2 |
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— |
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— |
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Life Sciences Tools & Services |
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0.1 |
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0.2 |
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0.1 |
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0.1 |
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Industrial Conglomerates |
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0.1 |
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0.1 |
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— |
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— |
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Telecommunication services |
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0.1 |
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0.1 |
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— |
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— |
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Ground Transportation |
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— |
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(1) |
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0.1 |
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0.1 |
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0.2 |
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Construction Materials |
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— |
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(1) |
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0.1 |
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— |
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— |
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Household Durables |
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— |
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(1) |
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0.1 |
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0.1 |
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0.1 |
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Biotechnology |
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— |
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(1) |
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— |
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(1) |
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— |
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— |
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Telecommunications |
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— |
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— |
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— |
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(1) |
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0.1 |
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Total |
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100.0 |
% |
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181.4 |
% |
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100.0 |
% |
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148.3 |
% |
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(1)Amount rounds to less than 0.1%.
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