| Investments |
Investments consisted of the following at March 31, 2026 and December 31, 2025:
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March 31, 2026 |
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December 31, 2025 |
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Amortized Cost |
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Fair Value |
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% of Fair Value |
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Amortized Cost |
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Fair Value |
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% of Fair Value |
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First lien debt |
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$ |
612,248,876 |
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$ |
606,655,746 |
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98.39 |
% |
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$ |
327,214,425 |
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$ |
327,979,960 |
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96.32 |
% |
Second lien debt |
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8,223,652 |
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8,198,300 |
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1.33 |
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8,167,157 |
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8,094,827 |
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2.38 |
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Secured debt |
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394,827 |
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395,585 |
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0.06 |
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4,287,202 |
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4,370,441 |
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1.28 |
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Equities and warrants |
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1,317,775 |
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1,328,342 |
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0.22 |
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42,547 |
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55,325 |
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0.02 |
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Total |
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$ |
622,185,130 |
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$ |
616,577,973 |
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100.00 |
% |
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$ |
339,711,331 |
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$ |
340,500,553 |
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100.00 |
% |
The Fund invested primarily in first-lien debt which may include stand-alone first-lien loans, unitranche/last-out loans and first lien/last-out loans which generally bear greater risk in exchange for a higher interest rate, and senior secured corporate bonds with similar features to these categories of first-lien loans. As of March 31, 2026 and December 31, 2025, the first lien/last-out loans, at fair value, were 0.16% and 1.40%, respectively, of the investment portfolio. The following table presents the composition of the investment portfolio by industry classifications at amortized cost and fair value as of March 31, 2026 and December 31, 2025 with corresponding percentages of total fair value:
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March 31, 2026 |
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December 31, 2025 |
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Industry Classification |
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Amortized Cost |
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Fair Value |
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% of Fair
Value |
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Amortized Cost |
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Fair Value |
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% of Fair
Value |
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Automobiles & Components |
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$ |
10,011,675 |
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$ |
10,217,245 |
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1.66 |
% |
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$ |
4,080,477 |
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$ |
4,224,293 |
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1.24 |
% |
Building Products |
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14,945,260 |
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14,070,795 |
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2.28 |
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7,053,789 |
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7,123,154 |
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2.09 |
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Business Services |
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23,077,281 |
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22,907,765 |
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3.72 |
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42,262,681 |
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42,205,230 |
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12.40 |
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Commercial Services |
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20,745,075 |
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20,776,568 |
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3.37 |
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— |
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— |
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— |
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Consumer Brands |
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4,844,190 |
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4,784,492 |
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0.78 |
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39,940,247 |
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40,106,299 |
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11.78 |
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Consumer Products |
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43,332,050 |
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43,341,707 |
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7.03 |
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— |
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— |
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— |
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Consumer Services |
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5,469,731 |
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5,423,970 |
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0.88 |
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— |
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— |
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— |
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Energy |
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6,160,664 |
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6,153,135 |
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1.00 |
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6,154,690 |
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6,096,622 |
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1.79 |
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Environmental Solutions |
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17,182,381 |
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17,190,514 |
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2.79 |
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345,181 |
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355,873 |
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0.10 |
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Fitness & Leisure |
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7,076,701 |
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6,984,405 |
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1.13 |
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— |
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— |
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— |
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Food & Beverage |
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49,045,388 |
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48,601,158 |
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7.88 |
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8,305,256 |
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8,262,150 |
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2.43 |
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Gaming & Entertainment |
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15,141,179 |
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15,056,050 |
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2.44 |
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13,841,761 |
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13,902,146 |
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4.08 |
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Healthcare Equipment & Supplies |
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20,587,653 |
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20,021,263 |
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3.25 |
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15,994,014 |
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15,685,049 |
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4.61 |
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Healthcare Technology |
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1,958,332 |
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1,920,719 |
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0.31 |
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— |
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— |
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— |
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Industrial Products & Services |
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61,966,730 |
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62,344,487 |
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10.11 |
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53,238,546 |
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53,760,708 |
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15.79 |
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Insurance & Insurance Services |
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7,917,408 |
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7,378,883 |
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1.20 |
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8,007,354 |
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7,872,338 |
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2.31 |
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Media: Diversified & Production |
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9,018,193 |
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8,931,965 |
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1.45 |
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— |
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— |
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— |
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Oilfield Services |
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8,782,292 |
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8,929,329 |
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1.45 |
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9,003,693 |
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9,149,929 |
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2.69 |
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Paper & Packaging |
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20,869,257 |
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20,549,772 |
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3.33 |
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11,655,018 |
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11,491,638 |
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3.37 |
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Pharmaceuticals & Life Sciences |
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11,989,778 |
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11,988,513 |
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1.94 |
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— |
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— |
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— |
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Power Generation |
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26,914,307 |
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27,176,937 |
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4.41 |
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9,649,600 |
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9,995,211 |
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2.94 |
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Professional Services |
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20,060,654 |
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20,131,049 |
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3.26 |
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— |
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— |
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— |
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Real Estate Development & Management |
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10,649,403 |
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10,687,501 |
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1.73 |
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13,715,528 |
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13,825,583 |
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4.06 |
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Software & Services |
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20,781,566 |
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19,420,237 |
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3.15 |
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7,884,581 |
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7,959,401 |
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2.34 |
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Specialty Chemicals |
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47,207,950 |
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46,894,905 |
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7.61 |
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22,736,806 |
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22,783,332 |
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6.69 |
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Specialty Retail |
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44,752,286 |
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44,614,076 |
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7.24 |
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15,373,252 |
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15,337,548 |
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4.50 |
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Staples Retail |
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13,791,786 |
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13,900,623 |
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2.25 |
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5,091,076 |
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5,137,371 |
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1.51 |
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Technology |
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54,593,745 |
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52,794,517 |
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8.56 |
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37,882,273 |
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37,741,029 |
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11.08 |
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Technology Hardware & Equipment |
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18,366,086 |
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18,402,592 |
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2.98 |
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7,495,508 |
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7,485,649 |
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2.20 |
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Telecommunications |
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4,946,129 |
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4,982,801 |
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0.81 |
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— |
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— |
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— |
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Total |
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$ |
622,185,130 |
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$ |
616,577,973 |
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|
100.00 |
% |
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$ |
339,711,331 |
|
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$ |
340,500,553 |
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|
|
100.00 |
% |
The following table presents the composition of the investment portfolio by geographic dispersion at amortized cost and fair value as of March 31, 2026 and December 31, 2025 with corresponding percentages of total fair value:
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March 31, 2026 |
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December 31, 2025 |
|
Geographic Dispersion(1) |
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Amortized Cost |
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Fair Value |
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% of Fair
Value |
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Amortized Cost |
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Fair Value |
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% of Fair
Value |
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Canada |
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$ |
51,550,994 |
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$ |
50,977,458 |
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8.27 |
% |
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$ |
41,645,093 |
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$ |
41,519,571 |
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12.19 |
% |
Luxembourg |
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14,763,042 |
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13,613,777 |
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2.21 |
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2,949,270 |
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2,983,556 |
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0.88 |
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Netherlands |
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4,681,424 |
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4,280,230 |
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|
0.69 |
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1,827,021 |
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1,790,906 |
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|
0.52 |
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Singapore |
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7,374,193 |
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7,244,093 |
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|
1.17 |
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— |
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— |
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— |
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United Kingdom |
|
|
4,713,285 |
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4,623,666 |
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0.75 |
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4,891,871 |
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4,931,850 |
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|
1.45 |
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United States of America |
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|
539,102,192 |
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535,838,749 |
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86.91 |
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288,398,076 |
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289,274,670 |
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|
|
84.96 |
|
Total |
|
$ |
622,185,130 |
|
|
$ |
616,577,973 |
|
|
|
100.00 |
% |
|
$ |
339,711,331 |
|
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$ |
340,500,553 |
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|
|
100.00 |
% |
(1)Geographic dispersion represents the country of the issuer and may not represent the operating domicile. |