| Investments |
Note 4. Investments
The composition of the Fund's investment portfolio
(excluding cash equivalents) at cost and fair value as of June 30, 2026, and December 31, 2025 was as follows:
| Schedule of investment portfolio at cost | |
| | | |
| | | |
| | |
| | |
June 30, 2026 | |
| Investment Type | |
Cost | | |
Fair Value | | |
% of Total Investments at Fair Value | |
| Asset Backed Securities | |
$ | 25,536 | | |
$ | 25,760 | | |
| 4.95 | % |
| Senior Secured Debt | |
| 490,443 | | |
| 486,556 | | |
| 93.47 | |
| Common Equity | |
| 125 | | |
| 125 | | |
| 0.02 | |
| Preferred Equity | |
| 1,173 | | |
| 1,190 | | |
| 0.23 | |
| Partnership | |
| 7,068 | | |
| 6,940 | | |
| 1.33 | |
| Total investments | |
$ | 524,345 | | |
$ | 520,571 | | |
| 100.00 | % |
| | |
December 31, 2025 | |
| Investment Type | |
Cost | | |
Fair Value | | |
% of Total Investments at Fair Value | |
| Asset Backed Securities | |
$ | 10,008 | | |
$ | 10,047 | | |
| 2.19 | % |
| Senior Secured Debt | |
| 431,960 | | |
| 433,567 | | |
| 94.59 | |
| Preferred Equity | |
| 7,270 | | |
| 7,368 | | |
| 1.61 | |
| Partnership | |
| 7,399 | | |
| 7,364 | | |
| 1.61 | |
| Total investments | |
$ | 456,637 | | |
$ | 458,346 | | |
| 100.00 | % |
The industry composition of investments (excluding cash equivalents) based
on fair value as of June 30, 2026, and December 31, 2025 was as follows:
| Schedule of industry composition of investments based on fair value | |
| | |
| | |
June 30, 2026 | |
| Software | |
| 24.20 | % |
| Professional Services | |
| 10.55 | |
| Health Care Providers & Services | |
| | |
| IT Services | |
| 8.14 | |
| Trading Companies & Distributors | |
| 6.59 | |
| Diversified Consumer Services | |
| 5.15 | |
| Industrial Conglomerates | |
| 4.95 | |
| Capital Markets | |
| 4.58 | |
| Electrical Equipment | |
| 3.99 | |
| Financial Services | |
| 3.65 | |
| Commercial Services & Supplies | |
| 3.50 | |
| Machinery | |
| 2.63 | |
| Building Products | |
| 1.95 | |
| Health Care Technology | |
| 1.86 | |
| Health Care Equipment & Supplies | |
| 1.65 | |
| Construction & Engineering | |
| 1.24 | |
| Hotels, Restaurants & Leisure | |
| 1.22 | |
| Electronic Equipment, Instruments & Components | |
| 1.19 | |
| Automobile Components | |
| 0.82 | |
| Containers & Packaging | |
| 0.51 | |
| Insurance | |
| 0.50 | |
| Personal Care Products | |
| 0.50 | |
| Interactive Media & Services | |
| 0.15 | |
| Semiconductors & Semiconductor Equipment | |
| 0.04 | |
| Total | |
| 100.00 | % |
| | |
December 31, 2025 | |
| Software | |
| 25.17 | % |
| Health Care Providers & Services | |
| 11.26 | |
| IT Services | |
| 9.21 | |
| Professional Services | |
| 8.93 | |
| Capital Markets | |
| 6.42 | |
| Diversified Consumer Services | |
| 5.19 | |
| Trading Companies & Distributors | |
| 4.55 | |
| Financial Services | |
| 4.34 | |
| Electronic Equipment, Instruments & Components | |
| 4.28 | |
| Commercial Services & Supplies | |
| 3.34 | |
| Electrical Equipment | |
| 3.12 | |
| Machinery | |
| 2.90 | |
| Building Products | |
| 2.21 | |
| Industrial Conglomerates | |
| 2.19 | |
| Health Care Technology | |
| 2.14 | |
| Health Care Equipment & Supplies | |
| 1.88 | |
| Hotels, Restaurants & Leisure | |
| 1.39 | |
| Automobile Components | |
| 0.91 | |
| Containers & Packaging | |
| 0.57 | |
| Total | |
| 100.00 | % |
The geographic composition of investments (excluding cash equivalents)
at cost and fair value as of June 30, 2026, and December 31, 2025 was as follows:
| Schedule of geographic composition of investments at cost and fair value | |
| | | |
| | | |
| | | |
| | |
| | |
June 30, 2026 | |
| Geographic | |
Cost | | |
Fair Value | | |
% of Total
Investments at
Fair
Value | | |
Fair Value
as % of Net
Assets | |
| North America | |
$ | 509,952 | | |
$ | 505,997 | | |
| 97.20 | % | |
| 160.33 | % |
| Asia - Pacific | |
| 14,393 | | |
| 14,574 | | |
| 2.80 | | |
| 4.61 | |
| Total | |
$ | 524,345 | | |
$ | 520,571 | | |
| 100.00 | % | |
| 164.94 | % |
| | |
December 31, 2025 | |
| Geographic | |
Cost | | |
Fair Value | | |
% of Total
Investments at
Fair
Value | | |
Fair Value
as % of Net
Assets | |
| North America | |
$ | 444,517 | | |
$ | 446,164 | | |
| 97.34 | % | |
| 162.34 | % |
| Asia - Pacific | |
| 12,120 | | |
| 12,182 | | |
| 2.66 | | |
| 4.43 | |
| Total | |
$ | 456,637 | | |
$ | 458,346 | | |
| 100.00 | % | |
| 166.77 | % |
|