----

| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|

| Maryland                                                       |   | 47-1290650                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| Common Stock, $.001 Par Value Per Share |   | None                                      |
|-----------------------------------------|--------|-------------------------------------------|
| Title of each class                     |   | Name of each exchange on which registered |

----

----

| PART I        |
|---------------|
|          |   |   |
| Item 1.       | Business | 4 |
|          |   |   |
| Item 1A.      | Risk Factors | 17 |
|          |   |   |
| Item 1B.      | Unresolved Staff Comments | 36 |
|          |   |   |
| Item 2.       | Properties | 36 |
|          |   |   |
| Item 3.       | Legal Proceedings | 36 |
|          |   |   |
| Item 4.       | Mine Safety Issues | 36 |
|          |   |   |
| PART II       |
|          |   |
| Item 5.       | Market for Registrant’s Common Stock and Related Shareholder Matters | 36 |
|          |   |   |
| Item 6.       | Selected Financial Data | 36 |
|          |   |   |
| Item 7.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 37 |
|          |   |   |
| Item 7A.      | Quantitative and Qualitative Disclosure about Market Risk | 43 |
|          |   |   |
| Item 8.       | Financial Statements and Supplementary Data | 45 |
|          |   |   |
| Item 9.       | Changes in and Disagreements with Accountants on Accounting or Financial Disclosure | 61 |
|          |   |   |
| Item 9A.      | Controls and Procedures | 61 |
|          |   |   |
| Items 9B.     | Other Information | 61 |
|          |   |   |
| PART III      |
|          |   |
| Item 10.      | Directors, Executive Officers and Corporate Governance | 62 |
|          |   |   |
| Item 11.      | Executive Compensation | 63 |
|          |   |   |
| Item 12.      | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters | 64 |
|          |   |   |
| Item 13.      | Certain Relationships and Related Transactions, and Director Independence | 65 |
|          |   |   |
| Item 14.      | Principal Accountant Fees and Services | 67 |
|          |   |   |
| PART IV       |
|          |   |
| Item 15.      | Exhibits, Financial Statements Schedules | 68 |
|          |   |   |
| SIGNATURES    |
|          |
| EXHIBITS      |
|          |   |
| Exhibit 3(i)  | Articles of Incorporation of the Fund filed with the Maryland Secretary of State on July 7, 2014, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014. |   |
|          |   |   |
| Exhibit 3(ii) | Bylaws of the Fund, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014. |   |
|          |   |   |
| Exhibit 4.1   | Stock Purchase Agreement between the Fund and the Partnership, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014. |   |
|          |   |   |
| Exhibit 10.1  | Form of Custodian Agreement with Citi Private Bank, filed herewith. |   |
|          |   |   |
| Exhibit 10.2  | Form of Investment Management Agreement between the Fund and the Investment Manager, filed herewith. |   |
|          |   |   |
| Exhibits 31.1 | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith. |   |
|          |   |   |
| Exhibits 31.2 | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith. |   |
|          |   |   |
| Exhibits 32.1 | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith. |   |
|          |   |   |
| Exhibits 32.2 | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith. |   |

----

Table of Contents

|  | · | our future operating results; |
|--|--------|-------------------------------|

|  | · | changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | uncertainty surrounding the strength of the U.S. economic recovery; |
|--|--------|---------------------------------------------------------------------|

|  | · | our business prospects and the prospects of our portfolio companies; |
|--|--------|----------------------------------------------------------------------|

|  | · | the impact of investments that we expect to make; |
|--|--------|---------------------------------------------------|

|  | · | the impact of increased competition; |
|--|--------|--------------------------------------|

|  | · | our contractual arrangements and relationships with third parties; |
|--|--------|--------------------------------------------------------------------|

|  | · | the dependence of our future success on the general economy and its impact on the industries in which we invest; |
|--|--------|------------------------------------------------------------------------------------------------------------------|

|  | · | the ability of our prospective portfolio companies to achieve their objectives; |
|--|--------|---------------------------------------------------------------------------------|

|  | · | the relative and absolute performance of our investment adviser; |
|--|--------|------------------------------------------------------------------|

|  | · | our expected financings and investments; |
|--|--------|------------------------------------------|

|  | · | the use of borrowed money to finance a portion of our investments; |
|--|--------|--------------------------------------------------------------------|

|  | · | our ability to make distributions; |
|--|--------|------------------------------------|

|  | · | the adequacy of our cash resources and working capital; |
|--|--------|---------------------------------------------------------|

|  | · | the timing of cash flows, if any, from the operations of our portfolio companies; |
|--|--------|-----------------------------------------------------------------------------------|

|  | · | the impact of future acquisitions and divestitures; |
|--|--------|-----------------------------------------------------|

|  | · | the effect of changes in tax laws and regulations and interpretations thereof; |
|--|--------|--------------------------------------------------------------------------------|

----

Table of Contents

|  | · | our ability to maintain our status as a BDC and a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”); |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | actual and potential conflicts of interest with Siguler Guff Advisers, LLC (“Siguler Guff Advisers” or the “Investment Manager”) and its affiliates; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | general price and volume fluctuations in the stock market; |
|--|--------|------------------------------------------------------------|

|  | · | the ability of the Investment Manager to attract and retain highly talented professionals; and |
|--|--------|------------------------------------------------------------------------------------------------|

|  | · | the impact on our business of new legislation. |
|--|--------|------------------------------------------------|

| ITEM 1. | BUSINESS. |
|---------|-----------|

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|  | · | The Fund invests in later stage, profitable companies, typically with EBITDA between $2-15 million, and with revenue between $10-100 million. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Companies may use the capital for a range of purposes, including but not limited to change of control transactions, organic growth, acquisition, debt refinancing and dividend recapitalizations. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Fund invests in companies that the Investment Manager considers to have stable operating performance and a strong position in their respective markets. Underwriting criteria may include some or all of the following: |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | Historical profitability, with predictable cash flow and realistic growth prospects; |
|--|---|--------------------------------------------------------------------------------------|

|  | o | Strong management team, with incentives to perform; |
|--|---|-----------------------------------------------------|

|  | o | Good strategic position in the market with high barriers to entry, reasonable customer concentration risk and a differentiated product or service; |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | Strong operating performance with good margins; |
|--|---|-------------------------------------------------|

|  | o | Strong balance sheet and liquidity; |
|--|---|-------------------------------------|

|  | o | Good reputation among customers and suppliers; and |
|--|---|----------------------------------------------------|

|  | o | Backing by a high-quality financial sponsor. |
|--|---|----------------------------------------------|

|  | · | Transaction guidelines will include: |
|--|--------|--------------------------------------|

|  | o | Debt investments ranging from $2-30 million; |
|--|---|----------------------------------------------|

|  | o | Equity investments (by the Partnership) totaling up to 20% of the total investment in a deal; |
|--|---|-----------------------------------------------------------------------------------------------|

|  | o | Sufficient cash flow to cover debt service expense; and |
|--|---|---------------------------------------------------------|

|  | o | Underwriting parameters will be set and regularly reviewed by the Investment Manager and team and may include: maximum leverage multiples, minimum debt service coverage ratios, and minimum capitalization requirements. |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

| ITEM 1A. | RISK FACTORS. |
|----------|---------------|

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

| · | A loan to a Direct Related Company (other than a loan primarily intended to finance a dividend recapitalization – see below) if the Partnership is not acquiring equity securities with a value equal to at least 10% of the loan amount, or warrants with an exercise price equal to at least 10% of the loan value; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If, in connection with a loan to a Direct Related Company, the amount of equity available in the aggregate to the Partnership and one or more Small Buyout Portfolios is limited by the equity sponsor or borrower to less than the aggregate amount desired by the Fund and such Small Buyout Portfolios, the equity securities available to the Partnership will be limited to a maximum of: (a) 10% of the loan amount, plus (b) such additional amounts as are available after all the Small Buyout Portfolios have acquired their desired allocations of the available equity securities. This policy could result in the Partnership receiving an allocation that is less favorable than desired. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | A loan to a Related Company if 50% or more of the loan proceeds can be used to finance a dividend recapitalization; |
|--------|---------------------------------------------------------------------------------------------------------------------|

| · | Following a default by a Related Company, forbearance from exercising one or more material available remedies; |
|--------|----------------------------------------------------------------------------------------------------------------|

| · | Restructuring of an existing loan to a Related Company that changes the interest rate, amortization terms or maturity; or |
|--------|---------------------------------------------------------------------------------------------------------------------------|

| · | Any investment into a Related Company in which the Small Buyout Portfolios (and any other persons affiliated with the Investment Manager) own in the aggregate 5% or more of the outstanding voting securities. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | A person who is an affiliate of the Investment Manager is a voting member of the Related Company’s board of directors; |
|--------|------------------------------------------------------------------------------------------------------------------------------|

| · | The Small Buyout Portfolios (and any other persons affiliated with the Investment Manager) own in the aggregate 25% or more of the Related Company’s outstanding voting securities; or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The Small Buyout Portfolios (and any other persons affiliated with the Investment Manager) “control” the Related Company, as that term is defined under the 1940 Act. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The Investment Manager will provide a detailed report to the Fund Board at each regular meeting regarding the Fund’s investments in Related Companies, including the amount and general terms of such investment, the identity of the parties that cause the company to be a Related Company, and the Related Company’s relationship with such parties, and any recent significant developments that could affect the Fund’s ability to be paid on its loan; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The Investment Manager and its affiliates will seek, consistent with their duties to the Small Buyout Portfolios, to make arrangements with the Related Company and its controlling shareholders to reduce the likelihood that personnel of the Investment Manager or its affiliates will receive information that could inhibit the ability of the Fund to enforce its rights against the Related Company. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| ITEM 1B. | UNRESOLVED STAFF COMMENTS |
|----------|---------------------------|

| ITEM 2. | PROPERTIES |
|---------|------------|

| ITEM 3. | LEGAL PROCEEDINGS |
|---------|-------------------|

| ITEM 4. | MINE SAFETY ISSUES |
|---------|--------------------|

| ITEM 5. | MARKET FOR REGISTRANT’S COMMON STOCK AND RELATED SHAREHOLDER MATTERS |
|---------|----------------------------------------------------------------------------|

| ITEM 6. | SELECTED FINANCIAL DATA |
|---------|-------------------------|

----

Table of Contents

|                                                                               |   | For the Period October 13, 2015 (Commencement of Operations)Through December 31, 2015 |            |
|------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|-----------------|
|                                                                                    |   |                                                                                  |            |
| Consolidated Statement of Operations Data:                                         |   |                                                                                  |            |
| Total Investment Income                                                            |   | $                                                                                     | 102,611         |   |
| Investment Management Fee                                                          |   |                                                                                  | 26,195          |   |
| All Other Expenses                                                                 |   |                                                                                  | 601,605         |   |
| Net Investment Loss                                                                |   |                                                                                  |  (525,189  | ) |
| Net Decrease in Net Assets Resulting from Operations                               |   |                                                                                  | (525,189        | ) |
| Per Share Data:                                                                    |   |                                                                                  |            |   |
| Net Asset Value Per Share                                                          |   | $                                                                                     | 64.68           |   |
| Net Investment Loss Per Share (Basic and Diluted)                                  |   |                                                                                  | (5.25           | ) |
| Net Decrease in Net Assets Resulting from Operations Per Share (Basic and Diluted) |   |                                                                                  | (5.25           | ) |
| Consolidated Statement of Assets and Liabilities Data at Period End:               |   |                                                                                  |            |   |
| Total Investments, at fair value                                                   |   | $                                                                                     | 6,833,511       |   |
| Total Assets                                                                       |   |                                                                                  |  6,970,130 |   |
| Total Liabilities                                                                  |   |                                                                                  | 502,228         |   |
| Total Net Assets                                                                   |   |                                                                                  |  6,467,902 |   |
| Other Data:                                                                        |   |                                                                                  |            |   |
| Total Return                                                                       |   |                                                                                  | (21.31     | )% |
| Number of Portfolio Investments at Period End                                      |   |                                                                                  | 3          |   |
|                                                                                    |   |                                                                                  |            |   |

| ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
|---------|----------------------------------------------------------------------------------------------|

----

Table of Contents

|  | · | Level 1 - Unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | · | Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                        |   | Assets at Fair Value as of December 31, 2015 |   |
|-----------------------------|--------|----------------------------------------------|--------|
|                        |   | Level 1                                      |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                        |   |                                         |   |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Notes   |   | $                                            | -      |   |   | $ | - |   |   | $ | 6,833,511 |   |   | $ | 6,833,511 |   |
| Total Portfolio Investments |   |                                         | -      |   |   |   | - |   |   |   | 6,833,511 |   |   |   | 6,833,511 |   |
|                        |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Equivalents            |   |                                         | 43,430 |   |   |   | - |   |   |   | - |   |   |   | 43,430 |   |
| Total                       |   | $                                            | 43,430 |   |   | $ | - |   |   | $ | 6,833,511 |   |   | $ | 6,876,941 |   |

|                      |   |       |      |              |               | Unobservable Input |           |
|---------------------------|--------|------------|-----------|-----------------------------|--------------------|--------------------|----------------|
| Investment Type           |   | Fair Value |      | Primary Valuation Technique |               | Input              |           | Range |   |
|                      |   |       |      |                        |               |               |           |   |   |
| Senior Subordinated Notes |   | $          | 6,833,511 |                        | Recent Transaction |               | Purchase Price |   | $ | 1.9M - $2.4M |   |
|                      |   |       |      |                        |               |               |           |   |   |   |   |
|                      |   |       |      |                        |               |               |           |   |   |   |   |
| Total                     |   | $          | 6,833,511 |                        |               |               |           |   |   |   |   |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

| ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK. |
|----------|------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

| ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
|---------|---------------------------------------------|

----

Table of Contents

----

|                                                                                                 |   | December 31,2015 |      |
|------------------------------------------------------------------------------------------------------|--------|------------------|-----------|
| Assets                                                                                               |   |             |      |
| Portfolio Investments at fair value:                                                                 |   |             |      |
| Non-controlled, non-affiliated portfolio investments (amortized cost $6,833,511)                     |   | $                | 6,833,511 |   |
| Cash and cash equivalents                                                                            |   |             | 102,615   |   |
| Interest receivable                                                                                  |   |             | 34,004    |   |
| Total Assets                                                                                         |   | $                | 6,970,130 |   |
|                                                                                                 |   |             |      |   |
| Liabilities                                                                                          |   |             |      |   |
| Accrued expenses and other liabilities                                                               |   | $                | 145,000   |   |
| Due to Affiliate                                                                                     |   |             | 357,228   |   |
| Total Liabilities                                                                                    |   |             | 502,228   |   |
| Net Assets                                                                                           |   | $                | 6,467,902 |   |
|                                                                                                 |   |             |      |   |
| Commitments and Contingencies (Note 8)                                                               |   |             |      |   |
|                                                                                                 |   |             |      |   |
| Components of Net Assets                                                                             |   |             |      |   |
| Common stock, $0.001 par value, 10,000,000 shares authorized, 100,000 issued and 100,000 outstanding |   |             | 100       |   |
| Paid-in capital in excess of par                                                                     |   |             | 7,017,991 |   |
| Accumulated undistributed net investment loss                                                        |   |             | (525,189  | ) |
| Receivable from stockholder                                                                          |   |             | (25,000   | ) |
| Total Net Assets                                                                                     |   | $                | 6,467,902 |   |
|                                                                                                 |   |             |      |   |
| Net Asset Value Per Share                                                                            |   | $                | 64.68     |   |

----

Table of Contents

----

| Portfolio Investment                          |   | Industry            |   | Interest Rate |   | Maturity |       | Principal |   | Fair Value |      |
|-----------------------------------------------|--------|---------------------|--------|---------------|--------|----------|------------|-----------|--------|------------|-----------|
|                                          |   |                |   |          |   |     |       |      |   |       |      |
| Senior Subordinated Notes (106%) (1)/(2)      |   |                |   |          |   |     |       |      |   |
| United States                                 |   |                |   |          |   |     |       |      |   |       |      |
| La Tavola, LLC                                |   | Commercial Retail   |   |          | 11.00  | %        | 06/01/2021 |      | $      | 2,481,600  |      | $ | 2,440,650 |   |
| Medsurant Holdings, LLC                       |   | Healthcare Services |   |          | 12.25  | %        | 06/18/2021 |      | $      | 1,987,456  |      |   | 1,948,151 |   |
| Trachte, LLC                                  |   | Manufacturing       |   |          | 11.00  | %        | 04/13/2021 |      | $      | 2,486,977  |      |   | 2,444,710 |   |
| Total United States                           |   |                |   |          |   |     |       |      |   |       |      | $ | 6,833,511 |   |
| Total Senior Subordinated Notes (106%)        |   |                |   |          |   |     |       |      |   | $          | 6,833,511 |   |
|                                          |   |                |   |          |   |     |       |      |   |       |      |   |   |   |
| Total Portfolio Investments (Cost $6,833,511) |   |                |   |          |   |     |       |      |   | $          | 6,833,511 |   |

| (1) | The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in companies in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation; “Affiliate Investments” are defined as investments in companies in which the Company owns between 5% and 25% of the voting securities; and “Non-Control/Non-Affiliate Investments” are defined as investments that are neither Control Investments nor Affiliate Investments. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Portfolio Investments have a stated PIK rate up to 1.00%. |
|-----|---------------------------------------------------------------|

----

Table of Contents

----

|                                                                                                       |   | For the Period October 13, 2015 (Commencement of Operations)Through December 31, 2015 |     |
|------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|----------|
| Investment income                                                                                          |   |                                                                                  |     |
| Non-Controlled, Non-Affiliated Investments:                                                                |   |                                                                                  |     |
| Interest income                                                                                            |   | $                                                                                     | 97,234   |   |
| PIK interest income                                                                                        |   |                                                                                  | 5,377    |   |
| Total Investment Income                                                                                    |   |                                                                                  | 102,611  |   |
|                                                                                                       |   |                                                                                  |     |   |
| Expenses                                                                                                   |   |                                                                                  |     |   |
| Investment Management Fee                                                                                  |   |                                                                                  | 26,195   |   |
| Organizational costs                                                                                       |   |                                                                                  | 342,763  |   |
| Professional fees                                                                                          |   |                                                                                  | 145,000  |   |
| Directors fees                                                                                             |   |                                                                                  | 98,926   |   |
| Other general and administrative                                                                           |   |                                                                                  | 14,916   |   |
| Total Expenses                                                                                             |   |                                                                                  | 627,800  |   |
| Net Investment Loss                                                                                        |   |                                                                                  | (525,189 | ) |
| Net Decrease in Net Assets Resulting from Operations                                                       |   | $                                                                                     | (525,189 | ) |
|                                                                                                       |   |                                                                                  |     |   |
| Net Investment Loss and Net Decrease in Net Assets Resulting from Operations Per Share (Basic and Diluted) |   | $                                                                                     | (5.25    | ) |
| Weighted average shares outstanding                                                                        |   |                                                                                  | 100,000  |   |

----

Table of Contents

----

|                                                       |   | For the Period October 13, 2015 (Commencement of Operations)Through December 31, 2015 |      |
|------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|-----------|
|                                                       |   |                                                                                  |      |
| Net Decrease in Net Assets Resulting from Operations       |   |                                                                                  |      |
| Net investment loss                                        |   | $                                                                                     | (525,189  | ) |
| Net Decrease in Net Assets Resulting from Operations       |   |                                                                                  | (525,189  | ) |
|                                                       |   |                                                                                  |      |   |
| Capital Stock Transactions (see Note 4)                    |   |                                                                                  |      |   |
| Issuance of common stock                                   |   |                                                                                  | 25,000    |   |
| Contributions from stockholder                             |   |                                                                                  | 6,993,091 |   |
| Receivable from stockholder                                |   |                                                                                  | (25,000   | ) |
| Net Increase in Net Assets From Capital Stock Transactions |   |                                                                                  | 6,993,091 |   |
|                                                       |   |                                                                                  |      |   |
| Total Increase in Net Assets                               |   |                                                                                  |      |   |
| Net assets at beginning of period                          |   |                                                                                  | -         |   |
| Net assets at end of period                                |   | $                                                                                     | 6,467,902 |   |
|                                                       |   |                                                                                  |      |   |
|                                                       |   |                                                                                  |      |   |
| Capital Share Activity                                     |   |                                                                                  |      |   |
| Shares issued                                              |   |                                                                                  | 100,000   |   |
| Net Increase in Shares Outstanding                         |   |                                                                                  | 100,000   |   |

----

Table of Contents

----

|                                                                                                          |   | For the Period October 13, 2015 (Commencement of Operations)Through December 31, 2015 |       |
|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|------------|
| Cash Flows From Operating Activities                                                                          |   |                                                                                  |       |
| Net Decrease in Net Assets Resulting from Operations                                                          |   | $                                                                                     | (525,189   | ) |
| Adjustments to reconcile Net Decrease in Net Assets from Operations to Net Cash Used in Operating Activities: |   |                                                                                  |       |   |
| Purchases of Portfolio Investments                                                                            |   |                                                                                  | (6,824,051 | ) |
| PIK interest income                                                                                           |   |                                                                                  | (5,377     | ) |
| Accretion of discount on notes                                                                                |   |                                                                                  | (4,083     | ) |
| Increase in interest receivable                                                                               |   |                                                                                  | (34,004    | ) |
| Increase in accrued expenses and other liabilities                                                            |   |                                                                                  | 145,000    |   |
| Increase in due to Affiliate                                                                                  |   |                                                                                  | 357,228    |   |
| Net Cash Used in Operating Activities                                                                         |   |                                                                                  | (6,890,476 | ) |
|                                                                                                          |   |                                                                                  |       |   |
| Cash Flows From Financing Activities                                                                          |   |                                                                                  |       |   |
| Contributions from stockholder                                                                                |   |                                                                                  | 6,993,091  |   |
| Net Cash Provided by Financing Activities                                                                     |   |                                                                                  | 6,993,091  |   |
| Net Increase in Cash and cash equivalents                                                                     |   |                                                                                  | 102,615    |   |
|                                                                                                          |   |                                                                                  |       |   |
| Cash and cash equivalents                                                                                     |   |                                                                                  |       |   |
| Beginning of period                                                                                           |   |                                                                                  | -          |   |
| End of period                                                                                                 |   | $                                                                                     | 102,615    |   |
|                                                                                                          |   |                                                                                  |       |   |
| Supplemental cash flow information                                                                            |   |                                                                                  |       |   |
| Payment-in-Kind interest, accrued during the period                                                           |   | $                                                                                     | 5,377      |   |
| Receivable from stockholder for issuance of common stock                                                      |   | $                                                                                     | 25,000     |   |

----

Table of Contents

----

| 1. | Business and Organization |
|----|---------------------------|

| 2. | Summary of Significant Accounting Policies |
|----|--------------------------------------------|

----

Table of Contents

----

|  | · | Level 1 - Unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | · | Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

|                        |   | Assets at Fair Value as of December 31, 2015 |   |
|-----------------------------|--------|----------------------------------------------|--------|
|                             |   | Level 1                                      |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                             |   |                                         |   |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Notes   |   | $                                            | -      |   |   | $ | - |   |   | $ | 6,833,511 |   |   | $ | 6,833,511 |   |
| Total Portfolio Investments |   |                                         | -      |   |   |   | - |   |   |   | 6,833,511 |   |   |   | 6,833,511 |   |
|                             |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Equivalents            |   |                                         | 43,430 |   |   |   | - |   |   |   | - |   |   |   | 43,430 |   |
| Total                       |   | $                                            | 43,430 |   |   | $ | - |   |   | $ | 6,833,511 |   |   | $ | 6,876,941 |   |
|                             |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

----

|                           |   |       |            |   |                        |   |                     | Unobservable Input     |   |
|---------------------------|--------|------------|-----------------|--------|-----------------------------|--------|--------------------------|--------------------------------------------|--------|
| Investment Type           |   | Fair Value |            |   | Primary Valuation Technique |   |                     | Input                                      |   |   | Range |   |
|                           |   |       |                 |   |                        |   |                          |                                       |   |   |  |   |   |   |  |   |
| Senior Subordinated Notes |   | $          | 6,833,511  |   |                        |   | Recent Transaction  |                                       |   |   | Purchase Price  |   |   |   | $1.9M - $2.4M  |   |
|                           |   |       |                 |   |                        |   |                          |                                       |   |   |  |   |   |   |  |   |
| Total                     |   | $          | 6,833,511       |   |                        |        |                          |                                       |   |  |  |   |   |  |  |   |
|                           |   |       |            |   |                        |   |                     |                                       |   |   |   |   |   |   |   |   |

|                                     |   | Senior Subordinated Notes  |      |
|-------------------------------------|--------|--------------------------------------|-----------|
|                                     |   |                                 |
|                                     |   |                                 |           |   |
| Beginning Balance, October 13, 2015 |   | $                                    | -         |   |
| Purchases                           |   |                                 | 6,824,051 |   |
| Accretion/PIK                       |   |                                      | 9,460     |   |
| Ending Balance, December 31, 2015   |   | $                                    | 6,833,511 |   |

----

Table of Contents

----

----

Table of Contents

----

|                           |   | For the Period October 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |     |
|--------------------------------|--------|------------------------------------------------------------------------------------|----------|
| Deferred Tax Assets:           |   |                                                                               |     |
| Accrued Professional Fees      |   | $                                                                                  | 56,410   |   |
| Organizational Expenses        |   |                                                                               | 129,999  |   |
| Federal Net Operating Loss     |   |                                                                               | 15,603   |   |
| State Net Operating Less       |   |                                                                               | 2,250    |   |
| Total Deferred Tax Assets      |   | $                                                                                  | 204,262  |   |
| Deferred Tax Liabilities:      |   |                                                                               |     |   |
| Interest Income                |   |                                                                               | 1,071    |   |
| Total Deferred Tax Liabilities |   |                                                                               | 1,071    |   |
| Valuation Allowance            |   |                                                                               | (203,191 | ) |
| Net Deferred Income Taxes      |   | $                                                                                  | 0        |   |

----

Table of Contents

----

| 3. | Portfolio Investments |
|----|-----------------------|

----

Table of Contents

----

| 4. | Capital Stock |
|----|---------------|

|            |   | Shares |    |   | Dollars |   |
|-----------------|--------|--------|---------|--------|---------|--------|
| Shares Issued   |   |   | 100,000 |   |    | $      | 25,000 |   |
| Shares Redeemed |   |   | -       |   |    |   | - |   |
| Net Increase    |   |   | 100,000 |   |    | $      | 25,000 |   |

| 5. | Distributions |
|----|---------------|

| 6. | Related Party Transactions |
|----|----------------------------|

----

Table of Contents

----

| 7. | Fees and Expenses |
|----|-------------------|

| 8. | Contingencies |
|----|---------------|

| 9. | Financial Highlights |
|----|----------------------|

----

Table of Contents

----

|                                                 |   | For the Period October 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |      |
|------------------------------------------------------|--------|------------------------------------------------------------------------------------|-----------|
|                                                 |   |                                                                               |      |
| Total Return1                                        |   |                                                                               | (21.31    | )% |
|                                                 |   |                                                                               |      |   |
| Per Share Amounts:                                   |   |                                                                               |      |   |
| Net Asset Value, Beginning of Period                 |   | $                                                                                  | 0.00      |   |
| Net Decrease in Net Assets Resulting from Operations |   |                                                                               | (5.25     | ) |
| Issuance of common stock                             |   |                                                                               | 0.25      |   |
| Receivable from stockholder                          |   |                                                                               | (0.25     | ) |
| Contributions from stockholder                       |   |                                                                               | 69.93     |   |
| Net Asset Value, End of Period                       |   | $                                                                                  | 64.68     |   |
|                                                 |   |                                                                               |      |   |
| Net Assets, end of period                            |   | $                                                                                  | 6,467,902 |   |
|                                                 |   |                                                                               |      |   |
| Ratios / Supplemental Data2:                         |   |                                                                               |      |   |
| Ratio of net investment loss to average net assets   |   |                                                                               | (22.97    | )% |
| Ratio of total expenses to average net assets        |   |                                                                               | 26.12     | % |
|                                                 |   |                                                                               |      |   |
| Common Shares Outstanding, end of period             |   |                                                                               | 100,000   |   |
| Portfolio Turnover Rate                              |   |                                                                               | 0.00      | % |

| 10. | Subsequent Events |
|-----|-------------------|

----

Table of Contents

| ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING OR FINANCIAL DISCLOSURE |
|---------|-------------------------------------------------------------------------------------|

| ITEM 9A | CONTROLS AND PROCEDURES |
|---------|-------------------------|

| ITEM 9B | OTHER INFORMATION |
|---------|-------------------|

----

Table of Contents

| ITEM 10 | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
|---------|--------------------------------------------------------|

| Name                      | Age | Position(s) with the Fund                                                                      | Director Since | Principal Occupation(s) During Past 5 Years and Other Directorships in Publicly Held Companies                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------|-----|------------------------------------------------------------------------------------------------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Independent Directors     |
| Mona Aboelnaga Kanaan     | 48  | Director; Member of Audit and Nominating and Corporate Governance Committees                   | 2015           | Managing Member, K6 Investments (11/2011 – Present)Managing Member, YOLA COLON LLC (1/2013 – Present)Member & Co-Owner, SheerStyle, LLC (1/2016 – Present)Trustee, The Chapin School (5/2011 – Present)Chairperson & Director, Arab Bankers Association of North America (1/2010 – Present)President & CEO, Proctor Investment Managers LLC (1/2006 – 11/2013)Director, Peridiem Global Investors (11/2013 – 3/2015) |
| Julian Markby             | 64  | Director; Chairman of Audit Committee; Member of Nominating and Corporate Governance Committee | 2015           | Director, Momentive Performance Materials (5/2013 – Present)Director, Thiele Kaolin Company (4/2011 – Present)Voting Proxy & Board Observer, Ligado Networks (12/2015 – Present)Chairman, SP Fiber Holdings, Inc. (9/2012 – 10/2015)Director, Altegrity, Inc. (11/2014 – 9/2015)Director, NewPage Corporation (1/2011 – 12/2012)                                                                                                   |
| Gregory J. Ricca          | 67  | Director; Member of Audit Committee; Chairman of Nominating and Corporate Governance Committee | 2015           | Retired in 2010 as President & CEO of Discovery Networks International                                                                                                                                                                                                                                                                                                                                                                                                 |
| Non-Independent Directors |
| George W. Siguler(1)      | 68  | Chairman of the Board of Directors                                                             | 2015           | Managing Director, Founding Partner and Chief Investment Officer, Siguler Guff                                                                                                                                                                                                                                                                                                                                                                                             |
| Kevin Kester(1)           | 48  | Director                                                                                       | 2015           | Managing Director, Siguler Guff                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|  | (1) | Because of Messrs. Siguler’s and Kester’s positions with the Investment Manager, they are “interested persons” of the Fund. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| Reporting Persons                                                                                                                                                                                                                                 | Capacity in Which Filing Was Made |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|
|                                                                                                                                                                                                                                              |                              |
| Siguler Guff Small Buyout Credit Opportunities Fund, LP; Siguler Guff SBCOF GP, LLC; Siguler Guff Capital, LP; George W. Siguler, Drew J. Guff and Donald P. Spencer; Carpenters’ Pension Trust Fund of St. Louis; Butler Conservation Fund | Greater than 10% owners           |
|                                                                                                                                                                                                                                              |                              |
| Mona Aboelnaga Kanaan; Kevin Kester; Julian Markby; Gregory Ricca; George W. Siguler                                                                                                                                                              | Directors                         |
|                                                                                                                                                                                                                                              |                              |
| Christopher Barbier; Kenneth Burns; Mark Denomme; Sean Greene; Jun Isoda; Sandip Kakar; Michael Ruggeri; Donald Spencer                                                                                                                           | Officers                          |

| Name                   | Age | Position with the Fund                            | Principal Occupation(s) During Past 5 Years and Other Directorships in Publicly Held Companies                                                                                                                                                                                |
|------------------------|-----|---------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Sean Greene            | 50  | President                                         | Managing Director, Siguler Guff (9/2013 – Present)Entrepreneur in Residence, Revolution/Case Foundation (4/2013 – 6/2014)Associate Administrator for Investment & Special Advisor for Innovation, U.S. Small Business Administration (10/2009 – 3/2013) |
| Michael Ruggeri        | 46  | Chief Financial Officer                           | Managing Director & Chief Financial Officer, Siguler Guff (1/2014 – Present)Partner, PricewaterhouseCoopers LLP (8/1993 – 12/2013)                                                                                                                            |
| Sandip Kakar           | 45  | Secretary                                         | Managing Director & Managing Counsel, Siguler Guff (4/2012 – Present)Senior Associate, Clifford Chance US LLP (12/2006 – 7/2012)                                                                                                                              |
| Ken Burns              | 52  | Assistant Vice President                          | Managing Director, Partner & Chief Operating Officer, Siguler Guff (3/2000 – Present)                                                                                                                                                                               |
| Donald P. Spencer      | 60  | Assistant Vice President                          | Managing Director, Founding Partner & Senior Counsel, Siguler Guff (1995 – Present)                                                                                                                                                                                 |
| Mark S. Denomme        | 49  | Investment Professional of the Investment Manager | Managing Director, Siguler Guff (4/2014 – Present)Managing Director, Newstar Financial (5/2012 – 4/2014)Managing Director, Hercules Technology Growth Capital (10/2006 – 5/2012)                                                                            |
| Christopher M. Barbier | 36  | Investment Professional of the Investment Manager | Vice President, Siguler Guff (2/2014 – Present)Vice President, Hartford Investment Management Co. (7/2010 – 4/2013)                                                                                                                                               |

| ITEM 11 | EXECUTIVE COMPENSATION |
|---------|------------------------|

----

Table of Contents

| ITEM 12 | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS |
|---------|------------------------------------------------------------------------------------------------|

| Title of Class | Name and Address                                                                                            | Amount of Ownership | Percent of Class | Relationship of Reporting Person |
|----------------|-------------------------------------------------------------------------------------------------------------|---------------------|------------------|----------------------------------|
| Common Stock   | Siguler Guff Small Business Credit Opportunity Fund, LP825 Third Avenue, 10th Floor New York, NY 10022 | 100,000             | 100%             | 5% Owner                         |
| Common Stock   | Siguler Guff SBCOF GP, LLC 825 Third Avenue, 10th FloorNew York, NY 10022                                   | 100,000 (1)         | 100%             | 5% Owner                         |
| Common Stock   | Siguler Guff Capital, LP825 Third Avenue, 10th FloorNew York, NY 10022                                      | 100,000 (1)         | 100%             | 5% Owner                         |
| Common Stock   | George W. Siguler825 Third Avenue, 10th FloorNew York, NY 10022                                             | 100,000 (2)         | 100%             | 5% Owner and Director            |
| Common Stock   | Andrew Guff825 Third Avenue, 10th FloorNew York, NY 10022                                                   | 100,000 (2)         | 100%             | 5% Owner                         |
| Common Stock   | Donald Spencer825 Third Avenue, 10th FloorNew York, NY 10022                                                | 100,000 (2)         | 100%             | 5% Owner                         |
| Common Stock   | Carpenters’ Pension Trust Fund of St. Louis1401 Hampton AvenueSt. Louis, MO 63139                     | 59,840 (3)          | 59.84%           | 5% Owner                         |
| Common Stock   | Butler Conservation Fund, Inc.60 Cuttermill Road, Suite 212Great Neck, NY 11021                             | 29,920 (3)          | 29.92%           | 5% Owner                         |

----

Table of Contents

| None         | Mona Aboelnaga Kanaan825 Third Avenue, 10th FloorNew York, NY 10022 | 0         | 0%   | Director                       |
|--------------|---------------------------------------------------------------------|-----------|------|--------------------------------|
| None         | Julian Markby825 Third Avenue, 10th FloorNew York, NY 10022         | 0         | 0%   | Director                       |
| None         | Greg Ricca825 Third Avenue, 10th FloorNew York, NY 10022            | 0         | 0%   | Director                       |
| None         | Kevin Kester825 Third Avenue, 10th FloorNew York, NY 10022          | 0         | 0%   | Director                       |
| Common Stock | Sean Greene825 Third Avenue, 10th FloorNew York, NY 10022           | 1,197 (3) | 1.1% | Officer - President            |
| None         | Kenneth Burns825 Third Avenue, 10th FloorNew York, NY 10022         | 0         | 0%   | Officer                        |
| None         | Mark Denomme825 Third Avenue, 10th FloorNew York, NY 10022          | 0         | 0%   | Officer                        |
| None         | Chris Barbier825 Third Avenue, 10th FloorNew York, NY 10022         | 0         | 0%   | Officer                        |
| None         | Sandip Kakar825 Third Avenue, 10th FloorNew York, NY 10022          | 0         | 0%   | Officer - CLO and Secretary    |
| None         | Michael Ruggeri825 Third Avenue, 10th FloorNew York, NY 10022       | 0         | 0%   | Officer - CFO                  |
| None         | Jun Isoda825 Third Avenue, 10th FloorNew York, NY 10022             | 0         | 0%   | Officer - Principal Accounting |

|  | (1) | The shares of Common Stock that are directly beneficially owned by Siguler Guff Small Business Credit Opportunities Fund, LP may be deemed to be indirectly beneficially owned by Siguler Guff SBCOF GP, LLC, as its general partner, Siguler Guff Capital, LP, as the managing member of Siguler Guff SBCOF GP, LLC. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The shares of Common Stock that are directly beneficially owned by Siguler Guff Small Business Credit Opportunities Fund, LP may be deemed to be indirectly beneficially owned by Donald Spencer, Andrew Guff and George W. Siguler, as the control persons of Siguler Guff Capital, LP. Messrs. Spencer, Guff and Siguler may be deemed to have voting and investment control over the shares of Common Stock held by Siguler Guff Small Business Credit Opportunities Fund, LP, however each of them disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | The Carpenters’ Pension Trust Fund of St. Louis, Butler Conservation Fund, Inc. and Sean Greene indirectly beneficially own shares of Common Stock by virtue of their ownership of interests in Siguler Guff Small Business Credit Opportunities Fund, LP. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
|----------|---------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

| ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|----------|----------------------------------------|

----

Table of Contents

| ITEM 15 | EXHIBITS, FINANCIAL STATEMENTS SCHEDULES |
|---------|------------------------------------------|

| (a) | Index to Financial Statements and Financial Statement Schedules |
|-----|-----------------------------------------------------------------|

| (b) | Exhibits |
|-----|----------|

----

Table of Contents

| By:    | /s/ Sean Greene                  | By:    | /s/ Michael Ruggeri               | By:    | /s/ Jun Isoda                |
|--------|----------------------------------|--------|-----------------------------------|--------|------------------------------|
|   | Sean Greene                      |   | Michael Ruggeri                   |   | Jun Isoda                    |
|   | President                        |   | Chief Financial Officer           |   | Principal Accounting Officer |
|   | Date:   March 29, 2016 |   | Date:    March 29, 2016 |   | Date:  March 29, 2016   |

| Name                                                                                                                                                                 | Title                              | Date           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|----------------|
| By:       /s/ Mona Aboelnaga Kanaan             Mona Aboelnaga Kanaan | Director                           | March 29, 2016 |
| By:       /s/ Kevin Kester             Kevin Kester                   | Director                           | March 29, 2016 |
| By:       /s/ Julian Markby             Julian Markby                 | Director                           | March 29, 2016 |
| By:       /s/ Gregory J. Ricca             Gregory J. Ricca      | Director                           | March 29, 2016 |
| By:       /s/ George W. Siguler             George W. Siguler    | Chairman of the Board and Director | March 29, 2016 |

----

Table of Contents

| Exhibit | Description                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                        |
| 3(i)    | Articles of Incorporation of the Fund filed with the Maryland Secretary of State on July 7, 2014, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014. |
|    |                                                                                                                                                                                                                        |
| 3(ii)   | Bylaws of the Fund, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014.                                                                               |
|    |                                                                                                                                                                                                                        |
| 4.1     | Stock Purchase Agreement between the Fund and the Partnership, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014.                                    |
|    |                                                                                                                                                                                                                        |
| 10.1    | Form of Custodian Agreement with Citi Private Bank, filed herewith.                                                                                                                                                         |
|    |                                                                                                                                                                                                                        |
| 10.2    | Form of Investment Management Agreement between the Fund and the Investment Manager, filed herewith.                                                                                                                        |
|    |                                                                                                                                                                                                                        |
| 31.1    | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith.                                                                                                                                                  |
|    |                                                                                                                                                                                                                        |
| 31.2    | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith.                                                                                                                                                  |
|    |                                                                                                                                                                                                                        |
| 32.1    | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith.                                                                                                                                                  |
|    |                                                                                                                                                                                                                        |
| 32.2    | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith.                                                                                                                                                  |

----