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

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

|                                                                |        |                                      |  |  |  |  |  |  |
|----------------------------------------------------------------|--------|--------------------------------------|--|--|--|--|--|--|
| Delaware                                                       |   | 47-2009064                           |
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |
| 330 Madison Avenue, New York, New York                         |   | 10017                                |
| (Address of principal executive offices)                       |   | (Zip Code)                           |

|                     |  |                   |  |                                           |  |  |  |  |  |  |  |  |  |  |
|---------------------|--|-------------------|--|-------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Title of Each Class |  | Trading Symbol(s) |  | Name of Each Exchange on Which Registered |
| None                |  | N/A           |  | N/A                                   |

|                                   |        |              |                                     |        |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------|--------|--------------|-------------------------------------|--------|--|--|--|--|--|--|--|--|--|--|
| Large accelerated filer |  ̈ |    | Accelerated filer                   |  ̈ |
| Non-accelerated filer             | ý |    | Smaller reporting company |  ̈ |
| Emerging growth company           |  ̈ |              |                                     |        |

----

----

|                  |                                                                                                              |      |  |  |  |  |  |  |
|------------------|--------------------------------------------------------------------------------------------------------------|------|--|--|--|--|--|--|
|                  |                                                                                                              | PAGE |
| PART I.          |
| Item 1.     | Business                                                                                                     | 1    |
|                  |                                                                                                              |      |
| Item 1A.    | Risk Factors                                                                                                 | 3    |
|                  |                                                                                                              |      |
| Item 1B.    | Unresolved Staff Comments                                                                                    | 31   |
|                  |                                                                                                              |      |
| Item 2.          | Properties                                                                                                   | 31   |
|                  |                                                                                                              |      |
| Item 3.     | Legal Proceedings                                                                                            | 31   |
|                  |                                                                                                              |      |
| Item 4.     | Mine Safety Disclosures                                                                                      | 31   |
|                  |                                                                                                              |      |
|                  |                                                                                                              |      |
| PART II.         |                                                                                                              |
|                  |                                                                                                              |      |
| Item 5.          | Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | 31   |
|                  |                                                                                                              |      |
| Item 6.          | Selected Financial Data                                                                                      | 34   |
|                  |                                                                                                              |      |
| Item 7.          | Management's Discussion and Analysis of Financial Condition and Results of Operations                        | 36   |
|                  |                                                                                                              |      |
| Item 7A.         | Quantitative and Qualitative Disclosures About Market Risk                                                   | 39   |
|                  |                                                                                                              |      |
| Item 8.          | Financial Statements and Supplementary Data:                                                             | 40   |
|                  |                                                                                                              |      |
|                  | Report of Independent Registered Public Accounting Firm                                                      | 40   |
|                  |                                                                                                              |      |
|                  | Statements of Assets and Liabilities as of December 31, 2021 and December 31, 2020                           | 41   |
|                  |                                                                                                              |      |
|                  | Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019                                | 42   |
|                  |                                                                                                              |      |
|                  | Statements of Changes in Net Assets for the Years Ended December 31, 2021, 2020 and 2019                     | 43   |
|                  |                                                                                                              |      |
|                  | Statements of Cash Flows for the Years Ended December 31, 2021, 2020, and 2019                               | 44   |
|                  |                                                                                                              |      |
|                  | Notes to Financial Statements                                                                                | 45   |
|                  |                                                                                                              |      |
| Item 9.          | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                         | 58   |
|                  |                                                                                                              |      |
| Item 9A.         | Controls and Procedures                                                                                      | 58   |
|                  |                                                                                                              |      |
| Item 9B.         | Other Information                                                                                            | 58   |
|                  |                                                                                                              |      |
|                  |                                                                                                              |      |
| PART III.        |                                                                                                              |
| Item 10.         | Directors, Executive Officers and Corporate Governance                                                       | 59   |
|                  |                                                                                                              |      |
| Item 11.         | Executive Compensation                                                                                       | 65   |
|                  |                                                                                                              |      |
| Item 12.         | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters               | 66   |
|                  |                                                                                                              |      |
| Item 13.         | Certain Relationships and Related Transactions, and Trustee Independence                                     | 67   |
|                  |                                                                                                              |      |
| Item 14.         | Principal Accounting Fees and Services                                                                       | 70   |
|                  |                                                                                                              |      |
|                  |                                                                                                              |      |
| PART IV.         |                                                                                                              |
| Item 15.         | Exhibits and Consolidated Financial Statement Schedules                                                      | 72   |
|                  |                                                                                                              |      |
| Item 16.         | Form 10-K Summary                                                                                            | 74   |
|                  |                                                                                                              |      |
|  Signatures | 75                                                                                                           |
|                  |                                                                                                              |      |
|                  | Guggenheim Credit Income Fund (Master Fund) Consolidated Financial Statements                                | F-1  |

----

Management's Discussion and Analysis of Financial Condition and Results of Operations, in Item 7 of Part II
Item 1A. Risk Factors
Item 1A. Risk Factors

Part II. Item 8. Financial Statements and Supplementary Data

Part II. Item 8. Financial Statements and Supplementary Data

----

|                                                     |  |                    |                   |             |               |           |                   |               |   |   |                  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|--------------------|-------------------|-------------|---------------|-----------|-------------------|---------------|---|---|------------------|--|--|--|--|--|--|--|--|--|
| Noted Information                                   |  | GCIF (Master Fund) |                   | GCIF 2016 T |               | GCIF 2019 |
| Number of Portfolio Companies at beginning of Year  |  | 75            |                   |             | —  |           |                   | —  |   |
| Number of Portfolio Companies at end of Year        |  | 34            |                   |             | —  |           |                   | —  |   |
| YTD Portfolio sales and repayments                  |  | $                  | 188,144,685  |             |               | $         | —      |               |   | $ | —     |  |
| YTD Liquidating Distributions Paid                  |  | $                  | (57,863,544)      |             |               | $         | (37,945,783)      |               |   | $ | (11,161,382)     |  |
| YTD paydown of Hamilton Credit Facility             |  | $                  | (130,000,000)     |             |               | $         | —      |               |   | $ | —     |  |
| YTD Percentage of December 31, 2020 NAV Distributed |  | 29.85         | %                 |             | 29.16    | %         |                   | 28.30    | % |
| Net Assets at beginning of Year                     |  | $                  | 198,724,841  |             |               | $         | 131,758,426  |               |   | $ | 40,955,678  |  |
| Net Assets at end of Year                           |  | $                  | 157,279,578  |             |               | $         | 106,886,609  |               |   | $ | 32,182,699  |  |

----

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

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|                              |                |             |         |  |             |             |                        |  |                                  |             |  |  |               |   |  |   |            |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|----------------|-------------|---------|--|-------------|-------------|------------------------|--|----------------------------------|-------------|--|--|---------------|---|--|---|------------|--|--|--|--|--|--|--|--|--|--|--|--|
|                              | End of Quarter |
|                              | NAV            |             | POP (1) |  | Net POP (1) |             | Net POP Premium to NAV |  | Declared Distributions per Share |
|                              |                |             |         |  |             |             |                        |  |                                  |
|                              |                |             |         |  |             |             |                        |  |                                  |
|                              |                |             |         |  |             |             |                        |  |                                  |
|                              |                |             |         |  |             |             |                        |  |                                  |
|                              |                |             |         |  |             |             |                        |  |                                  |
| Year Ended December 31, 2020 |                |             |         |  |             |             |                        |  |                                  |
| Fourth Quarter               | $              | 22.67  |         |  | $           | 23.86  |                        |  | $                                | 22.67  |  |  | —  | % |  | $ | 0.28  |  |
| Third Quarter                | $              | 21.81  |         |  | $           | 22.96  |                        |  | $                                | 21.81  |  |  | —  | % |  | $ | 0.39  |  |
| Second Quarter               | $              | 21.14  |         |  | $           | 22.25  |                        |  | $                                | 21.14  |  |  | —  | % |  | $ | 0.39  |  |
| First Quarter                | $              | 19.66  |         |  | $           | 20.69  |                        |  | $                                | 19.66  |  |  | —  | % |  | $ | 0.46  |  |
| Year Ended December 31, 2019 |                |             |         |  |             |             |                        |  |                                  |
| Fourth Quarter               | $              | 23.37  |         |  | $           | 24.60  |                        |  | $                                | 23.37  |  |  | —  | % |  | $ | 0.46  |  |
| Third Quarter                | $              | 23.74  |         |  | $           | 24.99  |                        |  | $                                | 23.74  |  |  | —  | % |  | $ | 0.50  |  |
| Second Quarter               | $              | 24.37  |         |  | $           | 25.65  |                        |  | $                                | 24.37  |  |  | —  | % |  | $ | 0.46  |  |
| First Quarter                | $              | 24.47  |         |  | $           | 25.76  |                        |  | $                                | 24.47  |  |  | —  | % |  | $ | 0.43  |  |
| Year Ended December 31, 2017 |                |             |         |  |             |             |                        |  |                                  |
|                              |                |             |         |  |             |             |                        |  |                                  |
| Third Quarter (2)            | $              | 25.84  |         |  | $           | 26.90  |                        |  | $                                | 26.09  |  |  | 1.0      | % |  | $ | 0.45  |  |
| Second Quarter               | $              | 25.92  |         |  | $           | 26.90  |                        |  | $                                | 26.09  |  |  | 0.7      | % |  | $ | 0.45  |  |
| First Quarter                | $              | 25.95  |         |  | $           | 26.75  |                        |  | $                                | 25.95  |  |  | —  | % |  | $ | 0.45  |  |
| Year Ended December 31, 2016 |                |             |         |  |             |             |                        |  |                                  |
| Fourth Quarter               | $              | 25.75  |         |  | $           | 26.60  |                        |  | $                                | 25.80  |  |  | 0.2      | % |  | $ | 0.45  |  |
| Third Quarter                | $              | 25.25  |         |  | $           | 26.30  |                        |  | $                                | 25.51  |  |  | 1.0      | % |  | $ | 0.45  |  |
| Second Quarter               | $              | 24.60  |         |  | $           | 25.50  |                        |  | $                                | 24.74  |  |  | 0.6      | % |  | $ | 0.45  |  |
| First Quarter                | $              | 23.95  |         |  | $           | 25.00  |                        |  | $                                | 24.25  |  |  | 1.3      | % |  | $ | 0.47  |  |

|                                                  |  |                                          |  |        |                  |                  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|--|------------------------------------------|--|--------|------------------|------------------|--|--|--|--|--|--|--|--|
|                                        |  | Inception through December 31, 2021 |
|                                                  |  | Shares                                   |  | Amount |
| Gross proceeds from Public Offering              |  | 1,959,348                           |  |        | $                | 50,158,691  |  |
| Dealer Manager fees and commissions              |  | —                             |  |        | (890,172)        |                  |
| Net proceeds to the Company from Public Offering |  | 1,959,348                           |  |        | 49,268,519  |                  |
| Reinvestment of distributions                    |  | 278,752                             |  |        | 6,762,060   |                  |
| Net proceeds from issuance of Shares             |  | 2,238,100                           |  |        | $                | 56,030,579  |  |
| Average net proceeds per Common Share            |  | $25.03                                   |

----

Note 5. Common Shares

|         |  |                                       |               |      |               |      |               |               |  |   |               |  |  |  |  |  |  |  |  |  |
|---------|--|---------------------------------------|---------------|------|---------------|------|---------------|---------------|--|---|---------------|--|--|--|--|--|--|--|--|--|
|         |  | Cash Distributions Declared Per Share |
| Quarter |  | 2021                                  |               | 2020 |               | 2019 |
| First   |  | $                                     | 0.29565  |      |               | $    | 0.46111  |               |  | $ | 0.42564  |  |
| Second  |  | 2.91000                          |               |      | 0.39195  |      |               | 0.46111  |  |
| Third   |  | 2.73000                          |               |      | 0.39195  |      |               | 0.49658  |  |
| Fourth  |  | 0.48000                          |               |      | 0.27738  |      |               | 0.46111  |  |
| Total   |  | $                                     | 6.41565  |      |               | $    | 1.52239  |               |  | $ | 1.84444  |  |

----

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 8. Financial Statements and Supplementary Data

|                                                                        |                              |                  |                              |                 |                              |                  |                              |   |                              |                  |   |  |                 |                  |  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|------------------------------|------------------|------------------------------|-----------------|------------------------------|------------------|------------------------------|---|------------------------------|------------------|---|--|-----------------|------------------|--|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                        | Year Ended December 31, 2021 |                  | Year Ended December 31, 2020 |                 | Year Ended December 31, 2019 |                  | Year Ended December 31, 2018 |   | Year Ended December 31, 2017 |
| Statements of operations data:                                     |                              |                  |                              |                 |                              |                  |                              |   |                              |
| Dividends from investment in GCIF                                      | $                            | 1,686,293   |                              |                 | $                            | 2,617,580   |                              |   | $                            | 2,626,890   |   |  | $               | 3,455,468   |  |  | $ | 2,503,467   |  |
| Operating expenses                                                     |                              |                  |                              |                 |                              |                  |                              |   |                              |
| Total operating expenses                                               | 369,324                 |                  |                              | 538,905    |                              |                  | 472,087                 |   |                              | 537,594     |   |  | 857,377    |                  |
| Reimbursement of expense support                                       | —                 |                  |                              | 40,718     |                              |                  | 25,424                  |   |                              | 156,581     |   |  | 252,732    |                  |
| Less: Expense support from related parties                         | (93,663)                     |                  |                              | (636,794)       |                              |                  | (186,775)                    |   |                              | (91,269)         |   |  | (648,813)       |                  |
| Net expenses (reimbursement)                                           | 275,661                 |                  |                              | (57,171)        |                              |                  | 310,736                 |   |                              | 602,906     |   |  | 461,296    |                  |
| Net investment income                                                  | 1,410,632               |                  |                              | 2,674,751  |                              |                  | 2,316,154               |   |                              | 2,852,562   |   |  | 2,042,171  |                  |
| Net realized gain from redemption of investment in GCIF                | 7,032                   |                  |                              | 28,246     |                              |                  | 11,537                  |   |                              | 43,731      |   |  | 58,092     |                  |
| Long term gain distributions from investment in GCIF                   | (7,012)                      |                  |                              | —    |                              |                  | 216,290                 |   |                              | 567,247     |   |  | 58,279     |                  |
| Net change in unrealized appreciation (depreciation) from investment   | 2,626,462               |                  |                              | (1,143,177)     |                              |                  | (1,496,531)                  |   |                              | (2,110,349)      |   |  | 24,824     |                  |
| Net increase in net assets resulting from operations                   | $                            | 4,037,114   |                              |                 | $                            | 1,559,820   |                              |   | $                            | 1,047,450   |   |  | $               | 1,353,191   |  |  | $ | 2,183,366   |  |
| Per Share data:                                                    |                              |                  |                              |                 |                              |                  |                              |   |                              |
| Net Asset Value per Common Share                                       | $                            | 18.54       |                              |                 | $                            | 22.67       |                              |   | $                            | 23.37       |   |  | $               | 24.56       |  |  | $ | 25.68       |  |
| Net investment income per Common Share outstanding - basic and diluted | $                            | 0.81        |                              |                 | $                            | 1.47        |                              |   | $                            | 1.45        |   |  | $               | 1.76        |  |  | $ | 1.48        |  |
| Earnings per Common Share - basic and diluted                          | $                            | 2.30        |                              |                 | $                            | 0.86        |                              |   | $                            | 0.65        |   |  | $               | 0.83        |  |  | $ | 1.58        |  |
| Distributions per Common Share                                         | $                            | 6.42        |                              |                 | $                            | 1.52        |                              |   | $                            | 1.84        |   |  | $               | 1.95        |  |  | $ | 1.82        |  |
| Other data:                                                        |                              |                  |                              |                 |                              |                  |                              |   |                              |
| Total investment return-net price (1)                                  | N/A                      |                  | N/A                      |                 | N/A                      |                  | N/A                      |   | 6.77                    | %                |
| Total investment return-net asset value (2)                            | 10.40                   | %                |                              | 4.06       | %                            |                  | 2.66                    | % |                              | 3.21        | % |  | 7.00       | %                |
|                                                                        |                              |                  |                              |                 |                              |                  |                              |   |                              |
| Net investment activity for the period                                 | $                            | 1,902,878   |                              |                 | $                            | 4,582,853   |                              |   | $                            | 832,462     |   |  | $               | 364,000     |  |  | $ | 20,524,500  |  |
|                                                                        |                              |                  |                              |                 |                              |                  |                              |   |                              |
| Statements of Assets and Liabilities data:                         |                              |                  |                              |                 |                              |                  |                              |   |                              |
| Total assets                                                           | $                            | 32,315,383  |                              |                 | $                            | 41,050,019  |                              |   | $                            | 37,660,312  |   |  | $               | 39,922,480  |  |  | $ | 41,317,012  |  |
| Total net assets                                                       | $                            | 32,182,699  |                              |                 | $                            | 40,955,678  |                              |   | $                            | 37,529,070  |   |  | $               | 39,570,591  |  |  | $ | 41,064,158  |  |
|                                                                        |                              |                  |                              |                 |                              |                  |                              |   |                              |
|                                                                        |

----

----

Part II. Item 8. Financial Statements and Supplementary Data

----

|                                                                              |                                  |                 |      |                 |      |                 |                 |  |   |                 |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------|----------------------------------|-----------------|------|-----------------|------|-----------------|-----------------|--|---|-----------------|--|--|--|--|--|--|--|
|                                                                              | For the Years Ended December 31, |
|                                                                              | 2021                             |                 | 2020 |                 | 2019 |
| Total investment income                                                      | $                                | 1,686,293  |      |                 | $    | 2,617,580  |                 |  | $ | 2,626,890  |  |
| Net expenses (reimbursement)                                                 | 275,661                     |                 |      | (57,171)        |      |                 | 310,736    |  |
| Net investment income                                                        | 1,410,632                   |                 |      | 2,674,751  |      |                 | 2,316,154  |  |
| Net realized gains from redemption of investment in GCIF                     | 7,032                       |                 |      | 28,246     |      |                 | 11,537     |  |
| Long term gain distributions from investment in GCIF                         | (7,012)                          |                 |      | —    |      |                 | 216,290    |  |
| Net change in unrealized appreciation (depreciation) from investment in GCIF | 2,626,462                   |                 |      | (1,143,177)     |      |                 | (1,496,531)     |  |
| Net increase in net assets resulting from operations                         | $                                | 4,037,114  |      |                 | $    | 1,559,820  |                 |  | $ | 1,047,450  |  |

|                                                        |                                  |               |      |               |      |              |               |  |   |               |  |  |  |  |  |  |  |
|--------------------------------------------------------|----------------------------------|---------------|------|---------------|------|--------------|---------------|--|---|---------------|--|--|--|--|--|--|--|
|                                                        | For the Years Ended December 31, |
|                                                        | 2021                             |               | 2020 |               | 2019 |
| Administrative services                                | $                                | 14,717   |      |               | $    | 14,757  |               |  | $ | 15,128   |  |
| Related party reimbursements                           | 120,840                     |               |      | 188,714  |      |              | 210,711  |  |
|                                                        |                                  |               |      |               |      |
| Professional services fees                             | 99,725                      |               |      | 101,000  |      |              | 128,465  |  |
| Offering costs                                         | 10,547                      |               |      | 102,337  |      |              | 17,859   |  |
| Transfer agent fees                                    | 100,455                     |               |      | 99,580   |      |              | 99,769   |  |
| Other expenses                                         | 23,040                      |               |      | 32,517   |      |              | 155      |  |
|      Total operating expenses | 369,324                     |               |      | 538,905  |      |              | 472,087  |  |
| Reimbursement of expense support                       | —                     |               |      | 40,718   |      |              | 25,424   |  |
| Less: Expense support from related parties         | (93,663)                         |               |      | (636,794)     |      |              | (186,775)     |  |
| Net expenses (reimbursement)                           | $                                | 275,661  |      |               | $    | (57,171)     |               |  | $ | 310,736  |  |

----

Note 2. Significant Accounting Policies.

----

Note 4. Related Party Agreements and Transactions

Note 4. Related Party Agreements and Transactions

Note 4. Related Party Agreements and Transactions

|                                        |  |                                   |  |  |  |  |  |  |
|----------------------------------------|--|-----------------------------------|--|--|--|--|--|--|
| Basis Points (bps) Increase (Decrease) |  | Net Increase (Decrease) per Share |
|                                        |  |                                   |
|  +50 bps                          |  | 0.03                         |  |
|  +100 bps                         |  | 0.07                         |  |
|  +150 bps                         |  | 0.13                         |  |
|  +200 bps                         |  | 0.20                         |  |

----

----

|                                                                                                                                                                                                        |                   |                  |                   |                  |   |                  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|------------------|-------------------|------------------|---|------------------|--|--|--|--|--|--|--|
|                                                                                                                                                                                                        | December 31, 2021 |                  | December 31, 2020 |                  |   |
| Assets                                                                                                                                                                                                 |                   |                  |                   |                  |   |
| Investment in Guggenheim Credit Income Fund ("GCIF") (5,046,351 shares purchased at a cost of $32,459,691 and 5,290,937 shares purchased at a cost of $44,095,997, respectively)               | $                 | 31,010,552  |                   |                  | $ | 40,020,396  |  |  |  |
| Cash                                                                                                                                                                                                   | 1,304,831    |                  |                   | 771,815     |   |                  |  |
| Receivable from related parties                                                                                                                                                                        | —      |                  |                   | 149,039     |   |                  |  |
|                                                                                                                                                                                                        |                   |                  |                   |                  |   |
|                                                                                                                                                                                                        |                   |                  |                   |                  |   |
| Deferred offering cost                                                                                                                                                                                 | —      |                  |                   | 108,769     |   |                  |  |
| Total assets                                                                                                                                                                                           | 32,315,383   |                  |                   | 41,050,019  |   |                  |  |
|                                                                                                                                                                                                        |                   |                  |                   |                  |   |
| Liabilities                                                                                                                                                                                            |                   |                  |                   |                  |   |
| Payable to related parties                                                                                                                                                                             | 23,841       |                  |                   | 39,718      |   |                  |  |
| Accrued professional services fees                                                                                                                                                                     | 75,430       |                  |                   | 35,197      |   |                  |  |
|                                                                                                                                                                                                        |                   |                  |                   |                  |   |
|                                                                                                                                                                                                        |                   |                  |                   |                  |   |
| Accounts payable, accrued expenses and other liabilities                                                                                                                                               | 33,413       |                  |                   | 19,426      |   |                  |  |
| Total liabilities                                                                                                                                                                                      | 132,684      |                  |                   | 94,341      |   |                  |  |
| Commitments and contingencies (Note 4. Related Party Agreements and Transactions)                                                                                                                      |                   |                  |                   |                  |   |
| Net Assets                                                                                                                                                                                             | $                 | 32,182,699  |                   |                  | $ | 40,955,678  |  |  |  |
|                                                                                                                                                                                                        |                   |                  |                   |                  |   |
| Components of Net Assets:                                                                                                                                                                          |                   |                  |                   |                  |   |
| Common Shares, $0.001 par value, 348,000,000 Common Shares authorized, 1,736,284 and 1,806,983 Common Shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | $                 | 1,737       |                   |                  | $ | 1,807       |  |  |  |
| Paid-in-capital in excess of par value                                                                                                                                                                 | 34,554,572   |                  |                   | 45,089,795  |   |                  |  |
|                                                                                                                                                                                                        |                   |                  |                   |                  |   |
|                                                                                                                                                                                                        |                   |                  |                   |                  |   |
|                                                                                                                                                                                                        |                   |                  |                   |                  |   |
| Accumulated loss, net of distributions                                                                                                                                                                 | (2,373,610)       |                  |                   | (4,135,924)      |   |                  |  |
| Total net assets                                                                                                                                                                                       | $                 | 32,182,699  |                   |                  | $ | 40,955,678  |  |  |  |
| Net asset value per Common Share                                                                                                                                                                       | $                 | 18.54       |                   |                  | $ | 22.67       |  |  |  |

----

|                                                                                                        |                                  |                 |      |                 |      |                 |                 |  |   |                 |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------|----------------------------------|-----------------|------|-----------------|------|-----------------|-----------------|--|---|-----------------|--|--|--|--|--|--|--|
|                                                                                                        | For the Years Ended December 31, |
|                                                                                                        | 2021                             |                 | 2020 |                 | 2019 |
| Investment Income                                                                                      |                                  |                 |      |                 |      |
| Dividends from investment in GCIF                                                                      | $                                | 1,686,293  |      |                 | $    | 2,617,580  |                 |  | $ | 2,626,890  |  |
|                                                                                                        |                                  |                 |      |                 |      |
| Total investment income                                                                                | 1,686,293                   |                 |      | 2,617,580  |      |                 | 2,626,890  |  |
|                                                                                                        |                                  |                 |      |                 |      |
| Operating Expenses (1)                                                                                 |                                  |                 |      |                 |      |
| Administrative services                                                                                | 14,717                      |                 |      | 14,757     |      |                 | 15,128     |  |
| Related party reimbursements                                                                           | 120,840                     |                 |      | 188,714    |      |                 | 210,711    |  |
|                                                                                                        |                                  |                 |      |                 |      |
| Professional services fees                                                                             | 99,725                      |                 |      | 101,000    |      |                 | 128,465    |  |
| Offering costs                                                                                         | 10,547                      |                 |      | 102,337    |      |                 | 17,859     |  |
| Transfer agent fees                                                                                    | 100,455                     |                 |      | 99,580     |      |                 | 99,769     |  |
| Other expenses                                                                                         | 23,040                      |                 |      | 32,517     |      |                 | 155        |  |
| Total operating expenses                                                                               | 369,324                     |                 |      | 538,905    |      |                 | 472,087    |  |
| Reimbursement of expense support                                                                       | —                     |                 |      | 40,718     |      |                 | 25,424     |  |
| Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions) | (93,663)                         |                 |      | (636,794)       |      |                 | (186,775)       |  |
| Net expenses (reimbursement)                                                                           | 275,661                     |                 |      | (57,171)        |      |                 | 310,736    |  |
| Net investment income                                                                                  | 1,410,632                   |                 |      | 2,674,751  |      |                 | 2,316,154  |  |
|                                                                                                        |                                  |                 |      |                 |      |
| Realized and unrealized gains (losses):                                                            |                                  |                 |      |                 |      |
| Short term realized gainfrom redemption of investment in GCIF                                          | 7,032                       |                 |      | 28,246     |      |                 | 11,537     |  |
| Long term realized loss from redemption of investment in GCIF                                          | (7,012)                          |                 |      | —    |      |                 | —    |  |
| Long term gain distributions from investment in GCIF                                                   | —                     |                 |      | —    |      |                 | 216,290    |  |
| Net realized gain from investment in GCIF                                                              | 20                          |                 |      | 28,246     |      |                 | 227,827    |  |
| Net change in unrealized appreciation (depreciation) from investment in GCIF                           | 2,626,462                   |                 |      | (1,143,177)     |      |                 | (1,496,531)     |  |
| Net realized and unrealized gains (losses)                                                             | 2,626,482                   |                 |      | (1,114,931)     |      |                 | (1,268,704)     |  |
| Net increase in net assets resulting from operations                                                   | $                                | 4,037,114  |      |                 | $    | 1,559,820  |                 |  | $ | 1,047,450  |  |
|                                                                                                        |                                  |                 |      |                 |      |
| Per Common Share information:                                                                      |                                  |                 |      |                 |      |
| Net investment income per Common Share outstanding - basic and diluted                                 | $                                | 0.81       |      |                 | $    | 1.47       |                 |  | $ | 1.45       |  |
| Earnings per Common Share outstanding - basic and diluted                                              | $                                | 2.30       |      |                 | $    | 0.86       |                 |  | $ | 0.65       |  |
| Weighted average Common Shares outstanding - basic and diluted                                         | 1,751,870                   |                 |      | 1,822,578  |      |                 | 1,601,576  |  |
| Distributions per Common Share outstanding                                                             | $                                | 6.42       |      |                 | $    | 1.52       |                 |  | $ | 1.84       |  |

----

|                                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |                 |  |   |                 |  |  |                  |                  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------|-----------------|--|----------------------------------------|---------------|---------------------------------------------------|--|-----------------|---|------------------|-----------------|--|---|-----------------|--|--|------------------|------------------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                      | Common Shares   |  | Paid-in-Capital in Excess of Par Value |               | Accumulated Earnings (Loss), net of Distributions |  |                 |
|                                                                      | Shares          |  | Amount                                 |               |                                                   |  | Total           |
| Balance at December 31, 2018                                         | 1,611,147  |  |                                        | $             | 1,611                                        |  |                 | $ | 40,689,858  |                 |  | $ | (1,120,878)     |  |  | 39,570,591  |                  |
| Operations:                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Net investment income                                                | —    |  |                                        | —  |                                                   |  | —    |   |                  | 2,316,154  |  |   | 2,316,154  |  |
| Net realized gains from investment in GCIF                           | —    |  |                                        | —  |                                                   |  | —    |   |                  | 227,827    |  |   | 227,827    |  |
| Net change in unrealized depreciation from investment in GCIF        | —    |  |                                        | —  |                                                   |  | —    |   |                  | (1,496,531)     |  |   | (1,496,531)     |  |
| Net increase in net assets resulting from operations                 | —    |  |                                        | —  |                                                   |  | —    |   |                  | 1,047,450  |  |   | 1,047,450  |  |
| Shareholder distributions:                                       |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Distributions from earnings                                          | —    |  |                                        | —  |                                                   |  | —    |   |                  | (2,951,606)     |  |   | (2,951,606)     |  |
|                                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
|                                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Net decrease in net assets resulting from shareholder distributions  | —    |  |                                        | —  |                                                   |  | —    |   |                  | (2,951,606)     |  |   | (2,951,606)     |  |
| Capital share transactions:                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Issuance of Common Shares                                            | 118,188    |  |                                        | 118      |                                                   |  | 2,841,632  |   |                  | —    |  |   | 2,841,750  |  |
| Shares issued in connection with the dividend reinvestment plan      | 69,041     |  |                                        | 69       |                                                   |  | 1,667,039  |   |                  | —    |  |   | 1,667,108  |  |
| Repurchase of Common Shares                                          | (192,175)       |  |                                        | (192)         |                                                   |  | (4,646,031)     |   |                  | —    |  |   | (4,646,223)     |  |
| Net decrease in net assets resulting from capital share transactions | (4,946)         |  |                                        | (5)           |                                                   |  | (137,360)       |   |                  | —    |  |   | (137,365)       |  |
| Reclassifications of permanent book-to-tax differences               | —    |  |                                        | —  |                                                   |  | (20,532)        |   |                  | 20,532     |  |   | —    |  |
| Net decrease for the year                                            | (4,946)         |  |                                        | (5)           |                                                   |  | (157,892)       |   |                  | (1,883,624)     |  |   | (2,041,521)     |  |
| Balance at December 31, 2019                                         | 1,606,201  |  |                                        | $             | 1,606                                        |  |                 | $ | 40,531,966  |                 |  | $ | (3,004,502)     |  |  | $                | 37,529,070  |  |
| Operations:                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Net investment income                                                | —    |  |                                        | —  |                                                   |  | —    |   |                  | 2,674,751  |  |   | 2,674,751  |  |
| Net realized gains from investment in GCIF                           | —    |  |                                        | —  |                                                   |  | —    |   |                  | 28,246     |  |   | 28,246     |  |
| Net change in unrealized depreciation from investment in GCIF        | —    |  |                                        | —  |                                                   |  | —    |   |                  | (1,143,177)     |  |   | (1,143,177)     |  |
| Net increase in net assets resulting from operations                 | —    |  |                                        | —  |                                                   |  | —    |   |                  | 1,559,820  |  |   | 1,559,820  |  |
| Shareholder distributions:                                       |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Distributions from earnings                                          | —    |  |                                        | —  |                                                   |  | —    |   |                  | (2,771,518)     |  |   | (2,771,518)     |  |
|                                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
|                                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Net decrease in net assets resulting from shareholder distributions  | —    |  |                                        | —  |                                                   |  | —    |   |                  | (2,771,518)     |  |   | (2,771,518)     |  |
| Capital share transactions:                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Issuance of Common Shares                                            | 253,730    |  |                                        | 254      |                                                   |  | 5,862,147  |   |                  | —    |  |   | 5,862,401  |  |
| Shares issued in connection with the dividend reinvestment plan      | 62,625     |  |                                        | 63       |                                                   |  | 1,349,376  |   |                  | —    |  |   | 1,349,439  |  |
| Repurchase of Common Shares                                          | (115,573)       |  |                                        | (116)         |                                                   |  | (2,573,418)     |   |                  | —    |  |   | (2,573,534)     |  |
| Net increase in net assets resulting from capital share transactions | 200,782    |  |                                        | 201      |                                                   |  | 4,638,105  |   |                  | —    |  |   | 4,638,306  |  |
| Reclassifications of permanent book-to-tax differences               | —    |  |                                        | —  |                                                   |  | (80,276)        |   |                  | 80,276     |  |   | —    |  |
| Net increase (decrease) for the year                                 | 200,782    |  |                                        | 201      |                                                   |  | 4,557,829  |   |                  | (1,131,422)     |  |   | 3,426,608  |  |
| Balance at December 31, 2020                                         | 1,806,983  |  |                                        | $             | 1,807                                        |  |                 | $ | 45,089,795  |                 |  | $ | (4,135,924)     |  |  | $                | 40,955,678  |  |
| Operations:                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Net investment income                                                | —    |  |                                        | —  |                                                   |  | —    |   |                  | 1,410,632  |  |   | 1,410,632  |  |
| Net realized gains from investment in GCIF                           | —    |  |                                        | —  |                                                   |  | —    |   |                  | 20         |  |   | 20         |  |
| Net change in unrealized appreciation from investment in GCIF        | —    |  |                                        | —  |                                                   |  | —    |   |                  | 2,626,462  |  |   | 2,626,462  |  |
| Net increase in net assets resulting from operations                 | —    |  |                                        | —  |                                                   |  | —    |   |                  | 4,037,114  |  |   | 4,037,114  |  |
| Shareholder distributions:                                       |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Distributions from earnings                                          | —    |  |                                        | —  |                                                   |  | —    |   |                  | (2,308,862)     |  |   | (2,308,862)     |  |
| Distributions representing a return of capital                       | —    |  |                                        | —  |                                                   |  | (8,852,520)     |   |                  | —    |  |   | (8,852,520)     |  |
|                                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Net decrease in net assets resulting from shareholder distributions  | —    |  |                                        | —  |                                                   |  | (8,852,520)     |   |                  | (2,308,862)     |  |   | (11,161,382)    |  |
| Capital share transactions:                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
|                                                                      |                 |  |                                        |               |                                                   |  |                 |   |                  |
| Shares issued in connection with the dividend reinvestment plan      | 11,005     |  |                                        | 11       |                                                   |  | 254,146    |   |                  | —    |  |   | 254,157    |  |
| Repurchase of Common Shares                                          | (81,704)        |  |                                        | (81)          |                                                   |  | (1,902,787)     |   |                  | —    |  |   | (1,902,868)     |  |
| Net decrease in net assets resulting from capital share transactions | (70,699)        |  |                                        | (70)          |                                                   |  | (1,648,641)     |   |                  | —    |  |   | (1,648,711)     |  |
|  Reclassifications of permanent book-to-tax differences         | —    |  |                                        | —  |                                                   |  | (34,062)        |   |                  | 34,062     |  |   | —    |  |
|  Net increase (decrease) for the year                           | (70,699)        |  |                                        | (70)          |                                                   |  | (10,535,223)    |   |                  | 1,762,314  |  |   | (8,772,979)     |  |
|  Balance at December 31, 2021                                   | 1,736,284  |  |                                        | $             | 1,737                                        |  |                 | $ | 34,554,572  |                 |  | $ | (2,373,610)     |  |  | $                | 32,182,699  |  |

----

|                                                                                                                                 |                                  |                 |      |                 |      |                 |                 |  |   |                 |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------|----------------------------------|-----------------|------|-----------------|------|-----------------|-----------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|
|                                                                                                                                 | For the Years Ended December 31, |                 |      |
|                                                                                                                                 | 2021                             |                 | 2020 |                 | 2019 |                 |                 |
| Operating activities                                                                                                            |                                  |                 |      |                 |      |                 |                 |
| Net increase in net assets resulting from operations                                                                            | $                                | 4,037,114  |      |                 | $    | 1,559,820  |                 |  | $ | 1,047,450  |  |  |  |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities: |                                  |                 |      |                 |      |                 |                 |
| Purchase of Master Fund shares                                                                                                  | —                     |                 |      | (6,550,000)     |      |                 | —    |  |   |                 |
| Redemption of Master Fund shares                                                                                                | 1,902,878                   |                 |      | 1,967,147  |      |                 | 832,462    |  |   |                 |
| Proceeds from liquidation distributions                                                                                         | 9,733,448                   |                 |      | —    |      |                 | —    |  |   |                 |
| Net realized (gain) from investment in GCIF                                                                                     | (20)                             |                 |      | (28,246)        |      |                 | (11,537)        |  |   |                 |
| Net change in unrealized (appreciation) depreciation from investment in GCIF                                                    | (2,626,462)                      |                 |      | 1,143,177  |      |                 | 1,496,531  |  |   |                 |
| (Increase) decrease in operating assets:                                                                                    |                                  |                 |      |                 |      |                 |                 |
| Receivable from related parties                                                                                                 | 149,039                     |                 |      | 37,735     |      |                 | (186,774)       |  |   |                 |
|                                                                                                                                 |                                  |                 |      |                 |      |                 |                 |
| Dividends receivable                                                                                                            | —                     |                 |      | —    |      |                 | 558,295    |  |   |                 |
| Deferred offering cost                                                                                                          | 108,769                     |                 |      | (84,529)        |      |                 | (24,240)        |  |   |                 |
|                                                                                                                                 |                                  |                 |      |                 |      |                 |                 |
| Increase (decrease) in operating liabilities:                                                                               |                                  |                 |      |                 |      |                 |                 |
| Payable to related parties                                                                                                      | (15,877)                         |                 |      | (15,265)        |      |                 | (7,291)         |  |   |                 |
| Accrued professional services fees                                                                                              | 40,233                      |                 |      | (22,070)        |      |                 | 3,780      |  |   |                 |
| Accounts payable, accrued expenses and other liabilities                                                                        | 13,987                      |                 |      | 434        |      |                 | (35,028)        |  |   |                 |
|                                                                                                                                 |                                  |                 |      |                 |      |                 |                 |
| Net cash provided by (used in) operating activities                                                                             | 13,343,109                  |                 |      | (1,991,797)     |      |                 | 3,673,648  |  |   |                 |
|                                                                                                                                 |                                  |                 |      |                 |      |                 |                 |
| Financing activities                                                                                                            |                                  |                 |      |                 |      |                 |                 |
|     Issuance of Common Shares                                                                               | —                     |                 |      | 5,862,401  |      |                 | 2,841,750  |  |   |                 |
|     Repurchase of Common Shares                                                                             | (1,902,868)                      |                 |      | (2,573,534)     |      |                 | (4,646,223)     |  |   |                 |
|     Distributions paid                                                                                      | (10,907,225)                     |                 |      | (1,422,079)     |      |                 | (1,466,606)     |  |   |                 |
| Net cash provided by (used in) financing activities                                                                             | (12,810,093)                     |                 |      | 1,866,788  |      |                 | (3,271,079)     |  |   |                 |
|                                                                                                                                 |                                  |                 |      |                 |      |                 |                 |
| Net increase (decrease) in cash                                                                                                 | 533,016                     |                 |      | (125,009)       |      |                 | 402,569    |  |   |                 |
| Cash, beginning of year                                                                                                         | 771,815                     |                 |      | 896,824    |      |                 | 494,255    |  |   |                 |
| Cash, end of year                                                                                                               | $                                | 1,304,831  |      |                 | $    | 771,815    |                 |  | $ | 896,824    |  |  |  |
| Supplemental information and non-cash financing:                                                                            |                                  |                 |      |                 |      |                 |                 |
| Distributions reinvested                                                                                                        | $                                | 254,157    |      |                 | $    | 1,349,439  |                 |  | $ | 1,667,108  |  |  |  |

----

----

----

|                   |  |                 |  |                               |                 |              |  |                 |  |            |   |                  |  |  |   |                  |  |  |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|-----------------|--|-------------------------------|-----------------|--------------|--|-----------------|--|------------|---|------------------|--|--|---|------------------|--|--|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                   |  | End of Period   |  | Weighted Average Shares Owned |                 |              |  |                 |  | % of Net   |
| Period Ended      |  | No. of Shares   |  | Quarter to Date               |                 | Year to Date |  | Cost            |  | Fair Value |   | Assets           |
| December 31, 2021 |  | 5,046,351  |  |                               | 5,046,351  |              |  | 5,095,268  |  |            | $ | 32,459,691  |  |  | $ | 31,010,552  |  |  | 96.4  | % |
| December 31, 2020 |  | 5,290,937  |  |                               | 5,420,003  |              |  | 5,340,757  |  |            | $ | 44,095,997  |  |  | $ | 40,020,396  |  |  | 97.7  | % |

----

----

|                             |  |                                                                              |  |  |  |                                  |  |               |               |      |               |      |               |               |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------|--|------------------------------------------------------------------------------|--|--|--|----------------------------------|--|---------------|---------------|------|---------------|------|---------------|---------------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                             |  |                                                                              |  |  |  | For the Years Ended December 31, |
| Related Party               |  | Source Agreement & Description                                           |  |  |  |                                  |  | 2021          |               | 2020 |               | 2019 |
|                             |  | Related Party Expense:                                                   |  |  |  |                                  |  |               |               |      |               |      |
| Guggenheim                  |  | Administrative Services Agreement - expense reimbursement                    |  |  |  |                                  |  | $             | 120,840  |      |               | $    | 188,714  |               |  | $ | 210,711  |  |
| Guggenheim                  |  | Expense Support Agreement - expense support reimbursement to related parties |  |  |  |                                  |  | —  |               |      | 40,718   |      |               | 25,424   |  |
| Dealer Manager (Guggenheim) |  | Dealer Manager Agreement - sales commissions and dealer manager fees         |  |  |  |                                  |  | —  |               |      | 16,900   |      |               | 6,000    |  |
|                             |  | Related Party Income:                                                    |  |  |  |                                  |  |               |               |      |               |      |
| Guggenheim                  |  | Expense Support Agreement - expense support from related parties             |  |  |  |                                  |  | 93,663   |               |      | 636,794  |      |               | 186,775  |  |

----

|                                                   |                              |  |                                     |               |               |  |                 |                 |  |                  |   |                  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------|------------------------------|--|-------------------------------------|---------------|---------------|--|-----------------|-----------------|--|------------------|---|------------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                   | Year Ended December 31, 2021 |  | Inception through December 31, 2021 |
|                                                   | Shares                       |  | Amount                              |               | Shares        |  | Amount          |
| Gross proceeds from Public Offerings              | —                 |  |                                     | $             | —  |  |                 | 1,959,348  |  |                  | $ | 50,158,691  |  |
| Dealer Manager fees and commissions               | —                 |  |                                     | —  |               |  | —    |                 |  | (890,172)        |   |
| Net proceeds to the Company from Public Offerings | —                 |  |                                     | —  |               |  | 1,959,348  |                 |  | 49,268,519  |   |
| Reinvestment of shareholders' distributions       | 11,005                  |  |                                     | 254,157  |               |  | 278,752    |                 |  | 6,762,060   |   |
| Net proceeds from all issuance of Common Shares   | 11,005                  |  |                                     | $             | 254,157  |  |                 | 2,238,100  |  |                  | $ | 56,030,579  |  |
| Average net proceeds per Common Share             | $23.09                       |  | $25.03                              |

----

|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |             |             |   |             |            |   |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------|--|----------------------------------------------|--|------------------------------------|---------------|---------------------|--|----------------------|-----------------|---------------------------------------------|-------------|-------------------------------------------------------------|-------------|-------------|---|-------------|------------|---|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Tender Offer Termination Date |  | Total Number of Shares Offered to Repurchase |  | Total Number of Shares Repurchased |               | Total Consideration |  | Price Paid per Share |                 | No. of Shares Repurchased / Total Offer |             | No. of Shares Repurchased / Weighted Average Shares (1) |
| 2021:                     |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
| March 8, 2021 (2)             |  | 45,564                                  |  |                                    | 81,704   |                     |  | $                    | 1,902,868  |                                             |             | $                                                           | 23.29  |             |   | 179.3  | %          |   | 4.48  | % |
| Total                         |  | 45,564                                  |  |                                    | 81,704   |                     |  | $                    | 1,902,868  |                                             |             |                                                             |             | 179.3  | % |             |            |
|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
| 2020:                     |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
| March 9, 2020                 |  | 40,039                                  |  |                                    | 23,050   |                     |  | $                    | 541,203    |                                             |             | $                                                           | 23.48  |             |   | 57.6   | %          |   | 1.44  | % |
| June 8, 2020 (3)              |  | 19,862                                  |  |                                    | 23,051   |                     |  | 476,466         |                 |                                             | 20.67  |                                                             |             | 116.1  | % |             | 1.40  | % |
| September 8, 2020             |  | 17,325                                  |  |                                    | 17,324   |                     |  | 376,287         |                 |                                             | 21.72  |                                                             |             | 100.0  | % |             | 1.02  | % |
| December 8, 2020 (4)          |  | 15,390                                  |  |                                    | 52,148   |                     |  | 1,179,578       |                 |                                             | 22.62  |                                                             |             | 338.8  | % |             | 2.96  | % |
| Total                         |  | 92,616                                  |  |                                    | 115,573  |                     |  | $                    | 2,573,534  |                                             |             |                                                             |             | 124.8  | % |             |            |
|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
| 2019:                     |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
| March 25, 2019 (5)            |  | 40,560                                  |  |                                    | 72,783   |                     |  | $                    | 1,787,548  |                                             |             | $                                                           | 24.56  |             |   | 179.4  | %          |   | 4.49  | % |
| June 5, 2019 (6)              |  | 40,654                                  |  |                                    | 45,377   |                     |  | 1,109,017       |                 |                                             | 24.44  |                                                             |             | 111.6  | % |             | 2.80  | % |
| October 11, 2019 (7)          |  | 40,486                                  |  |                                    | 58,785   |                     |  | 1,391,452       |                 |                                             | 23.67  |                                                             |             | 145.2  | % |             | 3.63  | % |
| December 6, 2019              |  | 40,241                                  |  |                                    | 15,230   |                     |  | 358,206         |                 |                                             | 23.52  |                                                             |             | 37.8   | % |             | 0.95  | % |
| Total                         |  | 161,941                                 |  |                                    | 192,175  |                     |  | $                    | 4,646,223  |                                             |             |                                                             |             | 118.7  | % |             |            |
|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |
|                               |  |                                              |  |                                    |               |                     |  |                      |                 |                                             |             |                                                             |

----

|                                         |  |              |  |                                       |               |                                        |               |                     |               |                 |                  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|--|--------------|--|---------------------------------------|---------------|----------------------------------------|---------------|---------------------|---------------|-----------------|------------------|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Record Date                             |  | Payment Date |  | Distribution per Share at Record Date |               | Distribution per Share at Payment Date |               | Distribution Amount |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
|                                         |  |              |  |                                       |               |                                        |               |                     |
| For Fiscal Year 2021                    |  |              |  |                                       |               |                                        |               |                     |
| January 11                              |  | January 13   |  | $                                     | 0.09855  |                                        |               | $                   | 0.09855  |                 |                  | $ | 178,078  |  |
| February 9                              |  | February 11  |  | 0.09855                          |               |                                        | 0.09855  |                     |               | 178,443    |                  |
| March 8                                 |  | March 9      |  | 0.09855                          |               |                                        | 0.09855  |                     |               | 178,802    |                  |
| June 3                                  |  | June 7       |  | 2.91000                          |               |                                        | 2.91000  |                     |               | 5,052,588  |                  |
| August 4                                |  | August 6     |  | 2.73000                          |               |                                        | 2.73000  |                     |               | 4,740,056  |                  |
| November 3                              |  | November 5   |  | 0.48000                          |               |                                        | 0.48000  |                     |               | 833,415    |                  |
|                                         |  |              |  |                                       |               | $                                      | 6.41565  |                     |               | $               | 11,161,382  |   |
| For Fiscal Year 2020                    |  |              |  |                                       |               |                                        |               |                     |
| January 6, 13, 20, 27                   |  | January 29   |  | $                                     | 0.03547  |                                        |               | $                   | 0.14188  |                 |                  | $ | 247,731  |  |
| February 3, 10, 17, 24                  |  | February 26  |  | 0.03547                          |               |                                        | 0.14188  |                     |               | 255,006    |                  |
| March 2, 9, 16, 23, 30                  |  | April 1      |  | 0.03547                          |               |                                        | 0.17735  |                     |               | 322,221    |                  |
| April 6, 13, 20, 27                     |  | April 29     |  | 0.03015                          |               |                                        | 0.12060  |                     |               | 218,642    |                  |
| May 4, 11, 18, 25, June 1, 8            |  | June 9       |  | 0.03015                          |               |                                        | 0.18090  |                     |               | 329,563    |                  |
| June 15, 22, 29, July 6                 |  | July 9       |  | 0.03015                          |               |                                        | 0.12060  |                     |               | 220,304    |                  |
| July 13, 20, 27, August 3, 10           |  | August 11    |  | 0.03015                          |               |                                        | 0.15075  |                     |               | 277,012    |                  |
| August 17, 24, 31, September 7          |  | September 9  |  | 0.03015                          |               |                                        | 0.12060  |                     |               | 222,663    |                  |
| September 14, 21, 28, October 5, 2020   |  | October 5    |  | 0.03015                          |               |                                        | 0.12060  |                     |               | 221,485    |                  |
| October 12, 19, 26, November 2, 9, 2020 |  | November 10  |  | 0.03015                          |               |                                        | 0.15075  |                     |               | 278,082    |                  |
| November 16, 23, 30, December 7, 2020   |  | December 9   |  | 0.02412                          |               |                                        | 0.09648  |                     |               | 178,809    |                  |
|                                         |  |              |  |                                       |               | $                                      | 1.52239  |                     |               | $               | 2,771,518   |   |
| For Fiscal Year 2019                    |  |              |  |                                       |               |                                        |               |                     |
| January 7, 14, 21, 28                   |  | January 30   |  | $                                     | 0.03547  |                                        |               | $                   | 0.14188  |                 |                  | $ | 228,590  |  |
| February 4, 11, 18, 25                  |  | February 27  |  | 0.03547                               |               | 0.14188                           |               |                     | 229,815  |                 |
| March 4, 11, 18, 25                     |  | March 27     |  | 0.03547                               |               | 0.14188                           |               |                     | 230,389  |                 |
| April 1, 8, 15, 22, 29                  |  | May 1        |  | 0.03547                               |               | 0.17735                           |               |                     | 280,979  |                 |
| May 6, 13, 20, 27                       |  | May 29       |  | 0.03547                               |               | 0.14188                           |               |                     | 226,054  |                 |
| June 3, 10, 17, 24                      |  | June 26      |  | 0.03547                               |               | 0.14188                           |               |                     | 226,372  |                 |
| July 1, 8, 15, 22, 29                   |  | July 31      |  | 0.03547                               |               | 0.17735                           |               |                     | 279,757  |                 |
| August 5, 12, 19, 26                    |  | August 28    |  | 0.03547                               |               | 0.14188                           |               |                     | 225,445  |                 |
| September 2, 9, 16, 23, 30              |  | October 2    |  | 0.03547                               |               | 0.17735                           |               |                     | 284,947  |                 |
| October 7, 14, 21, 28                   |  | October 30   |  | 0.03547                               |               | 0.14188                           |               |                     | 228,894  |                 |
| November 4, 11, 18, 25                  |  | November 27  |  | 0.03547                               |               | 0.14188                           |               |                     | 225,696  |                 |
| December 2, 9, 16, 23, 30               |  | December 31  |  | 0.03547                               |               | 0.17735                           |               |                     | 284,668  |                 |
|                                         |  |              |  |                                       |               | $                                      | 1.84444  |                     |               | $               | 2,951,606   |   |
|                                         |  |              |  |                                       |               |                                        |               |                     |

----

|                                                                                       |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------|------------------------------|-------------|------------------------------|---------------|------------------------------|-------------|------------------------------|---|------------------------------|---------------|---|--|---------------|-------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                       | Year Ended December 31, 2021 |             | Year Ended December 31, 2020 |               | Year Ended December 31, 2019 |             | Year Ended December 31, 2018 |   | Year Ended December 31, 2017 |               |   |  |               |             |  |
| PER COMMON SHARE OPERATING PERFORMANCE                                                |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
| Net asset value, beginning of year                                                    | $                            | 22.67  |                              |               | $                            | 23.37  |                              |   | $                            | 24.56    |   |  | $             | 25.68  |  |  | $ | 25.75  |  |  |  |  |  |  |  |
| Net investment income (1)                                                             | 0.81                    |             |                              | 1.47     |                              |             | 1.45                    |   |                              | 1.76     |   |  | 1.48     |             |  |  |   |             |  |  |
| Net realized gains from investment in GCIF (1)                                        | —                 |             |                              | 0.02     |                              |             | 0.14                    |   |                              | 0.38     |   |  | 0.08     |             |  |  |   |             |  |  |
| Net unrealized appreciation (depreciation) from investment in GCIF (2)                | 1.48                    |             |                              | (0.67)        |                              |             | (0.94)                       |   |                              | (1.29)        |   |  | 0.15     |             |  |  |   |             |  |  |
| Net increase resulting from operations                                                | 2.29                    |             |                              | 0.82     |                              |             | 0.65                    |   |                              | 0.85     |   |  | 1.71     |             |  |  |   |             |  |  |
| Distributions to common shareholders (3)                                              |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
| Distributions from net investment income (3)                                          | (1.33)                       |             |                              | (1.47)        |                              |             | (1.45)                       |   |                              | (1.76)        |   |  | (1.49)        |             |  |  |   |             |  |  |
| Distributions from realized gains on investment (3)                                   | —                 |             |                              | —  |                              |             | (0.39)                       |   |                              | (0.19)        |   |  | (0.08)        |             |  |  |   |             |  |  |
| Distributions in excess of net investment income (3)                                  | —                 |             |                              | (0.05)        |                              |             | —                 |   |                              | —  |   |  | (0.25)        |             |  |  |   |             |  |  |
| Distributions representing return of capital (3)                                      | (5.09)                       |             |                              | —  |                              |             | —                 |   |                              | —  |   |  | —  |             |  |  |   |             |  |  |
| Netdecrease resulting from distributions                                              | (6.42)                       |             |                              | (1.52)        |                              |             | (1.84)                       |   |                              | (1.95)        |   |  | (1.82)        |             |  |  |   |             |  |  |
| Capital Share transactions                                                            |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
| Issuance of Common Shares above net asset value (4)                                   | —                 |             |                              | —  |                              |             | —                 |   |                              | —  |   |  | 0.06     |             |  |  |   |             |  |  |
| Repurchase of Common Shares                                                           | —                 |             |                              | —  |                              |             | —                 |   |                              | (0.02)        |   |  | (0.02)        |             |  |  |   |             |  |  |
|                                                                                       |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
|                                                                                       |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
| Net increase (decrease) in net assets resulting from capital share transactions       | —                 |             |                              | —  |                              |             | —                 |   |                              | (0.02)        |   |  | 0.04     |             |  |  |   |             |  |  |
| Net asset value, end of year                                                          | $                            | 18.54  |                              |               | $                            | 22.67  |                              |   | $                            | 23.37    |   |  | $             | 24.56  |  |  | $ | 25.68  |  |  |  |  |  |  |  |
|                                                                                       |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
| INVESTMENT RETURNS                                                                    |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
| Total investment return-net price (5)                                                 | N/A                      |             | N/A                      |               | N/A                      |             | N/A                      |   | 6.77                    | %             |   |  |               |             |  |  |
| Total investment return-net asset value (6)                                           | 10.40                   | %           |                              | 4.06     | %                            |             | 2.66                    | % |                              | 3.21     | % |  | 7.00     | %           |  |  |   |             |  |  |
|                                                                                       |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
| RATIOS/SUPPLEMENTAL DATA                                                          |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
| Net assets, end of period                                                             | $32,182,699                  |             | $40,955,678                  |               | $37,529,070                  |             | $39,570,591                  |   | $41,064,158                  |               |   |  |               |             |  |
| Average net assets (7)                                                                | $37,415,826                  |             | $39,462,941                  |               | $38,652,998                  |             | $41,379,781                  |   | $35,169,512                  |               |   |  |               |             |  |
| Common Shares outstanding, end of period                                              | 1,736,284                    |             | 1,806,983                    |               | 1,606,201                    |             | 1,611,147                    |   | 1,599,031                    |               |   |  |               |             |  |
| Weighted average Common Shares outstanding                                            | 1,751,870                    |             | 1,822,578                    |               | 1,601,576                    |             | 1,622,410                    |   | 1,377,715                    |               |   |  |               |             |  |
| Ratios-to-average net assets: (7) (8)                                             |                              |             |                              |               |                              |             |                              |   |                              |               |   |  |               |             |  |
| Total operating expenses                                                              | 0.99                    | %           |                              | 1.37     | %                            |             | 1.22                    | % |                              | 1.30     | % |  | 2.44     | %           |  |  |   |             |  |  |
| Effect of expense support received from reimbursement to (received from) the Advisors | (0.25)                       | %           |                              | (1.51)        | %                            |             | (0.42)                       | % |                              | 0.16     | % |  | (1.13)        | %           |  |  |   |             |  |  |
| Net expenses                                                                          | 0.74                    | %           |                              | (0.14)        | %                            |             | 0.80                    | % |                              | 1.46     | % |  | 1.31     | %           |  |  |   |             |  |  |
| Net investment income                                                                 | 3.77                    | %           |                              | 6.78     | %                            |             | 5.99                    | % |                              | 6.89     | % |  | 5.81     | %           |  |  |   |             |  |  |

----

----

|                                        |                                  |               |      |              |      |               |              |  |   |               |  |  |  |  |  |  |  |
|----------------------------------------|----------------------------------|---------------|------|--------------|------|---------------|--------------|--|---|---------------|--|--|--|--|--|--|--|
|                                        | For the Years Ended December 31, |
| Capital Accounts                       | 2021                             |               | 2020 |              | 2019 |
| Paid in capital in excess of par value | $                                | (34,062)      |      |              | $    | (80,276)      |              |  | $ | (20,532)      |  |
| Undistributed net investment income    | 34,062                      |               |      | 80,276  |      |               | 20,532  |  |
|                                        |                                  |               |      |              |      |
| Total                                  | $                                | —  |      |              | $    | —  |              |  | $ | —  |  |

|                                                                 |                                       |                 |      |                 |      |                 |                 |  |   |                 |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|---------------------------------------|-----------------|------|-----------------|------|-----------------|-----------------|--|---|-----------------|--|--|--|--|--|--|--|
|                                                                 | For the Tax Years Ended September 30, |
|                                                                 | 2021                                  |                 | 2020 |                 | 2019 |
| Net increase (decrease) in net assets resulting from operations | $                                     | 528,778    |      |                 | $    | (402,244)       |                 |  | $ | 357,571    |  |
|                                                                 |                                       |                 |      |                 |      |
| Net change in unrealizeddepreciation                            | 1,411,867                        |                 |      | 3,193,017  |      |                 | 2,864,657  |  |
| Offering expense                                                | 34,062                           |                 |      | 80,276     |      |                 | 20,532     |  |
| Other book-tax difference                                       | (6,531)                               |                 |      | 40,713     |      |                 | (6,531)         |  |
| Total taxable income and gains available for distributions      | $                                     | 1,968,176  |      |                 | $    | 2,911,762  |                 |  | $ | 3,236,229  |  |

|                                                                                            |                                       |                  |      |               |      |                 |               |   |   |                 |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------|---------------------------------------|------------------|------|---------------|------|-----------------|---------------|---|---|-----------------|--|--|--|--|--|--|--|
|                                                                                            | For the Tax Years Ended September 30, |
| Paid Distributions Attributable To:                                                    | 2021                                  |                  | 2020 |               | 2019 |
| Ordinary income                                                                            | $                                     | 1,976,427   |      |               | $    | 2,911,762  |               |   | $ | 2,618,001  |  |
| Long-term capital gains (1)                                                                | —                          |                  |      | 86,710   |      |                 | 531,518  |   |
| Return of Capital                                                                          | 8,863,843                        |                  |      | —  |      |                 | —  |   |
| Total                                                                                      | $                                     | 10,840,270  |      |               | $    | 2,998,472  |               |   | $ | 3,149,519  |  |
| Paid distributions as a percentage of taxable income and gains available for distributions | 550.8                            | %                |      | 103.0    | %    |                 | 97.3     | % |

|                                    |                     |               |      |             |   |               |  |  |  |  |  |
|------------------------------------|---------------------|---------------|------|-------------|---|---------------|--|--|--|--|--|
|                                    | As of September 30, |
|                                    | 2021                |               | 2020 |
| Undistributed ordinary income, net | $                   | —  |      |             | $ | —  |  |
| Undistributed capital gains        | —        |               |      | 8,252  |   |
| Unrealized losses                  | (1,467,363)         |               |      | (5,659,048) |   |
| Other temporary adjustments        | (58,782)            |               |      | (65,314)    |   |
| Total accumulated loss, net        | $                   | (1,526,145)   |      |             | $ | (5,716,110)   |  |

----

|                                                                          |                                      |               |                    |                  |               |               |                  |  |   |                  |  |  |   |               |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------|--------------------------------------|---------------|--------------------|------------------|---------------|---------------|------------------|--|---|------------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                                          | As of and for the three months ended |
|                                                                          | December 31, 2021                    |               | September 30, 2021 |                  | June 30, 2021 |               | March 31, 2021   |
| Total investment income                                                  | $                                    | 253,745  |                    |                  | $             | 275,695  |                  |  | $ | 637,230     |  |  | $ | 519,623  |  |
| Net investment income                                                    | 180,136                         |               |                    | 184,681     |               |               | 542,206     |  |   | 503,609     |  |
| Net realized gain from investment in Guggenheim Credit Income Fund       | —                         |               |                    | —     |               |               | —     |  |   | 20          |  |
|                                                                          |                                      |               |                    |                  |               |               |                  |
| Net change in unrealized appreciation (depreciation) on investment       | (37,273)                             |               |                    | 56,188      |               |               | 1,132,130   |  |   | 1,475,417   |  |
| Net increase in net assets resulting from operations                     | 142,863                         |               |                    | 240,869     |               |               | 1,674,336   |  |   | 1,979,046   |  |
| Net assets                                                               | 32,182,699                      |               |                    | 32,873,251  |               |               | 37,372,438  |  |   | 40,750,690  |  |
| Total investment income per Common Share outstanding - basic and diluted | 0.15                            |               |                    | 0.16        |               |               | 0.37        |  |   | 0.29        |  |
| Net investment income per Common Share outstanding - basic and diluted   | 0.11                            |               |                    | 0.11        |               |               | 0.31        |  |   | 0.28        |  |
| Earnings per Common Share - basic and diluted                            | 0.08                            |               |                    | 0.14        |               |               | 0.96        |  |   | 1.10        |  |
| Net asset value per Common Share at end of quarter                       | 18.54                           |               |                    | 18.93       |               |               | 21.52       |  |   | 23.47       |  |

|                                                                           |                                      |               |                    |                  |               |               |                  |  |   |                  |  |  |   |               |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------|--------------------------------------|---------------|--------------------|------------------|---------------|---------------|------------------|--|---|------------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                                           | As of and for the three months ended |
|                                                                           | December 31, 2020                    |               | September 30, 2020 |                  | June 30, 2020 |               | March 31, 2020   |
| Total investment income                                                   | $                                    | 454,427  |                    |                  | $             | 691,787  |                  |  | $ | 714,064     |  |  | $ | 757,302  |  |
| Net investment income                                                     | 490,169                         |               |                    | 695,541     |               |               | 687,868     |  |   | 801,173     |  |
| Net realized gain (loss) from investment in Guggenheim Credit Income Fund | 74,369                          |               |                    | 9,373       |               |               | (55,496)         |  |   | —     |  |
|                                                                           |                                      |               |                    |                  |               |               |                  |
| Net change in unrealized appreciation (depreciation) on investment        | 1,527,951                       |               |                    | 1,247,694   |               |               | 2,760,693   |  |   | (6,679,515)      |  |
| Net increase (decrease) in net assets resulting from operations           | 2,092,489                       |               |                    | 1,952,608   |               |               | 3,393,065   |  |   | (5,878,342)      |  |
| Net assets                                                                | 40,955,678                      |               |                    | 40,084,029  |               |               | 38,373,535  |  |   | 35,493,455  |  |
| Total investment income per Common Share outstanding - basic and diluted  | 0.25                            |               |                    | 0.38        |               |               | 0.39        |  |   | 0.42        |  |
| Net investment income per Common Share outstanding - basic and diluted    | 0.27                            |               |                    | 0.38        |               |               | 0.38        |  |   | 0.45        |  |
| Earnings (loss) per Common Share - basic and diluted                      | 1.14                            |               |                    | 1.06        |               |               | 1.86        |  |   | (3.29)           |  |
| Net asset value per Common Share at end of quarter                        | 22.67                           |               |                    | 21.81       |               |               | 21.14       |  |   | 19.66       |  |

----

|                                                                           |                                      |               |                    |                  |               |               |                  |  |   |                  |  |  |   |               |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------|--------------------------------------|---------------|--------------------|------------------|---------------|---------------|------------------|--|---|------------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                                           | As of and for the three months ended |
|                                                                           | December 31, 2019                    |               | September 30, 2019 |                  | June 30, 2019 |               | March 31, 2019   |
| Total investment income                                                   | $                                    | 588,954  |                    |                  | $             | 646,338  |                  |  | $ | 832,494     |  |  | $ | 559,104  |  |
| Net investment income                                                     | 653,435                         |               |                    | 513,915     |               |               | 710,076     |  |   | 438,728     |  |
| Net realized gain (loss) from investment in Guggenheim Credit Income Fund | (1,121)                              |               |                    | —     |               |               | 6,284       |  |   | 6,374       |  |
| Long term gain distributions from Guggenheim Credit Income Fund           | —                         |               |                    | —     |               |               | —     |  |   | 216,290     |  |
| Net change in unrealized depreciation on investment                       | (521,890)                            |               |                    | (713,373)        |               |               | (151,732)        |  |   | (109,536)        |  |
| Net increase (decrease) in net assets resulting from operations           | 130,424                         |               |                    | (199,458)        |               |               | 564,628     |  |   | 551,856     |  |
| Net assets                                                                | 37,529,070                      |               |                    | 38,404,014  |               |               | 38,273,839  |  |   | 38,749,777  |  |
| Total investment income per Common Share outstanding - basic and diluted  | 0.37                            |               |                    | 0.41        |               |               | 0.52        |  |   | 0.35        |  |
| Net investment income per Common Share outstanding - basic and diluted    | 0.41                            |               |                    | 0.32        |               |               | 0.45        |  |   | 0.27        |  |
| Earnings (loss) per Common Share - basic and diluted                      | 0.08                            |               |                    | (0.13)           |               |               | 0.36        |  |   | 0.34        |  |
| Net asset value per Common Share at end of quarter                        | 23.37                           |               |                    | 23.74       |               |               | 24.37       |  |   | 24.47       |  |

----

----

----

----

|                         |                                                                                                                                              |                                      |                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |
|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Name and Age of Trustee | Position(s) Held with Company                                                                                                                | Term of Office-Length of Time Served | Principal Occupation(s) Past Five Years (1)                                                                                                                                                                                | Other Directorships Held by Trustee                                                                                                                                                                                                                                                                                                                                 |
| Interested Trustees (2) |                                                                                                                                              |                                      |                                                                                                                                                                                                                            |
| Matthew S. Bloom, 44    | Chief Executive Officer and Chairman of the Board of Trustees                                                                                | Appointed 2017                       | Senior Managing Director and Head of Research, Guggenheim Partners, (2006-present).                                                                                                                                        | GCIF Master/Feeder Complex (2017-present).                                                                                                                                                                                                                                                                                                                      |
| Independent Trustees    |                                                                                                                                              |                                      |                                                                                                                                                                                                                            |
| Marc S. Goodman, 73     | Trustee, Chairman of the Nominating and Governance Committee, Member of the Audit Committee, Member of the Independent Trustees Committee    | Appointed 2015                       | Managing Director, Conyers Consulting Group, (2014-present); Managing Director, Statsure Financial Services (2017-present); Co-Executive Chairman, Co-Chief Investment Officer, Kenmar Olympia Group, (1983-2014). | GCIF Master/Feeder Complex (2015-present); Director, Duet Commodities Fund Limited, (2014-2017); Director, Electrum Special Acquisition Corporation, (2015-2018).                                                                                                                                                                                       |
| Eric Rosenblatt, 39     | Trustee, Chairman of the Independent Trustees Committee, Member of the Audit Committee, Member of the Nominating and Governance Committee    | Appointed 2015                       | President/Founder and Director, R Group AG, (2012-present).                                                                                                                                                            | GCIF Master/Feeder Complex (2015-present); Director, R Group AG, (2012-present); Director, R Capital GmbH, (2015-present); Director, R investments GmbH, (2018-present).                                                                                                                                                                            |
| Peter E. Roth, 63       | Trustee, Chairman of the Audit Committee(3), Member of the Nominating and Governance Committee, Member of the Independent Trustees Committee | Appointed 2015                       | Managing Partner, Rothpoint Group llc, (2017-present); Managing Partner, JP Charter Oak Advisors llc, (2012-2018); Chief Executive Officer, KBW Asset Management, Inc., (2006-2012).                               | GCIF Master/Feeder Complex (2015-present); Non Executive Director, City of London Investment Group plc, (2019-present); Non Executive Director, City of London Investment Management, (2019-present); Board Member, St. Mary’s Healthcare System for Children, (2010-present); Director, Stone Point Credit Corporation (2020 - Present). |

----

|                         |                                                               |                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |
|-------------------------|---------------------------------------------------------------|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Name and Age of Officer | Position(s) Held with Company                                 | Term of Office-Lengthof Time Served | Principal Occupation(s) Past Five Years (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Other Directorships Held by Officer                                                                                                                                              |
| Matthew S. Bloom, 44    | Chief Executive Officer and Chairman of the Board of Trustees | Appointed 2017                      | Senior Managing Director and Head of Research, Guggenheim Partners, (2006-present).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | GCIF Master/Feeder Complex (2017 - present).                                                                                                                                 |
| Michael Guss, 34        | Chief Financial Officer and Treasurer                         | Appointed 2021                      | Current: Managing Director and Head of Alternative Investment Accounting at Guggenheim Partners (2013 - Present)Former: Ernst & Young LLP (asset management audit practice)                                                                                                                                                                                                                                                                                                                                                                                                                                     | None                                                                                                                                                                             |
| Amy J. Lee, 60          | Secretary and Chief Legal Officer                             | Appointed 2018                      | Current: Interested Trustee, certain other funds in the Fund Complex(2) (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present).Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).                           | Guggenheim Fund Complex (2)(2018-present)                                                                                                                                        |
|                         |                                                               |                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |
|                         |                                                               |                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                  |
| John V. Palmer, 37      | Senior Vice President                                         | Appointed 2015                      | Current: Director, Guggenheim Partners Investment Management, LLC (2017-present).Former: First Vice President, W. P. Carey Inc., (2014-2017); First Vice President, Carey Credit Advisors, LLC, (2014-2017); Director of Fund Management, CNL Financial Group, LLC, (2009-2014).                                                                                                                                                                                                                                                                                                                            | None                                                                                                                                                                             |
| Brian E. Binder, 50     | Senior Vice President                                         | Appointed 2018                      | Current: President and Chief Executive Officer, certain other funds in the Guggenheim Fund Complex (2) (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012). | Director, Guggenheim Partners Fund Management (Europe) Limited, (2018 - present).Chairman of the Board of Managers, Guggenheim Funds investment Advisors, LLC, (2018 - present). |
| Joanna M. Catalucci, 55 | Chief Compliance Officer and Anti- Money Laundering Officer   | Appointed 2018                      | Current: Chief Compliance Officer, certain funds in the Guggenheim Fund Complex (2) (2012-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Chief Compliance Officer and Secretary, certain other funds in the Guggenheim Fund Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).                                                                                      | Member of Board of Trustees, Merrimack College, (2018 - present).                                                                                                                |

----

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|                                     |  |                                        |               |  |  |  |  |  |
|-------------------------------------|--|----------------------------------------|---------------|--|--|--|--|--|
| INDEPENDENT TRUSTEE COMPENSATION    |
| Fiscal Year ended December 31, 2021 |
| Independent Trustee Names           |  | Total fees earned and received in cash |
| Marc S. Goodman                     |  | $                                      | 89,500   |  |
| Eric Rosenblatt                     |  | 89,500                            |               |
| Peter E. Roth                       |  | 99,500                            |               |
|                                     |  | $                                      | 278,500  |  |

----

|                                                                                 |               |                                    |               |   |  |  |  |  |
|---------------------------------------------------------------------------------|---------------|------------------------------------|---------------|---|--|--|--|--|
| Name of Beneficial Owner (1)                                                    | Number        | Percentage ofcurrent ownership (2) |
| Beneficial Owners of More Than 5%:                                          |               |                                    |
| None                                                                            | —  |                                    | —  | % |
|                                                                                 |               |                                    |
| Trustees and Executive Officers:                                            |               |                                    |
| Trustees:                                                                   |               |                                    |
| Matthew S. Bloom (3)                                                            | —  |                                    | —  | % |
| Marc S. Goodman                                                                 | —  |                                    | —  | % |
| Eric Rosenblatt                                                                 | —  |                                    | —  | % |
| Peter E. Roth                                                                   | —  |                                    | —  | % |
|                                                                                 |               |                                    |
| Executive Officers:                                                         |               |                                    |
| Michael Guss, Chief Financial Officer and Treasurer                             | —  |                                    | —  | % |
| Amy J. Lee, Secretary and Chief Legal Officer                                   | —  |                                    | —  | % |
|                                                                                 |               |                                    |
| Brian Binder, Senior Vice President                                             | —  |                                    | —  | % |
| John V. Palmer, Senior Vice President                                           | 1,407    |                                    | 0.1      | % |
|                                                                                 |               |                                    |
| Joanna M. Catalucci, Chief Compliance Officer and Anti-Money Laundering Officer | —  |                                    | —  | % |
| All Trustees and Executive Officers as a group (9 persons):            | 1,407    |                                    | 0.1      | % |

----

----

----

Item 10. Directors, Executive Officers and Corporate Governance

|             |  |                                 |              |                        |              |              |               |             |  |   |             |  |  |  |  |  |  |  |  |  |
|-------------|--|---------------------------------|--------------|------------------------|--------------|--------------|---------------|-------------|--|---|-------------|--|--|--|--|--|--|--|--|--|
| Fiscal Year |  | Audit and Quarterly Review Fees |              | Audit-Related Fees (1) |              | Tax Fees (2) |
| 2021        |  | $                               | 52,579  |                        |              | $            | —  |             |  | $ | 7,430  |  |
| 2020        |  | 60,700                     |              |                        | 15,000  |              |               | 7,430  |  |

----

|             |  |                                         |              |                                         |             |   |             |  |  |  |  |  |  |  |  |  |  |
|-------------|--|-----------------------------------------|--------------|-----------------------------------------|-------------|---|-------------|--|--|--|--|--|--|--|--|--|--|
|             |  | GCIF                                    |              | GCIF 2016T                              |             |
| Fiscal Year |  |  Audit-Related and Tax Fees (1)(2) |              |  Audit-Related and Tax Fees (1)(2) |             |
| 2021        |  | $                                       | 17,425  |                                         |             | $ | 7,430  |  |  |
| 2020        |  | 17,425                             |              |                                         | 7,430  |   |             |

----

Part II. Item 8. Financial Statements and Supplementary Data

|                                                                                          |      |  |  |  |  |
|------------------------------------------------------------------------------------------|------|--|--|--|--|
| Financial Statements                                                                     | Page |
| Report of Independent Registered Public Accounting Firm                                  | 40   |
| Statements of Assets and Liabilities as of December 31, 2021 and December 31, 2020       | 41   |
| Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019            | 42   |
| Statements of Changes in Net Assets for the Years Ended December 31, 2021, 2020 and 2019 | 43   |
| Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019            | 44   |
| Notes to Financial Statements                                                            | 45   |

Part II. Item 8. Financial Statements and Supplementary Data

|                                                                                                       |      |  |  |  |  |
|-------------------------------------------------------------------------------------------------------|------|--|--|--|--|
| Guggenheim Credit Income Fund Consolidated Financial Statements                                       | Page |
| Report of Independent Registered Public Accounting Firm                                               | F-1  |
| Consolidated Statements of Assets and Liabilities as of December 31, 2021 and 2020                    | F-3  |
| Consolidated Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019            | F-4  |
| Consolidated Statements of Changes in Net Assets for the Years Ended December 31, 2021, 2020 and 2019 | F-5  |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019            | F-6  |
| Consolidated Schedules of Investments for the Years Ended December 31, 2021 and 2020                  | F-7  |
| Notes to Consolidated Financial Statements                                                            | F-23 |

----

|       |              |                                                                                                                                                                                                                                                                                                                                                   |  |  |  |  |  |  |
|-------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| 3.1   |              | Certificate of Amendment to Certificate of Trust of the Registrant. (Incorporated by reference to Exhibit 99(a)(3) filed with Pre-Effective Amendment No. 4 to the Registrant's registration statement on Form N-2 (File No. 333-198667) filed on July 28, 2015.)                                                                                 |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 3.2   |    | Amended and Restated Declaration of Trust of the Registrant. (Incorporated by reference to Exhibit 3.2 filed with the Registrant's Form 8-K (File No. 814-01091) filed on March 15, 2016.)                                                                                                                                                        |
|       |              |
| 3.3   |    | Certificate of Amendment to Certificate of Trust (Incorporated by reference to Exhibit 3.1 filed with the Registrant's Form 8-K (File No. 814-01091) as filed October 23, 2017.)                                                                                                                                                                  |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 3.4   |              | Certificate of Amendment to Certificate of Trust (incorporated by reference to Exhibit 99(a)(4) filed with the Registrant's Form N-2 (File No. 814-01091) as filed March 29, 2018.)                                                                                                                                                               |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 3.5   |              | Amended and Restated Bylaws of the Registrant. (Incorporated by reference to Exhibit 3.3 filed with the Registrant's Form 8-K (File No. 814-01091) filed on March 15, 2016.)                                                                                                                                                                      |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 4.1   |              | Distribution Reinvestment Plan of the Registrant. (Incorporated by reference to Exhibit 99(e) filed with Pre-Effective Amendment No. 4 to the Registrant's registration statement on Form N-2 (File No. 333-198667) filed on July 28, 2015.)                                                                                                      |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 10.1  |    | Administrative Services Agreement by and between the Registrant and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 99.2 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) filed on August 15, 2017.)                                                                                |
|       |              |
| 10.2  |    | Amendment No 1. to Administrative Services Agreement by and between the Registrant, Guggenheim Credit Income Fund, and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 10.7 filed with Guggenheim Credit Income Fund's Form 10-K (File No. 814-01117) filed on March 12, 2019.)                             |
|       |              |
| 10.3  |              | Second Amended and Restated Dealer Manager Agreement by and among Guggenheim Credit Income Fund 2016 T, Guggenheim Credit Income Fund and Carey Financial, LLC. (Incorporated by reference to Exhibit 10.4 filed with Guggenheim Credit Income Fund 2016 T's Form 10-K (File No. 814-01094) filed on April 17, 2017.)                             |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 10.4  |              | Form of Selected Dealer Agreement (revised Exhibit A to Second Amended and Restated Dealer Manager Agreement). (Incorporated by reference to Exhibit 10.5 filed with Guggenheim Credit Income Fund 2016 T's Form 10-K (File No. 814-01094) filed on April 17, 2017.)                                                                              |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 10.5  |              | Assignment and Assumption Agreement for Dealer Manager Agreement by and among the Registrant, Carey Financial, LLC, and Guggenheim Funds Distributors, LLC. (Incorporated by reference to Exhibit 99.4 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) filed on August 15, 2017.)                                        |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 10.6  |              | Form of Amended and Restated Expense Support and Conditional Reimbursement Agreement by and among the Registrant, Carey Credit Advisors, LLC and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 99.4 filed with Registrant's Form 8-K (File No. 814-01091) on August 16, 2017.)                            |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 10.7  |              | Form of Amended and Restated Organization and Offering Expense Reimbursement Agreement by and among the Registrant, Carey Credit Advisors, LLC and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 99.3 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) filed on August 15, 2017.) |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 10.8  |              | Investment Management Agreement by and between Hamilton Finance LLC and Guggenheim Credit Income Fund. (Incorporated by reference to Exhibit 10.3 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) filed on December 22, 2015.)                                                                                           |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 10.9  |              | Amendment to Amended and Restated Loan Agreement and Investment Management Agreement dated as of August 24, 2017. (Incorporated by reference to Exhibit 10.13 filed with Guggenheim Credit Income Fund's Form 10-Q (File No. 814-01117) filed on November 7, 2017.)                                                                               |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 10.10 |              |     Investment Management Agreement by and between Hamilton Finance LLC and Guggenheim Credit Income Fund. (Incorporated by reference to Exhibit 10.3 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) filed on December 22, 2015.)                                                                   |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |
| 10.11 |              | Amendment to Amended and Restated Loan Agreement and Investment Management Agreement dated as of August 24, 2017. (Incorporated by reference to Exhibit 10.13 filed with Guggenheim Credit Income Fund's Form 10-Q (File No. 814-01117) filed on November 7, 2017.)                                                                               |
|       |              |                                                                                                                                                                                                                                                                                                                                                   |

----

|      |              |                                                                                                                                                                                                       |  |  |  |  |  |  |
|------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| 14.1 |              | Code of Ethics of the Registrant. (Incorporated by reference to Exhibit 14.1 filed with Guggenheim Credit Income Fund Form 10-Q (File No. 814-01117) filed on November 16, 2020.)                     |
|      |              |                                                                                                                                                                                                       |
| 31.1 |    | Certification of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)                                          |
|      |              |                                                                                                                                                                                                       |
| 31.2 |    | Certification of Chief Financial Officer of pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)                                       |
|      |              |                                                                                                                                                                                                       |
| 32   |    | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.) |

----

|           |                |         |                                          |  |  |  |  |  |  |  |  |
|-----------|----------------|---------|------------------------------------------|--|--|--|--|--|--|--|--|
|           |                |         | GUGGENHEIM CREDIT INCOME FUND 2019       |
|           |                |         |
| Date: | March 17, 2022 | By: | /s/ Matthew S. Bloom   |
|           |           |    | MATTHEW S. BLOOM                         |
|           |                |    | Chief Executive Officer                  |
|           |                |    | (Principal Executive Officer)            |
|           |                |         |
| Date: | March 17, 2022 | By: | /s/ Michael Guss            |
|           |           |    | MICHAEL GUSS                             |
|           |                |    | Chief Financial Officer        |
|           |                |    | (Principal Financial Officer)            |

|                               |  |  |  |  |                                                |                |  |  |  |  |  |  |
|-------------------------------|--|--|--|--|------------------------------------------------|----------------|--|--|--|--|--|--|
| Signature                     |  |  |  |  | Title                                          | Date           |
| /s/ Matthew S. Bloom  |  |  |  |  |                                                |                |
| Matthew S. Bloom              |  |  |  |  | Chief Executive Officer, President and Trustee | March 17, 2022 |
|                          |  |  |  |  | (Principal Executive Officer)                  |                |
|                               |  |  |  |  |                                                |                |
| /s/ Michael Guss |  |  |  |  |                                                |                |
| Michael Guss                  |  |  |  |  | Chief Financial Officer                        | March 17, 2022 |
|                          |  |  |  |  | (Principal Financial Officer)                  |                |
|                               |  |  |  |  |                                                |                |
| /s/ Marc S. Goodman   |  |  |  |  |                                                |                |
| Marc S. Goodman               |  |  |  |  | Trustee                                        | March 17, 2022 |
|                          |  |  |  |  |                                                |                |
| /s/ Eric Rosenblatt   |  |  |  |  |                                                |                |
| Eric Rosenblatt               |  |  |  |  | Trustee                                        | March 17, 2022 |
|                          |  |  |  |  |                                                |                |
| /s/ Peter E. Roth     |  |  |  |  |                                                |                |
| Peter E. Roth                 |  |  |  |  | Trustee                                        | March 17, 2022 |

----

----

|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |  |  |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|                                          | Valuation of investments using significant unobservable inputs and assumptions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Description of the Matter                | At December 31, 2021, the fair value of the Master Fund’s investments categorized as Level 3 investments within the fair value hierarchy (Level 3 investments) totaled $80.1 million. The Master Fund reports changes in fair value of investments as net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations. As further described in Notes 2 and 5 to the consolidated financial statements, management of the Master Fund under the oversight of the Board of Trustees determines the fair value of the Master Fund’s Level 3 investments using valuation techniques such as market or income approach based models, recent transactions or by obtaining indicative broker quotes. These valuation techniques require the use of significant unobservable inputs and assumptions, as disclosed in Note 5, which may include yield rates, discount rates, market multiples of comparable companies, recovery rates, recent transactions or indicative broker quotes.Auditing the fair value of the Master Fund’s Level 3 investments is complex, as the unobservable inputs and assumptions used by management are highly judgmental and could have a significant effect on the fair value measurements of such investments.                                                                              |
| How We Addressed the Matter in Our Audit | Our audit procedures included, among others, evaluating the Master Fund’s valuation techniques, testing the significant unobservable inputs and assumptions used by management in determining the fair value of the Master Fund’s Level 3 investments, and testing the mathematical accuracy of the Master Fund’s valuation calculations.For a sample of the Master Fund’s Level 3 investments, with the support of our valuation specialists, we independently developed fair value estimates and compared them to the Master Fund’s estimates. We developed our independent fair value estimates by using borrower financial information, which we compared to agreements or underlying source documents provided to the Master Fund by the borrowers, and available market information from third-party sources, such as market spreads and discount rates, and market multiples.We reviewed the information considered by management relating to valuation including recent transactions and indicative broker quotes. We searched for and evaluated information that corroborated or contradicted the Master Fund's valuations or significant inputs into valuations. We also evaluated recent transactions and subsequent event transactions and considered whether they corroborated or contradicted the Master Fund’s year-end valuations. |

----

|                                                                                                                                                                                    |                   |               |                   |               |   |               |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|---------------|-------------------|---------------|---|---------------|--|--|--|--|--|
|                                                                                                                                                                                    | December 31, 2021 |               | December 31, 2020 |
| Assets                                                                                                                                                                             |                   |               |                   |
| Investments at fair value (amortized cost of $125,563 and $308,540, respectively)                                                                                                  | $                 | 124,139  |                   |               | $ | 291,949  |  |
| Cash and cash equivalents                                                                                                                                                          | 4,556        |               |                   | 10,058   |   |
| Restricted cash                                                                                                                                                                    | 24,648       |               |                   | 24,341   |   |
| Collateral deposits for foreign currency forward contracts                                                                                                                         | —      |               |                   | 520      |   |
| Interest and dividend income receivable                                                                                                                                            | 936          |               |                   | 1,882    |   |
| Principal receivable                                                                                                                                                               | 4,747        |               |                   | 939      |   |
| Receivable from related parties                                                                                                                                                    | 25           |               |                   | 39       |   |
|                                                                                                                                                                                    |                   |               |                   |
| Prepaid expenses and other assets                                                                                                                                                  | 192          |               |                   | 199      |   |
| Total assets                                                                                                                                                                       | $                 | 159,243  |                   |               | $ | 329,927  |  |
|                                                                                                                                                                                    |                   |               |                   |
| Liabilities                                                                                                                                                                        |                   |               |                   |
| Credit facility payable, net of financing costs                                                                                                                                    | $                 | —  |                   |               | $ | 129,243  |  |
| Unrealized depreciation on foreign currency forward contracts                                                                                                                      | 280          |               |                   | 768      |   |
|                                                                                                                                                                                    |                   |               |                   |
| Accrued management fee                                                                                                                                                             | 769          |               |                   | 508      |   |
|                                                                                                                                                                                    |                   |               |                   |
| Payable to related parties                                                                                                                                                         | 61           |               |                   | 145      |   |
|                                                                                                                                                                                    |                   |               |                   |
|                                                                                                                                                                                    |                   |               |                   |
|                                                                                                                                                                                    |                   |               |                   |
| Accounts payable, accrued expenses and other liabilities                                                                                                                           | 853          |               |                   | 538      |   |
| Total liabilities                                                                                                                                                                  | 1,963        |               |                   | 131,202  |   |
| Commitments and contingencies (Note 8. Commitments and Contingencies)                                                                                                              |                   |               |                   |
| Net Assets                                                                                                                                                                         | $                 | 157,280  |                   |               | $ | 198,725  |  |
|                                                                                                                                                                                    |                   |               |                   |
| Components of Net Assets:                                                                                                                                                      |                   |               |                   |
| Common shares, $0.001 par value, 1,000,000,000 shares authorized, 25,594,125 and 26,272,618 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | $                 | 26       |                   |               | $ | 26       |  |
| Paid-in-capital in excess of par value                                                                                                                                             | 169,019      |               |                   | 223,462  |   |
| Accumulated loss, net of distributions                                                                                                                                             | (11,765)          |               |                   | (24,763)      |   |
| Net assets                                                                                                                                                                         | $                 | 157,280  |                   |               | $ | 198,725  |  |
| Net asset value per Common Share                                                                                                                                                   | $                 | 6.15     |                   |               | $ | 7.56     |  |

----

|                                                                        |                                 |              |      |                  |      |              |                  |  |   |              |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|---------------------------------|--------------|------|------------------|------|--------------|------------------|--|---|--------------|--|--|--|--|--|--|--|
|                                                                        | For the Year Ended December 31, |
|                                                                        | 2021                            |              | 2020 |                  | 2019 |
| Investment Income                                                      |                                 |              |      |                  |      |
| Interest income                                                        | $                               | 16,461  |      |                  | $    | 25,607  |                  |  | $ | 34,459  |  |
| PIK interest income                                                    | 340                        |              |      | 1,275       |      |              | 193         |  |
| Dividend income                                                        | 169                        |              |      | 742         |      |              | 1,059       |  |
| Fee income                                                             | 252                        |              |      | 333         |      |              | 396         |  |
| Total investment income                                                | 17,222                     |              |      | 27,957      |      |              | 36,107      |  |
| Operating Expenses                                                     |                                 |              |      |                  |      |
| Interest expense and other financing costs                             | 2,880                      |              |      | 5,749       |      |              | 8,552       |  |
| Management fee                                                         | 4,526                      |              |      | 6,247       |      |              | 6,889       |  |
| Performance-based incentive fee                                        | —                    |              |      | —     |      |              | 11          |  |
| Administrative services                                                | 166                        |              |      | 177         |      |              | 198         |  |
| Custody services                                                       | 87                         |              |      | 94          |      |              | 95          |  |
| Trustees fees                                                          | 285                        |              |      | 311         |      |              | 310         |  |
| Related party reimbursements                                           | 352                        |              |      | 644         |      |              | 818         |  |
| Professional services fees                                             | 740                        |              |      | 925         |      |              | 917         |  |
|                                                                        |                                 |              |      |                  |      |
| Other expenses                                                         | 237                        |              |      | 250         |      |              | 251         |  |
|                                                                        |                                 |              |      |                  |      |
|                                                                        |                                 |              |      |                  |      |
|                                                                        |                                 |              |      |                  |      |
| Total expenses                                                         | 9,273                      |              |      | 14,397      |      |              | 18,041      |  |
| Net investment income                                                  | 7,949                      |              |      | 13,560      |      |              | 18,066      |  |
| Realized and unrealized gains (losses):                            |                                 |              |      |                  |      |
| Net realized gains (losses) on:                                    |                                 |              |      |                  |      |
| Investments                                                            | (1,618)                         |              |      | (2,369)          |      |              | (6,321)          |  |
| Foreign currency forward contracts                                     | (287)                           |              |      | (258)            |      |              | (873)            |  |
| Foreign currency transactions                                          | (2)                             |              |      | 172         |      |              | 86          |  |
| Net realized losses                                                    | (1,907)                         |              |      | (2,455)          |      |              | (7,108)          |  |
| Net change in unrealized appreciation (depreciation) on:           |                                 |              |      |                  |      |
| Investments                                                            | 15,167                     |              |      | (2,982)          |      |              | (2,939)          |  |
| Foreign currency forward contracts                                     | 488                        |              |      | (681)            |      |              | 297         |  |
| Foreign currency transactions                                          | (1)                             |              |      | 2           |      |              | (16)             |  |
| Net change in unrealized appreciation (depreciation)                   | 15,654                     |              |      | (3,661)          |      |              | (2,658)          |  |
| Net realized and unrealized gains (losses)                             | 13,747                     |              |      | (6,116)          |      |              | (9,766)          |  |
| Net increase in net assets resulting from operations                   | $                               | 21,696  |      |                  | $    | 7,444   |                  |  | $ | 8,300   |  |
| Per Common Share information:                                      |                                 |              |      |                  |      |
| Net investment income per Common Share outstanding - basic and diluted | $                               | 0.31    |      |                  | $    | 0.50    |                  |  | $ | 0.63    |  |
| Earnings per Common Share outstanding - basic and diluted              | $                               | 0.84    |      |                  | $    | 0.27    |                  |  | $ | 0.29    |  |
| Weighted average Common Shares outstanding - basic and diluted         | 25,729,824                 |              |      | 27,139,732  |      |              | 28,730,579  |  |
| Distribution per Common Share outstanding                              | $                               | 2.26    |      |                  | $    | 0.49    |                  |  | $ | 0.60    |  |

----

|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |               |  |   |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------|------------------|--|----------------------------------------|---------------|---------------------------------------------------|-----|---------------|---|---------------|---------------|--|---|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                      | Common Shares    |  | Paid-in-Capital in Excess of Par Value |               | Accumulated Earnings (Loss), net of Distributions |     |               |
|                                                                      | Shares           |  | Amount                                 |               |                                                   |     | Total         |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Balance at December 31, 2018                                         | 29,195,002  |  |                                        | $             | 29                                           |     |               | $ | 246,083  |               |  | $ | (9,880)      |  |  | $ | 236,232  |  |
| Operations:                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net investment income                                                | —     |  |                                        | —  |                                                   |     | —  |   |               | 18,066   |  |   | 18,066  |  |
| Net realized losses                                                  | —     |  |                                        | —  |                                                   |     | —  |   |               | (7,108)       |  |   | (7,108)      |  |
| Net change in unrealized depreciation                                | —     |  |                                        | —  |                                                   |     | —  |   |               | (2,658)       |  |   | (2,658)      |  |
| Net increase in net assets resulting from operations                 | —     |  |                                        | —  |                                                   |     | —  |   |               | 8,300    |  |   | 8,300   |  |
| Shareholder distributions:                                       |                  |  |                                        |               |                                                   |     |               |   |               |
| Distributions from earnings                                          | —     |  |                                        | —  |                                                   |     | —  |   |               | (17,246)      |  |   | (17,246)     |  |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net decrease in net assets resulting from shareholder distributions  | —     |  |                                        | —  |                                                   |     | —  |   |               | (17,246)      |  |   | (17,246)     |  |
| Capital share transactions:                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Issuance of Common Shares                                            | 124,070     |  |                                        | —  |                                                   | (1) | 1,000    |   |               | —  |  |   | 1,000   |  |
| Repurchase of Common Shares                                          | (2,161,538)      |  |                                        | (2)           |                                                   |     | (17,087)      |   |               | —  |  |   | (17,089)     |  |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net decrease in net assets resulting from capital share transactions | (2,037,468)      |  |                                        | (2)           |                                                   |     | (16,087)      |   |               | —  |  |   | (16,089)     |  |
| Net decrease for the year                                            | (2,037,468)      |  |                                        | (2)           |                                                   |     | (16,087)      |   |               | (8,946)       |  |   | (25,035)     |  |
| Balance at December 31, 2019                                         | 27,157,534  |  |                                        | $             | 27                                           |     |               | $ | 229,996  |               |  | $ | (18,826)     |  |  | $ | 211,197  |  |
| Operations:                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net investment income                                                | —     |  |                                        | —  |                                                   |     | —  |   |               | 13,560   |  |   | 13,560  |  |
| Net realized losses                                                  | —     |  |                                        | —  |                                                   |     | —  |   |               | (2,455)       |  |   | (2,455)      |  |
| Net change in unrealized depreciation                                | —     |  |                                        | —  |                                                   |     | —  |   |               | (3,661)       |  |   | (3,661)      |  |
| Net increase in net assets resulting from operations                 | —     |  |                                        | —  |                                                   |     | —  |   |               | 7,444    |  |   | 7,444   |  |
| Shareholder distributions:                                       |                  |  |                                        |               |                                                   |     |               |   |               |
| Distributions from earnings                                          | —     |  |                                        | —  |                                                   |     | —  |   |               | (13,381)      |  |   | (13,381)     |  |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net decrease in net assets resulting from shareholder distributions  | —     |  |                                        | —  |                                                   |     | —  |   |               | (13,381)      |  |   | (13,381)     |  |
| Capital share transactions:                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Issuance of Common Shares                                            | 1,070,451   |  |                                        | 1        |                                                   |     | 8,049    |   |               | —  |  |   | 8,050   |  |
| Repurchase of Common Shares                                          | (1,955,367)      |  |                                        | (2)           |                                                   |     | (14,583)      |   |               | —  |  |   | (14,585)     |  |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net decrease in net assets resulting from capital share transactions | (884,916)        |  |                                        | (1)           |                                                   |     | (6,534)       |   |               | —  |  |   | (6,535)      |  |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net decrease for the year                                            | (884,916)        |  |                                        | (1)           |                                                   |     | (6,534)       |   |               | (5,937)       |  |   | (12,472)     |  |
| Balance at December 31, 2020                                         | 26,272,618  |  |                                        | $             | 26                                           |     |               | $ | 223,462  |               |  | $ | (24,763)     |  |  | $ | 198,725  |  |
| Operations:                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net investment income                                                | —     |  |                                        | —  |                                                   |     | —  |   |               | 7,949    |  |   | 7,949   |  |
| Net realized losses                                                  | —     |  |                                        | —  |                                                   |     | —  |   |               | (1,907)       |  |   | (1,907)      |  |
| Net change in unrealized appreciation                                | —     |  |                                        | —  |                                                   |     | —  |   |               | 15,654   |  |   | 15,654  |  |
| Net increase in net assets resulting from operations                 | —     |  |                                        | —  |                                                   |     | —  |   |               | 21,696   |  |   | 21,696  |  |
| Shareholder distributions:                                       |                  |  |                                        |               |                                                   |     |               |   |               |
| Distributions from earnings                                          | —     |  |                                        | —  |                                                   |     | —  |   |               | (8,698)       |  |   | (8,698)      |  |
| Distributions representing a return of capital                       | —     |  |                                        | —  |                                                   |     | (49,165)      |   |               | —  |  |   | (49,165)     |  |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net decrease in net assets resulting from shareholder distributions  | —     |  |                                        | —  |                                                   |     | (49,165)      |   |               | (8,698)       |  |   | (57,863)     |  |
| Capital share transactions:                                      |                  |  |                                        |               |                                                   |     |               |   |               |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Repurchase of Common Shares                                          | (678,493)        |  |                                        | —  |                                                   | (1) | (5,278)       |   |               | —  |  |   | (5,278)      |  |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net decrease in net assets resulting from capital share transactions | (678,493)        |  |                                        | —  |                                                   |     | (5,278)       |   |               | —  |  |   | (5,278)      |  |
|                                                                      |                  |  |                                        |               |                                                   |     |               |   |               |
| Net increase (decrease) for the year                                 | (678,493)        |  |                                        | —  |                                                   |     | (54,443)      |   |               | 12,998   |  |   | (41,445)     |  |
| Balance at December 31, 2021                                         | 25,594,125  |  |                                        | $             | 26                                           |     |               | $ | 169,019  |               |  | $ | (11,765)     |  |  | $ | 157,280  |  |

----

|                                                                                                                                 |                                 |              |      |               |      |              |               |  |   |             |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------|--------------|------|---------------|------|--------------|---------------|--|---|-------------|--|--|--|--|--|--|--|
|                                                                                                                                 | For the Year Ended December 31, |
|                                                                                                                                 | 2021                            |              | 2020 |               | 2019 |
| Operating activities                                                                                                            |                                 |              |      |               |      |
| Net increase in net assets resulting from operations                                                                            | $                               | 21,696  |      |               | $    | 7,444   |               |  | $ | 8,300  |  |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |                                 |              |      |               |      |
| Capitalized paid-in-kind income                                                                                                 | (413)                           |              |      | (1,787)       |      |              | (1,071)       |  |
| Amortization of premium/accretion of discount, net                                                                          | (904)                           |              |      | (1,258)       |      |              | (1,624)       |  |
| Proceeds from sales of investments                                                                                              | 68,946                     |              |      | 23,614   |      |              | 37,828   |  |
| Proceeds from paydowns on investments                                                                                           | 119,199                    |              |      | 116,007  |      |              | 35,563   |  |
| Net receipt of settlement of derivatives                                                                                        | 1,785                      |              |      | 4,474    |      |              | 3,962    |  |
| Net payment of settlement of derivatives                                                                                        | (2,072)                         |              |      | (4,732)       |      |              | (4,835)       |  |
| Net realized losses on derivatives                                                                                              | 287                        |              |      | 258      |      |              | 873      |  |
| Purchases of investments                                                                                                        | (5,469)                         |              |      | (61,683)      |      |              | (78,035)      |  |
| Net realized losses on investments                                                                                              | 1,618                      |              |      | 2,369    |      |              | 6,321    |  |
| Net change in unrealized (appreciation) depreciation on investments                                                             | (15,167)                        |              |      | 2,982    |      |              | 2,939    |  |
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts                                      | (488)                           |              |      | 681      |      |              | (297)         |  |
| Amortization of deferred financing costs                                                                                        | 757                        |              |      | 381      |      |              | 380      |  |
| (Increase) decrease in operating assets:                                                                                    |                                 |              |      |               |      |
| Interest and dividend income receivable                                                                                         | 946                        |              |      | 740      |      |              | (104)         |  |
| Principal receivable                                                                                                            | (3,808)                         |              |      | (939)         |      |              | 7,701    |  |
| Receivable from related parties                                                                                                 | 14                         |              |      | (4)           |      |              | 1        |  |
| Prepaid expenses and other assets                                                                                               | 7                          |              |      | 85       |      |              | (107)         |  |
| Increase (decrease) in operating liabilities:                                                                               |                                 |              |      |               |      |
| Payable for investments purchased                                                                                               | —                    |              |      | —  |      |              | (4,736)       |  |
| Accrued management fee                                                                                                          | 261                        |              |      | (68)          |      |              | (14)          |  |
|                                                                                                                                 |                                 |              |      |               |      |
| Payable to related parties                                                                                                      | (84)                            |              |      | (50)          |      |              | 18       |  |
| Collateral payable for foreign currency forward contracts                                                                       | —                    |              |      | (320)         |      |              | 320      |  |
|                                                                                                                                 |                                 |              |      |               |      |
|                                                                                                                                 |                                 |              |      |               |      |
| Accounts payable, accrued expenses and other liabilities                                                                        | 315                        |              |      | (325)         |      |              | 10       |  |
| Net cash provided by operating activities                                                                                       | 187,426                    |              |      | 87,869   |      |              | 13,393   |  |
| Financing activities                                                                                                            |                                 |              |      |               |      |
| Issuance of Common Shares                                                                                                       | —                    |              |      | 8,050    |      |              | 1,000    |  |
| Repurchase of Common Shares                                                                                                     | (5,278)                         |              |      | (14,585)      |      |              | (17,089)      |  |
| Credit facility borrowings                                                                                                      | —                    |              |      | 4,000    |      |              | 27,000   |  |
| Credit facility repayments                                                                                                      | (130,000)                       |              |      | (46,000)      |      |              | (5,000)       |  |
|                                                                                                                                 |                                 |              |      |               |      |
| Distributions paid                                                                                                              | (57,863)                        |              |      | (13,381)      |      |              | (20,640)      |  |
| Net cashused in financing activities                                                                                            | (193,141)                       |              |      | (61,916)      |      |              | (14,729)      |  |
| Net increase (decrease) in cash, cash equivalents and restricted cash                                                           | (5,715)                         |              |      | 25,953   |      |              | (1,336)       |  |
| Cash, cash equivalents and restricted cash, beginning of year                                                                   | 34,919                     |              |      | 8,966    |      |              | 10,302   |  |
| Cash, cash equivalents and restricted cash, end of year                                                                         | $                               | 29,204  |      |               | $    | 34,919  |               |  | $ | 8,966  |  |
| Reconciliation of cash, cash equivalents and restricted cash                                                                    |                                 |              |      |               |      |
| Cash and cash equivalents                                                                                                       | 4,556                      |              |      | 10,058   |      |              | 1,454    |  |
| Restricted cash                                                                                                                 | 24,648                     |              |      | 24,341   |      |              | 7,512    |  |
| Collateral deposits for foreign currency forward contracts                                                                      | —                    |              |      | 520      |      |              | —  |  |
| Total cash, cash equivalents and restricted cash                                                                                | $                               | 29,204  |      |               | $    | 34,919  |               |  | $ | 8,966  |  |
| Supplemental disclosure of cash flow information and non-cash financing activities:                                         |                                 |              |      |               |      |
| Cash paid for interest                                                                                                          | $                               | 2,156   |      |               | $    | 5,340   |               |  | $ | 8,048  |  |
|                                                                                                                                 |                                 |              |      |               |      |

----

|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |             |           |               |           |   |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|--------------------|--|-----------------------------------|--|---------------------------------|--|-----------------------|--|--------------------|--|---------------------------------------------|-------------|------------------------|--------------|-------------|-------------|-----------------|-------------|-----------|---------------|-----------|---|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021 (in thousands)                    |
| Portfolio Company (1) (2) (3)                       |  | Footnotes          |  | Investment                        |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date      |  | Principal / Par Amount / Shares (6) |             | Amortized Cost (7) (8) |              | Fair Value  |             | % of Net Assets |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
| INVESTMENTS                                         |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
| Debt investments - 78.2%                            |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
| Automotive                                          |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |
| Accuride Corporation                                |  |                    |  | Senior Secured Loans - First Lien |  | L+5.25%                         |  | 6.25%                 |  | 11/17/2023 |  | $                                           | 4,511  |                        |              | $           | 4,457  |                 |             | $         | 4,368    |           |   | 2.8  | % |
| EnTrans International, LLC                          |  | (13)               |  | Senior Secured Loans - First Lien |  | L+6.00%                         |  | 6.08%                 |  | 11/1/2024  |  | 6,916                                  |             |                        | 6,105   |             |             | 6,542      |             |           | 4.2      | %         |
| Wesco Group                                         |  | (15)               |  | Senior Secured Loans - First Lien |  | L+4.25%                         |  | 5.25%                 |  | 6/14/2024  |  | 1,217                                  |             |                        | 1,210   |             |             | 1,214      |             |           | 0.8      | %         |
| Total Automotive                                    |  |                    |  |                                   |  |                                 |  |                       |  |                    |  | 11,772                                 |             |                        | 12,124  |             |             | 7.8        | %           |
| Banking, Finance, Insurance & Real Estate       |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |
| Gladman Developments Ltd.                           |  | UK(10)(11)(14)(15) |  | Senior Secured Loans - First Lien |  | G+9.50%                         |  | 9.62%                 |  | 8/16/2024  |  | £                                      | 2,086  |                        |              | 2,637  |             |                 | 2,772  |           |               | 1.8  | % |
| Total Banking, Finance, Insurance & Real Estate |  |                    |  |                                   |  |                                 |  |                       |  | 2,637         |  |                                             | 2,772  |                        |              | 1.8    | %           |
| Beverage, Food & Tobacco                        |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |
| Checkers Holdings Inc                               |  | (13)               |  | Senior Secured Loans - First Lien |  | L+4.25%                         |  | 5.25%                 |  | 4/25/2024  |  | 1,122                                  |             |                        | 721     |             |             | 965        |             |           | 0.6      | %         |
| Total Beverage, Food & Tobacco                  |  |                    |  |                                   |  |                                 |  |                       |  |                    |  | 721                                    |             |                        | 965     |             |             | 0.6        | %           |
| Capital Equipment                                   |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |
| Cleaver Brooks, Inc.                                |  |                    |  | Senior Secured Bonds              |  | N/A                         |  | 7.88%                 |  | 3/1/2023   |  | 2,000                                  |             |                        | 2,000   |             |             | 1,955      |             |           | 1.2      | %         |
| Total Capital Equipment                             |  |                    |  |                                   |  |                                 |  |                       |  |                    |  | 2,000                                  |             |                        | 1,955   |             |             | 1.2        | %           |
| Chemicals, Plastics & Rubber                    |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |
| Aceto Chemicals                                     |  | (15)               |  | Senior Secured Loans - First Lien |  | L+5.50%                         |  | 6.50%                 |  | 4/29/2025  |  | 5,070                                  |             |                        | 5,049   |             |             | 5,051      |             |           | 3.2      | %         |
| Aceto Chemicals (Revolver)                          |  | (9)(13)(15)(17)    |  | Senior Secured Loans - First Lien |  | N/A                         |  | N/A               |  | 4/29/2025  |  | —                                |             |                        | (59)         |             |             | (55)            |             |           | —  | %         |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             | 4,990             |              |             | 4,996  |                 |             | 3.2  | %             |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
| Drew Marine Group Inc.                              |  | (15)               |  | Senior Secured Loans - First Lien |  | L+4.25%                         |  | 4.47%                 |  | 6/26/2026  |  | 975                                    |             |                        | 965     |             |             | 966        |             |           | 0.6      | %         |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
| Seal For Life Industries US LLC (Revolver)          |  | (9)(11)(13)(15)    |  | Senior Secured Loans - First Lien |  | L+7.00%                         |  | 8.00%                 |  | 7/24/2024  |  | 238                                    |             |                        | 193     |             |             | 197        |             |           | 0.1      | %         |
| Seal For Life Industries US LLC                     |  | (11)(15)           |  | Senior Secured Loans - First Lien |  | L+7.00%                         |  | 8.00%                 |  | 7/23/2025  |  | 6,850                                  |             |                        | 6,732   |             |             | 6,787      |             |           | 4.3      | %         |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             | 6,925             |              |             | 6,984  |                 |             | 4.4  | %             |
| Total Chemicals, Plastics & Rubber              |  |                    |  |                                   |  |                                 |  |                       |  |                    |  | 12,880                                 |             |                        | 12,946  |             |             | 8.2        | %           |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |
| Consumer Goods: Non-Durable                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |
| Galls LLC                                           |  | (14)(15)           |  | Senior Secured Loans - First Lien |  | L+6.75%                         |  | 7.75%                 |  | 1/31/2025  |  | 3,718                                  |             |                        | 3,702   |             |             | 3,588      |             |           | 2.3      | %         |
| Galls LLC (Delayed Draw B)                          |  | (14)(15)           |  | Senior Secured Loans - First Lien |  | L+6.75%                         |  | 7.75%                 |  | 1/31/2025  |  | 545                                    |             |                        | 543     |             |             | 526        |             |           | 0.3      | %         |
| Galls LLC (Revolver)                                |  | (9)(13)(15)        |  | Senior Secured Loans - First Lien |  | L+5.75%                         |  | 7.75%                 |  | 1/31/2024  |  | 344                                    |             |                        | 313     |             |             | 317        |             |           | 0.2      | %         |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             | 4,558             |              |             | 4,431  |                 |             | 2.8  | %             |
|                                                     |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |             |                 |
| Pure Fishing, Inc.                                  |  | (13)               |  | Senior Secured Loans - First Lien |  | L+4.50%                         |  | 4.60%                 |  | 12/19/2025 |  | 3,939                                  |             |                        | 3,609   |             |             | 3,830      |             |           | 2.4      | %         |
| Total Consumer Goods: Non-Durable          |  |                    |  |                                   |  |                                 |  |                       |  |                    |  | 8,167                                  |             |                        | 8,261   |             |             | 5.2        | %           |
| Containers, Packaging & Glass                   |  |                    |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |

----

|                                          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |             |                 |             |           |               |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--|---------------------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|--------------------|--|---------------------------------------------|-------------|------------------------|-------------|-------------|-------------|-----------------|-------------|-----------|---------------|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021 (in thousands)         |
| Portfolio Company (1) (2) (3)            |  | Footnotes                 |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date      |  | Principal / Par Amount / Shares (6) |             | Amortized Cost (7) (8) |             | Fair Value  |             | % of Net Assets |
|                                          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |             |                 |
| Bioplan USA, Inc.                        |  | (14)                      |  | Senior Secured Loans - First Lien  |  | L+7.75%                         |  | 8.75%                 |  | 12/22/2023 |  | 4,876                                  |             |                        | 4,451  |             |             | 4,635      |             |           | 3.0      | %         |
| Husky Injection Molding Systems Ltd.     |  | CN(10)(11)                |  | Senior Secured Loans - First Lien  |  | L+3.00%                         |  | 3.35%                 |  | 3/28/2025  |  | 1,940                                  |             |                        | 1,859  |             |             | 1,911      |             |           | 1.2      | %         |
|                                          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |             |                 |
| Total Containers, Packaging & Glass  |  |                           |  |                                    |  |                                 |  |                       |  |                    |  | 6,310                                  |             |                        | 6,546  |             |             | 4.2        | %           |
| Energy: Oil & Gas                |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |
| Basic Energy Services Inc                |  | (13)(18)                  |  | Senior Secured Bonds               |  | N/A                         |  | N/A               |  | 10/15/2023 |  | 4,475                                  |             |                        | 2,041  |             |             | 313        |             |           | 0.2      | %         |
|                                          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |             |                 |
|                                          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |             |                 |
| Permian Production Partners              |  | (13)(14)(15)              |  | Senior Secured Loans - First Lien  |  | L+8.00%                         |  | 9.00%                 |  | 11/23/2025 |  | 750                                    |             |                        | 390    |             |             | 693        |             |           | 0.4      | %         |
| Total Energy: Oil & Gas          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  | 2,431                                  |             |                        | 1,006  |             |             | 0.6        | %           |
| Healthcare & Pharmaceuticals         |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |
| Alegeus Technologies LLC                 |  | (15)                      |  | Senior Secured Loans - First Lien  |  | L+8.25%                         |  | 9.25%                 |  | 9/5/2024   |  | 8,000                                  |             |                        | 7,974  |             |             | 7,844      |             |           | 5.0      | %         |
| Total Healthcare & Pharmaceuticals   |  |                           |  |                                    |  |                                 |  |                       |  |                    |  | 7,974                                  |             |                        | 7,844  |             |             | 5.0        | %           |
| Hotel, Gaming & Leisure              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |
| ASM Global                               |  |                           |  | Senior Secured Loans - First Lien  |  | L+2.50%                         |  | 2.62%                 |  | 1/23/2025  |  | 2,311                                  |             |                        | 2,309  |             |             | 2,252      |             |           | 1.4      | %         |
| Total Hotel, Gaming & Leisure        |  |                           |  |                                    |  |                                 |  |                       |  |                    |  | 2,309                                  |             |                        | 2,252  |             |             | 1.4        | %           |
| Metals & Mining                      |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |
| Polyvision Corp.                         |  | (14)(15)                  |  | Senior Secured Loans - First Lien  |  | L+7.50%                         |  | 8.50%                 |  | 2/21/2026  |  | 3,564                                  |             |                        | 3,529  |             |             | 3,457      |             |           | 2.2      | %         |
| Polyvision Corp.                         |  | (14)(15)                  |  | Senior Secured Loans - First Lien  |  | L+7.50%                         |  | 8.50%                 |  | 2/21/2026  |  | 1,004                                  |             |                        | 994    |             |             | 974        |             |           | 0.6      | %         |
| Polyvision Corp. (Delayed Draw)          |  | (14)(15)                  |  | Senior Secured Loans - First Lien  |  | L+7.50%                         |  | 8.50%                 |  | 2/21/2026  |  | 138                                    |             |                        | 138    |             |             | 134        |             |           | 0.1      | %         |
| Polyvision Corp. (Revolver)              |  | (9)(13)(14)(15)           |  | Senior Secured Loans - First Lien  |  | L+7.50%                         |  | 8.50%                 |  | 8/21/2025  |  | 739                                    |             |                        | 669    |             |             | 693        |             |           | 0.4      | %         |
| Total Metals & Mining                |  |                           |  |                                    |  |                                 |  |                       |  |                    |  | 5,330                                  |             |                        | 5,258  |             |             | 3.3        | %           |
| Retail                                   |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |
| Blue Nile, Inc.                          |  |                           |  | Senior Secured Loans - First Lien  |  | L+6.50%                         |  | 7.50%                 |  | 2/17/2023  |  | 4,650                                  |             |                        | 4,618  |             |             | 4,555      |             |           | 2.9      | %         |
|                                          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |             |                 |
| Save-a-Lot                               |  | (13)(14)(15)              |  | Senior Secured Loans - First Lien  |  | L+7.00%                         |  | 8.00%                 |  | 3/12/2024  |  | 973                                    |             |                        | 887    |             |             | 995        |             |           | 0.6      | %         |
| Save-a-Lot                               |  | (13)(14)                  |  | Senior Secured Loans - Second Lien |  | L+10.75%                        |  | 11.75%                |  | 10/1/2024  |  | 1,227                                  |             |                        | 1,912  |             |             | 1,056      |             |           | 0.7      | %         |
|                                          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 2,799             |             |             | 2,051  |                 |             | 1.3  | %             |
| Total Retail                             |  |                           |  |                                    |  |                                 |  |                       |  |                    |  | 7,417                                  |             |                        | 6,606  |             |             | 4.2        | %           |
| Services: Business                   |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |
| Alexander Mann Solutions (GBP Term Loan) |  | UK(10)(11)(13)            |  | Senior Secured Loans - First Lien  |  | G+5.00%                         |  | 5.17%                 |  | 6/16/2025  |  | £                                      | 2,060  |                        |             | 2,589  |             |                 | 2,697  |           |               | 1.7  | % |
| Alexander Mann Solutions (USD Term Loan) |  | UK(10)(11)(13)            |  | Senior Secured Loans - First Lien  |  | L+5.00%                         |  | 5.16%                 |  | 6/16/2025  |  | 890                                    |             |                        | 862    |             |             | 862        |             |           | 0.5      | %         |
| Alexander Mann Solutions (Revolver)      |  | UK(9)(10)(11)(13)(15)(17) |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 12/16/2024 |  | —                                |             |                        | (27)        |             |             | (27)            |             |           | —  | %         |
|                                          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 3,424             |             |             | 3,532  |                 |             | 2.2  | %             |
|                                          |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |             |             |             |                 |
| HealthChannels, Inc.                     |  |                           |  | Senior Secured Loans - First Lien  |  | L+4.50%                         |  | 4.60%                 |  | 4/3/2025   |  | 2,725                                       |             | 2,692             |             |             | 2,504  |                 |             | 1.6  | %             |

----

|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |             |           |               |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|----------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|--------------------|--|---------------------------------------------|-------------|------------------------|--------------|-------------|--------------|-----------------|-------------|-----------|---------------|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021 (in thousands)             |
| Portfolio Company (1) (2) (3)                |  | Footnotes      |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date      |  | Principal / Par Amount / Shares (6) |             | Amortized Cost (7) (8) |              | Fair Value  |              | % of Net Assets |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
| Hersha Hospitality Management                |  | (15)           |  | Senior Secured Loans - First Lien  |  | L+4.75%                         |  | 5.75%                 |  | 3/2/2026   |  | 4,728                                       |             | 4,645             |              |             | 4,634   |                 |             | 2.9  | %             |
| Hersha Hospitality Management (Delayed Draw) |  | (9)(15)        |  | Senior Secured Loans - First Lien  |  | L+4.75%                         |  | 5.75%                 |  | 3/2/2026   |  | 86                                     |             |                        | 62      |             |              | 62         |             |           | —  | %         |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 4,707             |              |             | 4,696   |                 |             | 2.9  | %             |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
| PSI Services LLC (Revolver)                  |  | (9)(13)(15)    |  | Senior Secured Loans - First Lien  |  | L+5.75%                         |  | 6.75%                 |  | 10/4/2025  |  | 298                                         |             | 298               |              |             | 275     |                 |             | 0.2  | %             |
| PSI Services LLC (Delayed Draw)              |  | (15)           |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 10/4/2026  |  | 177                                    |             |                        | 177     |             |              | 169        |             |           | 0.1      | %         |
| PSI Services LLC                             |  | (15)           |  | Senior Secured Loans - First Lien  |  | L+5.75%                         |  | 6.75%                 |  | 10/4/2026  |  | 420                                         |             | 420               |              |             | 402     |                 |             | 0.3  | %             |
| PSI Services LLC                             |  | (15)           |  | Senior Secured Loans - First Lien  |  | L+5.75%                         |  | 6.75%                 |  | 10/16/2026 |  | 2,808                                       |             | 2,775             |              |             | 2,682   |                 |             | 1.7  | %             |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 3,670             |              |             | 3,528   |                 |             | 2.3  | %             |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
| YAK Access, LLC                              |  |                |  | Senior Secured Loans - Second Lien |  | L+10.00%                        |  | 10.13%                |  | 7/10/2026  |  | 5,000                                       |             | 4,762             |              |             | 3,350   |                 |             | 2.1  | %             |
| Total Services: Business                 |  |                |  |                                    |  |                                 |  |                       |  |                    |  | 19,255                                 |             |                        | 17,610  |             |              | 11.1       | %           |
| Technology                                   |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |
| Allvue Systems (Revolver)                    |  | (9)(13)(15)    |  | Senior Secured Loans - First Lien  |  | L+4.25%                         |  | 4.43%                 |  | 9/6/2024   |  | 129                                    |             |                        | 116     |             |              | 122        |             |           | 0.1      | %         |
| Allvue Systems (Term Loan)                   |  | (15)           |  | Senior Secured Loans - First Lien  |  | L+4.25%                         |  | 4.43%                 |  | 9/4/2026   |  | 851                                         |             | 849               |              |             | 844     |                 |             | 0.5  | %             |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 965               |              |             | 966     |                 |             | 0.6  | %             |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
| Apptio, Inc.                                 |  | (15)           |  | Senior Secured Loans - First Lien  |  | L+7.25%                         |  | 8.25%                 |  | 1/10/2025  |  | 4,900                                       |             | 4,861             |              |             | 4,873   |                 |             | 3.1  | %             |
| Apptio, Inc. (Revolver)                      |  | (9)(13)(15)    |  | Senior Secured Loans - First Lien  |  | L+7.25%                         |  | 8.25%                 |  | 12/3/2024  |  | 131                                    |             |                        | 109     |             |              | 110        |             |           | 0.1      | %         |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 4,970             |              |             | 4,983   |                 |             | 3.2  | %             |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
| Causeway Technologies                        |  | UK(10)(11)(15) |  | Senior Secured Loans - First Lien  |  | G+6.25%                         |  | 6.31%                 |  | 6/8/2024   |  | £                                      | 2,638  |                        |              | 3,365  |              |                 | 3,570  |           |               | 2.3  | % |
| Causeway Technologies                        |  | UK(10)(11)(15) |  | Senior Secured Loans - First Lien  |  | G+7.00%                         |  | 7.03%                 |  | 6/8/2024   |  | £                                      | 338    |                        |              | 426    |              |                 | 914    |           |               | 0.6  | % |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 3,791             |              |             | 4,484   |                 |             | 2.9  | %             |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
| Datix Bidco Limited                          |  | (15)           |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 4.18%                 |  | 4/28/2025  |  | 1,931                                  |             |                        | 1,910   |             |              | 1,922      |             |           | 1.2      | %         |
| Datix Bidco Limited                          |  | (15)           |  | Senior Secured Loans - Second Lien |  | L+7.75%                         |  | 7.93%                 |  | 4/27/2026  |  | 462                                    |             |                        | 456     |             |              | 459        |             |           | 0.3      | %         |
| Datix Bidco Limited                          |  | (15)           |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 4.18%                 |  | 4/28/2025  |  | 3,048                                  |             |                        | 3,022   |             |              | 3,034      |             |           | 2.0      | %         |
| Datix Bidco Limited                          |  | (15)           |  | Senior Secured Loans - Second Lien |  | L+7.75%                         |  | 7.93%                 |  | 4/27/2026  |  | 4,696                                  |             |                        | 4,652   |             |              | 4,669      |             |           | 3.0      | %         |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 10,040            |              |             | 10,084  |                 |             | 6.5  | %             |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |
|                                              |  |                |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |             |              |                 |

----

|                                    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |             |                 |               |           |               |            |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|--|-----------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|-------------------|--|---------------------------------------------|--|------------------------|---------------|------------|-------------|-----------------|---------------|-----------|---------------|------------|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021 (in thousands)   |
| Portfolio Company (1) (2) (3)      |  | Footnotes       |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date     |  | Principal / Par Amount / Shares (6) |  | Amortized Cost (7) (8) |               | Fair Value |             | % of Net Assets |
|                                    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |             |                 |
| Ministry Brands                    |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 5.00%                 |  | 12/2/2022 |  | 934                                    |  |                        | 932      |            |             | 925        |               |           | 0.6      | %          |
| Ministry Brands (Delayed Draw)     |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 5.00%                 |  | 12/2/2022 |  | 497                                    |  |                        | 496      |            |             | 492        |               |           | 0.3      | %          |
| Ministry Brands (Delayed Draw)     |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 5.00%                 |  | 12/2/2022 |  | 180                                    |  |                        | 180      |            |             | 178        |               |           | 0.1      | %          |
|                                    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  | 1,608             |               |            | 1,595  |                 |               | 1.0  | %             |
|                                    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |             |                 |
| Wide Orbit, Inc.                   |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+8.50%                         |  | 9.75%                 |  | 7/8/2025  |  | 3,097                                  |  |                        | 3,072    |            |             | 3,072      |               |           | 2.0      | %          |
| Wide Orbit, Inc. (Revolver)        |  | (9)(13)(15)(17) |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 7/8/2025  |  | —                                |  |                        | —  |            |             | (26)            |               |           | —  | %          |
|                                    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  | 3,072             |               |            | 3,046  |                 |               | 2.0  | %             |
|                                    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |             |                 |
| Wind River Systems                 |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+6.75%                         |  | 7.75%                 |  | 6/24/2024 |  | 1,284                                  |  |                        | 1,270    |            |             | 1,276      |               |           | 0.8      | %          |
| Total Technology                   |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | 25,716                                 |  |                        | 26,434   |            |             | 17.0       | %             |
| Telecommunications                 |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |
| Firstlight Fiber                   |  |                 |  | Senior Secured Loans - First Lien  |  | L+3.50%                         |  | 3.58%                 |  | 7/23/2025 |  | 2,186                                  |  |                        | 2,179    |            |             | 2,164      |               |           | 1.4      | %          |
| Firstlight Fiber                   |  | (15)            |  | Senior Secured Loans - Second Lien |  | L+7.50%                         |  | 7.58%                 |  | 7/23/2026 |  | 2,500                                  |  |                        | 2,481    |            |             | 2,431      |               |           | 1.5      | %          |
| Total Telecommunications           |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | 4,660                                  |  |                        | 4,595    |            |             | 2.9        | %             |
| Utilities: Electric            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |
| BHI Energy                         |  | (15)            |  | Senior Secured Loans - Second Lien |  | L+8.75%                         |  | 9.75%                 |  | 2/28/2025 |  | 6,000                                  |  |                        | 5,938    |            |             | 5,895      |               |           | 3.7      | %          |
| Total Utilities: Electric |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | 5,938                                  |  |                        | 5,895    |            |             | 3.7        | %             |
| Total Debt Investments             |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  | $                      | 125,517  |            |             | $               | 123,069  |           |               | 78.2  | %             |
|                                    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |             |                 |
| Equity investments - 0.7%          |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |             |                 |
| Beverage, Food & Tobacco       |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |
| Chef's Holdings Inc.               |  | (13)(15)(16)    |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                   |  | 128                                    |  |                        | $             | 16    |             |                 | $             | 6    |               |            | —  | % |
| Total Beverage, Food & Tobacco |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | 16                                     |  |                        | 6        |            |             | —    | %             |
| Energy: Oil & Gas          |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |
| Permian Production Partners        |  | (13)(15)        |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                   |  | 203,022                                |  |                        | —  |            |             | 243        |               |           | 0.2      | %          |
| Total Energy: Oil & Gas    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | —                                |  |                        | 243      |            |             | 0.2        | %             |
| Retail                             |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |
| Save-a-Lot                         |  | (13)            |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                   |  | 53,097                                 |  |                        | —  |            |             | 173        |               |           | 0.1      | %          |
| Total Retail                       |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | —                                |  |                        | 173      |            |             | 0.1        | %             |
|                                    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |             |                 |
| Technology                         |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |               |            |
| Onyx CenterSource                  |  | (13)(15)        |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                   |  | 952,410                                |  |                        | —  |            |             | 476        |               |           | 0.3      | %          |
| Wolfhound Parent Inc. (Warrants)   |  | (13)(15)(16)    |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                   |  | 1,975                                  |  |                        | 30       |            |             | 51         |               |           | —  | %          |

----

|                                  |  |           |  |                  |  |                                 |  |                       |  |               |  |                                             |  |                        |               |            |  |                 |               |  |           |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|--|-----------|--|------------------|--|---------------------------------|--|-----------------------|--|---------------|--|---------------------------------------------|--|------------------------|---------------|------------|--|-----------------|---------------|--|-----------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021 (in thousands) |
| Portfolio Company (1) (2) (3)    |  | Footnotes |  | Investment       |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date |  | Principal / Par Amount / Shares (6) |  | Amortized Cost (7) (8) |               | Fair Value |  | % of Net Assets |
|                                  |  |           |  |                  |  |                                 |  |                       |  |               |  |                                             |  |                        |               |            |  |                 |
| Wide Orbit (Warrants)            |  | (13)(15)  |  | Equity and Other |  | N/A                         |  | N/A               |  |               |  | 96,480                                 |  |                        | —  |            |  | 121        |               |  | 0.1  | %          |
| Total Technology                 |  |           |  |                  |  |                                 |  |                       |  |               |  | 30                                     |  |                        | 648      |            |  | 0.4        | %             |
| Total Equity Investments         |  |           |  |                  |  |                                 |  |                       |  |               |  |                                             |  | $                      | 46       |            |  | $               | 1,070    |  |           | 0.7   | % |
|                                  |  |           |  |                  |  |                                 |  |                       |  |               |  |                                             |  |                        |               |            |  |                 |
| Total Investments - 78.9%        |  |           |  |                  |  |                                 |  |                       |  |               |  |                                             |  | $                      | 125,563  |            |  | $               | 124,139  |  |           | 78.9  | % |
|                                    |  |                   |  |                  |              |             |  |                        |             |            |       |                 |  |       |   |       |  |  |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|--|-------------------|--|------------------|--------------|-------------|--|------------------------|-------------|------------|-------|-----------------|--|-------|---|-------|--|--|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021 (in thousands)   |
| Derivative Counterparty            |  | Settlement Date   |  | Amount Purchased |              | Amount Sold |  | Amortized Cost (7) (8) |             | Fair Value |       | % of Net Assets |
| Foreign Currency Forward Contracts |  |                   |  |                  |              |             |  |                        |             |            |       |
| JPMorgan Chase Bank                |  | 1/14/2022 |  | $                | 1,189   |             |  | €                | 1,055  |            |       | —    |  |       | $ | (12)  |  |  | —  | % |
| JPMorgan Chase Bank                |  | 1/14/2022 |  | $                | 11,387  |             |  | £                 | 8,609  |            |       | —    |  |       | $ | (268) |  |  | (0.2)         | % |
|                                    |  |                   |  |                  |              |             |  |                        |             |            |       |                 |
|                                    |  |                   |  |                  |              |             |  |                        |             | $          | (280) |                 |  | (0.2) | % |

Note 8. Commitments and Contingencies

----

Note 7. Borrowings

|                                 |             |               |                |            |                                                   |  |  |  |  |  |  |  |  |  |
|---------------------------------|-------------|---------------|----------------|------------|---------------------------------------------------|--|--|--|--|--|--|--|--|--|
|                                 | Coupon Rate | PIK Component | Cash Component | PIK Option |
| Bioplan USA, Inc.               | L+7.75%     | 0.50     | %              | L+7.25%    | The Portfolio Company may elect PIK up to 0.50%.  |
| Galls LLC                       | L+6.75%     | 0.50     | %              | L+6.25%    | The Portfolio Company may elect PIK up to 0.50%.  |
| Galls LLC                       | L+6.75%     | 0.50     | %              | L+6.25%    | The Portfolio Company may elect PIK up to 0.50%.  |
| Gladman Developments Ltd.       | G+9.50%     | 2.75     | %              | G+6.75%    | The Portfolio Company may elect PIK up to 2.75%.  |
| Permian Production Partners     | L+8.00%     | 2.00     | %              | L+6.00%    | The Portfolio Company may elect PIK up to 2.00%.  |
| Polyvision Corp.                | L+7.50%     | 1.00     | %              | L+6.50%    | The Portfolio Company may elect PIK up to 1.00%.  |
| Polyvision Corp.                | L+7.50%     | 1.00     | %              | L+6.50%    | The Portfolio Company may elect PIK up to 1.00%.  |
| Polyvision Corp. (Delayed Draw) | L+7.50%     | 1.00     | %              | L+6.50%    | The Portfolio Company may elect PIK up to 1.00%.  |
| Polyvision Corp. (Revolver)     | L+7.50%     | 1.00     | %              | L+6.50%    | The Portfolio Company may elect PIK up to 1.00%.  |
| Save-A-Lot                      | L+7.00%     | 7.00     | %              | L+0.00%    | The Portfolio Company may elect PIK up to 7.00%.  |
| Save-A-Lot                      | L+10.75%    | 10.75    | %              | L+0.00%    | The Portfolio Company may elect PIK up to 10.75%. |

Note 2. Significant Accounting Policies

----

|                                                     |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |             |                 |              |             |               |           |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|---------------------------|--|-----------------------------------|--|---------------------------------|--|-----------------------|--|--------------------|--|---------------------------------------------|-------------|------------------------|--------------|--------------|-------------|-----------------|--------------|-------------|---------------|-----------|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 (in thousands)                    |
| Portfolio Company (1) (2) (3)                       |  | Footnotes                 |  | Investment                        |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date      |  | Principal / Par Amount / Shares (6) |             | Amortized Cost (7) (8) |              | Fair Value   |             | % of Net Assets |
|                                                     |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |             |                 |
| INVESTMENTS                                         |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |             |                 |
| Debt investments - 145.8%                           |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |             |                 |
| Aerospace & Defense                             |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |
| Arcline FM Holdings LLC                             |  | (15)                      |  | Senior Secured Loans - First Lien |  | L+6.00%                         |  | 7.00%                 |  | 1/21/2025  |  | 4,331                                  |             |                        | $            | 4,242   |             |                 | $            | 4,259  |               |           | 2.1  | % |
| Arcline FM Holdings LLC (Revolver)                  |  | (9)(13)(15)               |  | Senior Secured Loans - First Lien |  | L+6.00%                         |  | 7.00%                 |  | 1/21/2025  |  | 145                                    |             |                        | 91      |              |             | 101        |              |             | 0.1      | %         |
| Total Aerospace & Defense                       |  |                           |  |                                   |  |                                 |  |                       |  |                    |  | 4,333                                  |             |                        | 4,360   |              |             | 2.2        | %            |
| Automotive                                          |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |
| Accuride Corporation                                |  |                           |  | Senior Secured Loans - First Lien |  | L+5.25%                         |  | 6.25%                 |  | 11/17/2023 |  | 11,520                                 |             |                        | 11,311  |              |             | 10,480     |              |             | 5.3      | %         |
| American Tire Distributors Inc.                     |  |                           |  | Senior Secured Loans - First Lien |  | L+7.50%                         |  | 8.50%                 |  | 8/30/2024  |  | 2,940                                  |             |                        | 2,695   |              |             | 2,820      |              |             | 1.4      | %         |
| BBB Industries                                      |  |                           |  | Senior Secured Loans - First Lien |  | L+4.50%                         |  | 4.65%                 |  | 8/1/2025   |  | 1,955                                  |             |                        | 1,942   |              |             | 1,896      |              |             | 1.0      | %         |
| EnTrans International, LLC                          |  | (13)                      |  | Senior Secured Loans - First Lien |  | L+6.00%                         |  | 6.15%                 |  | 11/1/2024  |  | 7,336                                  |             |                        | 6,244   |              |             | 7,079      |              |             | 3.5      | %         |
|                                                     |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |             |                 |
| Mavis Tire Express Services Corp. (Revolver)        |  | (9)(13)(15)(17)           |  | Senior Secured Loans - First Lien |  | N/A                         |  | N/A               |  | 3/20/2023  |  | —                                |             |                        | (13)         |              |             | (12)            |              |             | —  | %         |
| Mavis Tire Express Services Corp. (Delayed Draw)    |  |                           |  | Senior Secured Loans - First Lien |  | L+3.25%                         |  | 3.50%                 |  | 3/20/2025  |  | 3,605                                  |             |                        | 3,594   |              |             | 3,550      |              |             | 1.8      | %         |
|                                                     |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             | 3,581             |              |              | 3,538  |                 |              | 1.8    | %             |
|                                                     |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |             |                 |
| Wesco Group                                         |  | (15)                      |  | Senior Secured Loans - First Lien |  | L+4.25%                         |  | 5.25%                 |  | 6/14/2024  |  | 1,235                                  |             |                        | 1,225   |              |             | 1,231      |              |             | 0.6      | %         |
| Total Automotive                                    |  |                           |  |                                   |  |                                 |  |                       |  |                    |  | 26,998                                 |             |                        | 27,044  |              |             | 13.6       | %            |
| Banking, Finance, Insurance & Real Estate       |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |
| Gladman Developments Ltd.                           |  | UK(10)(11)(14)(15)        |  | Senior Secured Loans - First Lien |  | G+9.50%                         |  | 9.57%                 |  | 8/16/2024  |  | £                                      | 2,470  |                        |              | 3,107   |             |                 | 3,266   |             |               | 1.7  | %         |
| Gladman Developments Ltd. (Delayed Draw)            |  | UK(9)(10)(11)(13)(14)(15) |  | Senior Secured Loans - First Lien |  | G+9.50%                         |  | 9.55%                 |  | 8/16/2024  |  | £                                      | 645    |                        |              | 828     |             |                 | 828     |             |               | 0.4  | %         |
|                                                     |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             | 3,935             |              |              | 4,094  |                 |              | 2.1    | %             |
|                                                     |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |             |                 |
| Hunt Companies, Inc.                                |  | (11)                      |  | Senior Secured Bonds              |  | N/A                         |  | 6.25%                 |  | 2/15/2026  |  | 2,000                                  |             |                        | 2,000   |              |             | 2,050      |              |             | 1.0      | %         |
| JZ Capital Partners Ltd.                            |  | UK(10)(11)(15)            |  | Senior Secured Loans - First Lien |  | L+5.75%                         |  | 6.75%                 |  | 6/14/2021  |  | 71                                     |             |                        | 71      |              |             | 71         |              |             | —  | %         |
| Total Banking, Finance, Insurance & Real Estate |  |                           |  |                                   |  |                                 |  |                       |  | 6,006         |  |                                             | 6,215  |                        |              | 3.1     | %           |
| Beverage, Food & Tobacco                        |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |
| Addo Foods Group                                    |  | UK(10)(11)(14)(15)        |  | Senior Secured Loans - First Lien |  | G+8.00%                         |  | 9.00%                 |  | 4/19/2024  |  | £                                      | 9,995  |                        |              | 12,283  |             |                 | 13,668  |             |               | 6.9  | %         |
| Blue Ribbon LLC                                     |  |                           |  | Senior Secured Loans - First Lien |  | L+4.00%                         |  | 5.00%                 |  | 11/15/2021 |  | 2,762                                  |             |                        | 2,365   |              |             | 2,618      |              |             | 1.3      | %         |
| Checkers Holdings Inc                               |  | (13)                      |  | Senior Secured Loans - First Lien |  | L+4.25%                         |  | 5.25%                 |  | 4/25/2024  |  | 1,133                                  |             |                        | 728     |              |             | 958        |              |             | 0.5      | %         |
|                                                     |  |                           |  |                                   |  |                                 |  |                       |  |                    |  |                                             |             |                        |              |              |             |                 |
| CTI Foods Holdings Co., LLC (First Out)             |  | (14)(15)                  |  | Senior Secured Loans - First Lien |  | L+7.00%                         |  | 8.00%                 |  | 5/3/2024   |  | 1,987                                  |             |                        | 1,987   |              |             | 1,570      |              |             | 0.8      | %         |

----

|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |              |                 |   |           |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------|--|-----------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|-------------------|--|---------------------------------------------|--|------------------------|--------------|------------|--------------|-----------------|---|-----------|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 (in thousands)           |
| Portfolio Company (1) (2) (3)              |  | Footnotes       |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date     |  | Principal / Par Amount / Shares (6) |  | Amortized Cost (7) (8) |              | Fair Value |              | % of Net Assets |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |              |                 |
| CTI Foods Holdings Co., LLC (Last Out)     |  | (13)(14)(15)    |  | Senior Secured Loans - First Lien  |  | L+9.00%                         |  | 10.00%                |  | 5/3/2024  |  | 798                                    |  |                        | 798     |            |              | 574        |   |           | 0.3      | % |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  | 2,785             |              |            | 2,144   |                 |   | 1.1  | %             |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |              |                 |
| Topps Company                              |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+5.25%                         |  | 6.50%                 |  | 10/2/2022 |  | 4,938                                  |  |                        | 4,913   |            |              | 4,923      |   |           | 2.5      | % |
| US Foods Inc.                              |  | (11)(13)(15)    |  | Senior Secured Loans - First Lien  |  | L+3.25%                         |  | 4.25%                 |  | 4/24/2025 |  | 2,944                                  |  |                        | 2,738   |            |              | 2,914      |   |           | 1.5      | % |
| Total Beverage, Food & Tobacco         |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | 25,812                                 |  |                        | 27,225  |            |              | 13.8       | % |
| Capital Equipment                          |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |
| Cleaver Brooks, Inc.                       |  |                 |  | Senior Secured Bonds               |  | N/A                         |  | 7.88%                 |  | 3/1/2023  |  | 2,000                                  |  |                        | 2,000   |            |              | 1,975      |   |           | 1.0      | % |
| Total Capital Equipment                    |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | 2,000                                  |  |                        | 1,975   |            |              | 1.0        | % |
| Chemicals, Plastics & Rubber           |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |
| Aceto Chemicals                            |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+5.50%                         |  | 6.50%                 |  | 4/29/2025 |  | 5,122                                  |  |                        | 5,095   |            |              | 5,097      |   |           | 2.6      | % |
| Aceto Chemicals (Revolver)                 |  | (9)(13)(15)     |  | Senior Secured Loans - First Lien  |  | L+5.50%                         |  | 6.50%                 |  | 4/29/2025 |  | 160                                    |  |                        | 85      |            |              | 88         |   |           | —  | % |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  | 5,180             |              |            | 5,185   |                 |   | 2.6  | %             |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |              |                 |
| Drew Marine Group Inc.                     |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 4.25%                 |  | 6/26/2026 |  | 985                                    |  |                        | 973     |            |              | 974        |   |           | 0.5      | % |
| Ilpea Parent, Inc.                         |  | IT(10)(11)(15)  |  | Senior Secured Loans - First Lien  |  | L+4.75%                         |  | 5.75%                 |  | 3/2/2023  |  | 5,299                                  |  |                        | 5,267   |            |              | 5,239      |   |           | 2.6      | % |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |              |                 |
| Seal For Life Industries US LLC (Revolver) |  | (9)(11)(13)(15) |  | Senior Secured Loans - First Lien  |  | L+6.00%                         |  | 7.00%                 |  | 7/24/2024 |  | 217                                    |  |                        | 156     |            |              | 159        |   |           | 0.1      | % |
| Seal For Life Industries US LLC            |  | (11)(15)        |  | Senior Secured Loans - First Lien  |  | L+6.00%                         |  | 8.00%                 |  | 7/23/2025 |  | 6,921                                  |  |                        | 6,801   |            |              | 6,838      |   |           | 3.4      | % |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  | 6,957             |              |            | 6,997   |                 |   | 3.5  | %             |
| Total Chemicals, Plastics & Rubber     |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | 18,377                                 |  |                        | 18,395  |            |              | 9.2        | % |
| Construction & Building                |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |
| GAL Manufacturing                          |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+4.25%                         |  | 5.25%                 |  | 6/26/2023 |  | 5,372                                  |  |                        | 5,329   |            |              | 5,351      |   |           | 2.6      | % |
| GAL Manufacturing                          |  | (15)            |  | Senior Secured Loans - Second Lien |  | L+8.25%                         |  | 9.25%                 |  | 6/26/2024 |  | 6,000                                  |  |                        | 5,929   |            |              | 5,882      |   |           | 3.0      | % |
| GAL Manufacturing (Revolver)               |  | (9)(13)(15)     |  | Senior Secured Loans - First Lien  |  | L+4.25%                         |  | 4.40%                 |  | 6/24/2022 |  | 124                                    |  |                        | 108     |            |              | 108        |   |           | 0.1      | % |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  | 11,366            |              |            | 11,341  |                 |   | 5.7  | %             |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |              |                 |
| Springs Window Fashions, LLC               |  |                 |  | Senior Secured Loans - First Lien  |  | L+4.25%                         |  | 6.05%                 |  | 6/15/2025 |  | 870                                    |  |                        | 864     |            |              | 866        |   |           | 0.4      | % |
| Springs Window Fashions, LLC               |  |                 |  | Senior Secured Loans - Second Lien |  | L+8.50%                         |  | 8.65%                 |  | 6/15/2026 |  | 1,588                                  |  |                        | 1,527   |            |              | 1,522      |   |           | 0.8      | % |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  | 2,391             |              |            | 2,388   |                 |   | 1.2  | %             |
| Total Construction & Building          |  |                 |  |                                    |  |                                 |  |                       |  |                   |  | 13,757                                 |  |                        | 13,729  |            |              | 6.9        | % |
| Consumer Goods: Non-Durable            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |
| Diamond (BC) B.V.                          |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+5.00%                         |  | 6.00%                 |  | 9/6/2024  |  | 3,990                                  |  |                        | 3,891   |            |              | 3,995      |   |           | 2.0      | % |
|                                            |  |                 |  |                                    |  |                                 |  |                       |  |                   |  |                                             |  |                        |              |            |              |                 |

----

|                                                   |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |             |                 |   |           |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------|--|-------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|--------------------|--|---------------------------------------------|--|------------------------|--------------|------------|-------------|-----------------|---|-----------|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 (in thousands)                  |
| Portfolio Company (1) (2) (3)                     |  | Footnotes   |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date      |  | Principal / Par Amount / Shares (6) |  | Amortized Cost (7) (8) |              | Fair Value |             | % of Net Assets |
|                                                   |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |             |                 |
| Galls LLC                                         |  | (14)(15)    |  | Senior Secured Loans - First Lien  |  | L+6.75%                         |  | 7.75%                 |  | 1/31/2025  |  | 3,737                                  |  |                        | 3,715   |            |             | 3,699      |   |           | 1.9      | % |
| Galls LLC (Delayed Draw B)                        |  | (14)(15)    |  | Senior Secured Loans - First Lien  |  | L+6.75%                         |  | 7.75%                 |  | 1/31/2025  |  | 548                                    |  |                        | 544     |            |             | 542        |   |           | 0.3      | % |
| Galls LLC (Revolver)                              |  | (9)(13)(15) |  | Senior Secured Loans - First Lien  |  | L+6.25%                         |  | 7.67%                 |  | 1/31/2024  |  | 292                                    |  |                        | 247     |            |             | 251        |   |           | 0.1      | % |
|                                                   |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | 4,506             |              |            | 4,492  |                 |   | 2.3  | %             |
|                                                   |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |             |                 |
| Pure Fishing, Inc.                                |  | (13)        |  | Senior Secured Loans - First Lien  |  | L+4.50%                         |  | 4.65%                 |  | 12/19/2025 |  | 3,980                                  |  |                        | 3,562   |            |             | 3,852      |   |           | 1.9      | % |
| Total Consumer Goods: Non-Durable        |  |             |  |                                    |  |                                 |  |                       |  |                    |  | 11,959                                 |  |                        | 12,339  |            |             | 6.2        | % |
| Consumer Goods: Durable                       |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |
| PlayPower, Inc.                                   |  |             |  | Senior Secured Loans - First Lien  |  | L+5.50%                         |  | 5.74%                 |  | 4/29/2026  |  | 1,243                                  |  |                        | 1,233   |            |             | 1,193      |   |           | 0.6      | % |
| Total Consumer Goods: Durable                 |  |             |  |                                    |  |                                 |  |                       |  |                    |  | 1,233                                  |  |                        | 1,193   |            |             | 0.6        | % |
| Containers, Packaging & Glass                 |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |
| Bioplan USA, Inc.                                 |  |             |  | Senior Secured Loans - First Lien  |  | L+4.75%                         |  | 5.75%                 |  | 9/23/2021  |  | 4,901                                  |  |                        | 4,809   |            |             | 3,014      |   |           | 1.5      | % |
| Husky Injection Molding Systems Ltd.              |  | CN(10)(11)  |  | Senior Secured Loans - First Lien  |  | L+3.00%                         |  | 3.36%                 |  | 3/28/2025  |  | 1,960                                  |  |                        | 1,856   |            |             | 1,916      |   |           | 1.0      | % |
| Pelican Products Inc                              |  |             |  | Senior Secured Loans - First Lien  |  | L+3.50%                         |  | 4.50%                 |  | 5/31/2025  |  | 3,968                                  |  |                        | 3,477   |            |             | 3,899      |   |           | 2.0      | % |
|                                                   |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |             |                 |
| Resource Label Group LLC                          |  |             |  | Senior Secured Loans - First Lien  |  | L+4.50%                         |  | 5.50%                 |  | 5/26/2023  |  | 3,385                                  |  |                        | 3,370   |            |             | 3,199      |   |           | 1.6      | % |
| Resource Label Group LLC                          |  |             |  | Senior Secured Loans - Second Lien |  | L+8.50%                         |  | 9.50%                 |  | 11/26/2023 |  | 3,000                                  |  |                        | 2,976   |            |             | 2,700      |   |           | 1.3      | % |
|                                                   |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | 6,346             |              |            | 5,899  |                 |   | 2.9  | %             |
| Total Containers, Packaging & Glass           |  |             |  |                                    |  |                                 |  |                       |  |                    |  | 16,488                                 |  |                        | 14,728  |            |             | 7.4        | % |
| Energy: Oil & Gas                         |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |
| Basic Energy Services Inc                         |  | (13)(18)    |  | Senior Secured Bonds               |  | N/A                         |  | N/A               |  | 10/15/2023 |  | 4,475                                  |  |                        | 2,171   |            |             | 806        |   |           | 0.4      | % |
| Penn Virginia                                     |  | (11)(15)    |  | Senior Secured Loans - Second Lien |  | L+7.00%                         |  | 8.00%                 |  | 9/29/2022  |  | 3,000                                  |  |                        | 2,973   |            |             | 1,770      |   |           | 0.9      | % |
| Permian Production Partners                       |  | (13)(14)    |  | Senior Secured Loans - First Lien  |  | L+8.00%                         |  | 9.00%                 |  | 11/23/2025 |  | 1,337                                  |  |                        | 608     |            |             | 334        |   |           | 0.1      | % |
| Total Energy: Oil & Gas                   |  |             |  |                                    |  |                                 |  |                       |  |                    |  | 5,752                                  |  |                        | 2,910   |            |             | 1.4        | % |
| Healthcare & Pharmaceuticals                  |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |
| Alegeus Technologies LLC                          |  | (15)        |  | Senior Secured Loans - First Lien  |  | L+8.25%                         |  | 9.25%                 |  | 9/5/2024   |  | 8,000                                  |  |                        | 7,965   |            |             | 7,975      |   |           | 4.0      | % |
| Total Healthcare & Pharmaceuticals            |  |             |  |                                    |  |                                 |  |                       |  |                    |  | 7,965                                  |  |                        | 7,975   |            |             | 4.0        | % |
| Hotel, Gaming & Leisure                       |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |
| ASM Global                                        |  |             |  | Senior Secured Loans - First Lien  |  | L+2.50%                         |  | 2.65%                 |  | 1/23/2025  |  | 2,334                                  |  |                        | 2,332   |            |             | 2,208      |   |           | 1.1      | % |
| Golden Nugget                                     |  | (13)        |  | Senior Secured Loans - First Lien  |  | L+12.00%                        |  | 13.00%                |  | 10/4/2023  |  | 11                                     |  |                        | 11      |            |             | 13         |   |           | —  | % |
| Playtika Holding                                  |  | (11)        |  | Senior Secured Loans - First Lien  |  | L+6.00%                         |  | 7.00%                 |  | 12/31/2024 |  | 966                                    |  |                        | 946     |            |             | 973        |   |           | 0.5      | % |
| Total Hotel, Gaming & Leisure                 |  |             |  |                                    |  |                                 |  |                       |  |                    |  | 3,289                                  |  |                        | 3,194   |            |             | 1.6        | % |
| Media: Advertising, Printing & Publishing |  |             |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |              |            |
| Boats Group                                       |  | (15)        |  | Senior Secured Loans - First Lien  |  | L+5.75%                         |  | 6.75%                 |  | 5/17/2024  |  | 5,664                                  |  |                        | 5,613   |            |             | 5,664      |   |           | 2.8      | % |

----

|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |             |                 |   |           |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------|--|-----------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|--------------------|--|---------------------------------------------|--------------|------------------------|--------------|------------|-------------|-----------------|---|-----------|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 (in thousands)                        |
| Portfolio Company (1) (2) (3)                           |  | Footnotes       |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date      |  | Principal / Par Amount / Shares (6) |              | Amortized Cost (7) (8) |              | Fair Value |             | % of Net Assets |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |             |                 |
| Boats Group (Revolver)                                  |  | (9)(13)(15)(17) |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 9/12/2022  |  | —                                |              |                        | (37)         |            |             | (26)            |   |           | —  | % |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              | 5,576             |              |            | 5,638  |                 |   | 2.8  | %             |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |             |                 |
| Houghton Mifflin Harcourt Publishers, Inc.              |  | (11)            |  | Senior Secured Loans - First Lien  |  | L+6.25%                         |  | 7.25%                 |  | 11/19/2024 |  | 2,375                                  |              |                        | 2,280   |            |             | 2,296      |   |           | 1.2      | % |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |             |                 |
| McGraw-Hill Global Education Holdings                   |  |                 |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 5.00%                 |  | 5/4/2022   |  | 1,870                                  |              |                        | 1,863   |            |             | 1,829      |   |           | 0.9      | % |
| McGraw-Hill Global Education Holdings                   |  | (14)(15)        |  | Senior Unsecured Debt              |  | N/A                         |  | 11.75%                |  | 4/20/2022  |  | 2,118                                  |              |                        | 2,099   |            |             | 2,128      |   |           | 1.1      | % |
| McGraw-Hill Global Education Holdings                   |  | (13)            |  | Senior Unsecured Debt              |  | N/A                         |  | 7.88%                 |  | 5/15/2024  |  | 1,259                                  |              |                        | 1,230   |            |             | 1,221      |   |           | 0.6      | % |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              | 5,192             |              |            | 5,178  |                 |   | 2.6  | %             |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |             |                 |
| Trader Interactive                                      |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+6.25%                         |  | 7.50%                 |  | 6/15/2024  |  | 8,030                                  |              |                        | 7,997   |            |             | 7,729      |   |           | 3.9      | % |
| Trader Interactive (Revolver)                           |  | (9)(13)(15)     |  | Senior Secured Loans - First Lien  |  | N/A                         |  | 7.50%                 |  | 6/15/2023  |  | 104                                    |              |                        | 82      |            |             | 83         |   |           | —  | % |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              | 8,079             |              |            | 7,812  |                 |   | 3.9  | %             |
| Total Media: Advertising, Printing & Publishing |  |                 |  |                                    |  |                                 |  |                       |  | 21,127        |  |                                             | 20,924  |                        |              | 10.5  | %           |
| Metals & Mining                                     |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |
| Polyvision Corp.                                        |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+6.50%                         |  | 7.50%                 |  | 2/21/2026  |  | 3,567                                  |              |                        | 3,532   |            |             | 3,407      |   |           | 1.7      | % |
| Polyvision Corp.                                        |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+6.50%                         |  | 7.50%                 |  | 2/21/2026  |  | 1,005                                  |              |                        | 995     |            |             | 960        |   |           | 0.5      | % |
| Polyvision Corp. (Delayed Draw)                         |  | (9)(15)         |  | Senior Secured Loans - First Lien  |  | L+6.50%                         |  | 7.50%                 |  | 2/21/2026  |  | 138                                    |              |                        | 138     |            |             | 117        |   |           | 0.1      | % |
| Polyvision Corp. (Revolver)                             |  | (9)(13)(15)     |  | Senior Secured Loans - First Lien  |  | L+6.50%                         |  | 7.50%                 |  | 8/21/2025  |  | 409                                    |              |                        | 339     |            |             | 350        |   |           | 0.1      | % |
| Total Metals & Mining                               |  |                 |  |                                    |  |                                 |  |                       |  |                    |  | 5,004                                  |              |                        | 4,834   |            |             | 2.4        | % |
| Retail                                                  |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |
| Belk, Inc.                                              |  |                 |  | Senior Secured Loans - First Lien  |  | L+6.75%                         |  | 7.75%                 |  | 7/31/2025  |  | 1,027                                  |              |                        | 956     |            |             | 368        |   |           | 0.2      | % |
| Blue Nile, Inc.                                         |  |                 |  | Senior Secured Loans - First Lien  |  | L+6.50%                         |  | 7.50%                 |  | 2/17/2023  |  | 9,900                                  |              |                        | 9,777   |            |             | 7,268      |   |           | 3.7      | % |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |             |                 |
| Pet Holdings ULC                                        |  | CN(10)(11)(15)  |  | Senior Secured Loans - First Lien  |  | L+5.50%                         |  | 6.50%                 |  | 7/5/2022   |  | 4,295                                  |              |                        | 4,275   |            |             | 4,091      |   |           | 2.1      | % |
| Pet Holdings ULC (Delayed Draw)                         |  | CN(10)(11)(15)  |  | Senior Secured Loans - First Lien  |  | L+5.50%                         |  | 6.50%                 |  | 7/5/2022   |  | 484                                    |              |                        | 484     |            |             | 461        |   |           | 0.2      | % |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              | 4,759             |              |            | 4,552  |                 |   | 2.3  | %             |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |             |                 |
| Save-a-Lot                                              |  | (13)(14)        |  | Senior Secured Loans - First Lien  |  | L+8.00%                         |  | 8.00%                 |  | 3/12/2024  |  | 907                                    |              |                        | 821     |            |             | 908        |   |           | 0.5      | % |
| Save-a-Lot                                              |  | (13)(14)(15)    |  | Senior Secured Loans - Second Lien |  | L+11.75%                        |  | 11.75%                |  | 10/1/2024  |  | 1,102                                  |              |                        | 2,036   |            |             | 969        |   |           | 0.5      | % |
|                                                         |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              | 2,857             |              |            | 1,877  |                 |   | 1.0  | %             |
| Total Retail                                            |  |                 |  |                                    |  |                                 |  |                       |  |                    |  | 18,349                                 |              |                        | 14,065  |            |             | 7.2        | % |
| Services: Business                                  |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |              |                        |              |            |

----

|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |             |                 |             |               |               |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|---------------------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|--------------------|--|---------------------------------------------|-------------|------------------------|---------------|-------------|-------------|-----------------|-------------|---------------|---------------|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 (in thousands)             |
| Portfolio Company (1) (2) (3)                |  | Footnotes                 |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date      |  | Principal / Par Amount / Shares (6) |             | Amortized Cost (7) (8) |               | Fair Value  |             | % of Net Assets |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |             |                 |
| 24-7 Intouch                                 |  | CN(10)(11)                |  | Senior Secured Loans - First Lien  |  | L+4.75%                         |  | 4.90%                 |  | 8/25/2025  |  | 3,910                                  |             |                        | 3,711    |             |             | 3,744      |             |               | 1.9      | %         |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |             |                 |
| Alexander Mann Solutions (GBP Term Loan)     |  | UK(10)(11)(13)            |  | Senior Secured Loans - First Lien  |  | G+5.25%                         |  | 5.09%                 |  | 6/16/2025  |  | £                                      | 2,060  |                        |               | 2,568  |             |                 | 2,579  |               |               | 1.3  | % |
| Alexander Mann Solutions (USD Term Loan)     |  | UK(10)(11)(13)            |  | Senior Secured Loans - First Lien  |  | L+5.25%                         |  | 6.65%                 |  | 6/16/2025  |  | 890                                    |             |                        | 856      |             |             | 807        |             |               | 0.4      | %         |
| Alexander Mann Solutions (Revolver)          |  | UK(9)(10)(11)(13)(15)(17) |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 12/16/2024 |  | —                                |             |                        | (36)          |             |             | (40)            |             |               | —  | %         |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 3,388             |               |             | 3,346  |                 |             | 1.7      | %             |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |             |                 |
| Cast & Crew Payroll                      |  |                           |  | Senior Secured Loans - First Lien  |  | L+3.75%                         |  | 3.90%                 |  | 1/16/2026  |  | 2,890                                       |             | 2,525             |               |             | 2,829  |                 |             | 1.4      | %             |
| HealthChannels, Inc.                         |  |                           |  | Senior Secured Loans - First Lien  |  | L+4.50%                         |  | 4.65%                 |  | 4/3/2025   |  | 2,828                                       |             | 2,784             |               |             | 2,707  |                 |             | 1.4      | %             |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |             |                 |
| Hersha Hospitality Management                |  | (15)                      |  | Senior Secured Loans - First Lien  |  | L+4.75%                         |  | 5.75%                 |  | 3/2/2026   |  | 4,373                                       |             | 4,288             |               |             | 3,936  |                 |             | 2.0      | %             |
| Hersha Hospitality Management (Delayed Draw) |  | (9)(15)(17)               |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 3/2/2026   |  | —                                |             |                        | (32)          |             |             | (159)           |             |               | (0.1)         | %         |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 4,256             |               |             | 3,777  |                 |             | 1.9      | %             |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |             |                 |
| PSI Services LLC                             |  | (9)(13)(15)               |  | Senior Secured Loans - First Lien  |  | L+5.75%                         |  | 6.75%                 |  | 10/4/2025  |  | 104                                         |             | 104               |               |             | 74     |                 |             | —  | %             |
| PSI Services LLC                             |  | (9)(15)                   |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 10/4/2026  |  | —                                |             |                        | —  |             |             | —    |             |               | —  | %         |
| PSI Services LLC                             |  | (15)                      |  | Senior Secured Loans - First Lien  |  | L+5.75%                         |  | 6.75%                 |  | 10/4/2026  |  | 425                                         |             | 425               |               |             | 424    |                 |             | 0.2      | %             |
| PSI Services LLC                             |  | (15)                      |  | Senior Secured Loans - First Lien  |  | L+5.75%                         |  | 6.75%                 |  | 10/16/2026 |  | 2,837                                       |             | 2,803             |               |             | 2,834  |                 |             | 1.4      | %             |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 3,332             |               |             | 3,332  |                 |             | 1.6      | %             |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |             |                 |
| SLR Consulting                               |  | (11)(15)                  |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 4.98%                 |  | 6/23/2025  |  | 1,588                                       |             | 1,559             |               |             | 1,558  |                 |             | 0.8      | %             |
| SLR Consulting (Delayed Draw)                |  | (11)(15)                  |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 5.50%                 |  | 5/23/2025  |  | 494                                    |             |                        | 512      |             |             | 513        |             |               | 0.3      | %         |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 2,071             |               |             | 2,071  |                 |             | 1.1      | %             |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |             |                 |
| Teneo Holdings LLC                           |  |                           |  | Senior Secured Loans - First Lien  |  | L+5.25%                         |  | 6.25%                 |  | 7/12/2025  |  | 3,950                                       |             | 3,792             |               |             | 3,922  |                 |             | 2.0      | %             |
| YAK Access, LLC                              |  |                           |  | Senior Secured Loans - Second Lien |  | L+10.00%                        |  | 10.22%                |  | 7/10/2026  |  | 5,000                                       |             | 4,724             |               |             | 3,563  |                 |             | 1.8      | %             |
| Total Services: Business                 |  |                           |  |                                    |  |                                 |  |                       |  |                    |  | 30,583                                 |             |                        | 29,291   |             |             | 14.8       | %           |
| Technology                                   |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |
| Acquia Inc.                                  |  | (13)(15)                  |  | Senior Secured Loans - First Lien  |  | L+7.00%                         |  | 8.00%                 |  | 10/31/2025 |  | 1,789                                  |             |                        | 1,754    |             |             | 1,772      |             |               | 0.9      | %         |
| Acquia Inc.                                  |  | (9)(13)(15)(17)           |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 10/31/2025 |  | —                                |             |                        | (4)           |             |             | (21)            |             |               | —  | %         |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             | 1,750             |               |             | 1,751  |                 |             | 0.9      | %             |
|                                              |  |                           |  |                                    |  |                                 |  |                       |  |                    |  |                                             |             |                        |               |             |             |                 |
| Advicent Solutions                           |  | (14)(15)(18)              |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 2/28/2022  |  | 7,418                                  |             |                        | 7,374    |             |             | 4,537      |             |               | 2.3      | %         |
| Advicent Solutions                           |  | (9)(13)(14)(15)           |  | Senior Secured Loans - First Lien  |  | P+5.25%                         |  | 8.50%                 |  | 2/28/2022  |  | 14                                     |             |                        | 14       |             |             | 12         |             |               | —  | %         |

----

|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             |                        |             |             |              |                 |             |           |               |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|--------------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|-------------------|--|---------------------------------------------|-------------|------------------------|-------------|-------------|--------------|-----------------|-------------|-----------|---------------|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 (in thousands)                |
| Portfolio Company (1) (2) (3)                   |  | Footnotes          |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date     |  | Principal / Par Amount / Shares (6) |             | Amortized Cost (7) (8) |             | Fair Value  |              | % of Net Assets |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             |                        |             |             |              |                 |
| Advicent Solutions                              |  | (14)(15)           |  | Senior Secured Loans - First Lien  |  | L+3.50%                         |  | 4.50%                 |  | 2/28/2022 |  | 1,653                                  |             |                        | 1,645  |             |              | 1,645      |             |           | 0.8      | %         |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             | 9,033             |             |             | 6,194   |                 |             | 3.1  | %             |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             |                        |             |             |              |                 |
| Allvue Systems (Revolver)                       |  | (9)(13)(15)(17)    |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 9/6/2024  |  | —                                |             |                        | (13)        |             |              | (9)             |             |           | —  | %         |
| Allvue Systems (Term Loan)                      |  | (15)               |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 4.15%                 |  | 9/4/2026  |  | 860                                         |             | 858               |             |             | 852     |                 |             | 0.4  | %             |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             | 845               |             |             | 843     |                 |             | 0.4  | %             |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             |                        |             |             |              |                 |
| Apptio, Inc.                                    |  | (15)               |  | Senior Secured Loans - First Lien  |  | L+7.25%                         |  | 8.25%                 |  | 1/10/2025 |  | 4,900                                       |             | 4,850             |             |             | 4,864   |                 |             | 2.4  | %             |
| Apptio, Inc. (Revolver)                         |  | (9)(13)(15)(17)    |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 12/3/2024 |  | —                                |             |                        | (28)        |             |              | (27)            |             |           | —  | %         |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             | 4,822             |             |             | 4,837   |                 |             | 2.4  | %             |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             |                        |             |             |              |                 |
| Causeway Technologies                           |  | UK(10)(11)(15)     |  | Senior Secured Loans - First Lien  |  | G+6.25%                         |  | 6.31%                 |  | 6/8/2024  |  | £                                      | 2,638  |                        |             | 3,353  |              |                 | 3,572  |           |               | 1.8  | % |
| Causeway Technologies                           |  | UK(10)(11)(15)     |  | Senior Secured Loans - First Lien  |  | G+6.25%                         |  | 7.12%                 |  | 6/8/2024  |  | £                                      | 338    |                        |             | 426    |              |                 | 799    |           |               | 0.4  | % |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             | 3,779             |             |             | 4,371   |                 |             | 2.2  | %             |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             |                        |             |             |              |                 |
| Cologix Holdings                                |  |                    |  | Senior Secured Loans - First Lien  |  | L+3.75%                         |  | 4.75%                 |  | 3/20/2024 |  | 2,000                                  |             |                        | 1,946  |             |              | 1,988      |             |           | 1.0      | %         |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             |                        |             |             |              |                 |
| Datix Bidco Limited                             |  | (15)               |  | Senior Secured Loans - First Lien  |  | L+4.50%                         |  | 4.74%                 |  | 4/28/2025 |  | 1,931                                  |             |                        | 1,905  |             |              | 1,919      |             |           | 1.0      | %         |
| Datix Bidco Limited                             |  | (15)               |  | Senior Secured Loans - Second Lien |  | L+7.75%                         |  | 8.61%                 |  | 4/27/2026 |  | 462                                    |             |                        | 455    |             |              | 458        |             |           | 0.2      | %         |
| Datix Bidco Limited                             |  | (15)               |  | Senior Secured Loans - First Lien  |  | L+4.50%                         |  | 4.74%                 |  | 4/28/2025 |  | 3,048                                  |             |                        | 3,015  |             |              | 3,029      |             |           | 1.5      | %         |
| Datix Bidco Limited                             |  | (15)               |  | Senior Secured Loans - Second Lien |  | L+7.75%                         |  | 7.99%                 |  | 4/27/2026 |  | 4,696                                  |             |                        | 4,642  |             |              | 4,663      |             |           | 2.3      | %         |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             | 10,017            |             |             | 10,069  |                 |             | 5.0  | %             |
|                                                 |  |                    |  |                                    |  |                                 |  |                       |  |                   |  |                                             |             |                        |             |             |              |                 |
| Kerridge Commercial Systems (USD Term Loan)     |  | UK(10)(11)(14)(15) |  | Senior Secured Loans - First Lien  |  | L+6.25%                         |  | 6.75%                 |  | 1/22/2024 |  | 637                                    |             |                        | 627    |             |              | 633        |             |           | 0.3      | %         |
| Kerridge Commercial Systems (GBP Term Loan)     |  | UK(10)(11)(14)(15) |  | Senior Secured Loans - First Lien  |  | G+6.25%                         |  | 6.75%                 |  | 1/22/2024 |  | £                                      | 530    |                        |             | 734    |              |                 | 721    |           |               | 0.4  | % |
| Kerridge Commercial Systems (Euro Delayed Draw) |  | UK(10)(11)(14)(15) |  | Senior Secured Loans - First Lien  |  | E+6.25%                         |  | 6.75%                 |  | 1/22/2024 |  | €                                     | 97     |                        |             | 118    |              |                 | 118    |           |               | 0.1  | % |
| Kerridge Commercial Systems (GBP Delayed Draw)  |  | UK(10)(11)(14)(15) |  | Senior Secured Loans - First Lien  |  | G+6.25%                         |  | 6.75%                 |  | 1/22/2024 |  | £                                      | 326    |                        |             | 424    |              |                 | 444    |           |               | 0.2  | % |
| Kerridge Commercial Systems (Bidco) Limited     |  | (11)(14)(15)       |  | Senior Secured Loans - First Lien  |  | L+6.25%                         |  | 6.75%                 |  | 1/22/2024 |  | 2,211                                  |             |                        | 2,178  |             |              | 2,200      |             |           | 1.1      | %         |
| Kerridge Commercial Systems (Bidco) Limited     |  | UK(10)(11)(14)(15) |  | Senior Secured Loans - First Lien  |  | E+6.25%                         |  | 6.75%                 |  | 1/25/2024 |  | €                                     | 289    |                        |             | 317    |              |                 | 351    |           |               | 0.2  | % |

----

|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |             |                 |   |           |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|--|-----------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|--------------------|--|---------------------------------------------|--|------------------------|---------------|------------|-------------|-----------------|---|-----------|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 (in thousands)            |
| Portfolio Company (1) (2) (3)               |  | Footnotes       |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date      |  | Principal / Par Amount / Shares (6) |  | Amortized Cost (7) (8) |               | Fair Value |             | % of Net Assets |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |             |                 |
| Kerridge Commercial Systems (Bidco) Limited |  | UK(10)(11)(15)  |  | Senior Secured Loans - First Lien  |  | E+6.25%                         |  | 6.75%                 |  | 1/22/2024  |  | 661                                    |  |                        | 706      |            |             | 803        |   |           | 0.4      | % |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | 5,104             |               |            | 5,270  |                 |   | 2.7  | %             |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |             |                 |
| Lytx, Inc.                                  |  | (9)(15)(16)     |  | Senior Secured Loans - First Lien  |  | L+6.00%                         |  | 7.00%                 |  | 2/27/2026  |  | 509                                    |  |                        | 489      |            |             | 483        |   |           | 0.2      | % |
| Lytx, Inc.                                  |  | (15)(16)        |  | Senior Secured Loans - First Lien  |  | L+6.00%                         |  | 7.00%                 |  | 2/27/2026  |  | 5,859                                  |  |                        | 5,762    |            |             | 5,783      |   |           | 2.9      | % |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | 6,251             |               |            | 6,266  |                 |   | 3.1  | %             |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |             |                 |
| Ministry Brands                             |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 5.00%                 |  | 12/2/2022  |  | 944                                    |  |                        | 940      |            |             | 897        |   |           | 0.5      | % |
| Ministry Brands (Delayed Draw)              |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 5.00%                 |  | 12/2/2022  |  | 502                                    |  |                        | 501      |            |             | 477        |   |           | 0.2      | % |
| Ministry Brands (Delayed Draw)              |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+4.00%                         |  | 5.00%                 |  | 12/2/2022  |  | 182                                    |  |                        | 182      |            |             | 173        |   |           | 0.1      | % |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | 1,623             |               |            | 1,547  |                 |   | 0.8  | %             |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |             |                 |
| Onyx CenterSource                           |  | (15)(18)        |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 12/20/2021 |  | 6,616                                  |  |                        | 6,609    |            |             | 4,623      |   |           | 2.3      | % |
| Onyx CenterSource (Revolver)                |  | (13)(15)        |  | Senior Secured Loans - First Lien  |  | L+6.75%                         |  | 7.25%                 |  | 12/20/2021 |  | 329                                    |  |                        | 321      |            |             | 230        |   |           | 0.1      | % |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | 6,930             |               |            | 4,853  |                 |   | 2.4  | %             |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |             |                 |
| Velocity Holdings US                        |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+7.00%                         |  | 8.00%                 |  | 12/12/2023 |  | 5,372                                  |  |                        | 5,303    |            |             | 5,307      |   |           | 2.7      | % |
| Velocity Holdings US                        |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+7.00%                         |  | 7.24%                 |  | 12/12/2023 |  | 1,134                                  |  |                        | 1,110    |            |             | 1,120      |   |           | 0.6      | % |
| Velocity Holdings US (Revolver)             |  | (9)(13)(15)     |  | Senior Secured Loans - First Lien  |  | L+7.00%                         |  | 8.00%                 |  | 12/12/2022 |  | 162                                    |  |                        | 136      |            |             | 139        |   |           | 0.1      | % |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | 6,549             |               |            | 6,566  |                 |   | 3.4  | %             |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |             |                 |
| Wide Orbit, Inc.                            |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+8.50%                         |  | 9.75%                 |  | 7/8/2025   |  | 3,689                                  |  |                        | 3,650    |            |             | 3,650      |   |           | 1.8      | % |
| Wide Orbit, Inc. (Revolver)                 |  | (9)(13)(15)(17) |  | Senior Secured Loans - First Lien  |  | N/A                         |  | N/A               |  | 7/8/2025   |  | —                                |  |                        | —  |            |             | (33)            |   |           | —  | % |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | 3,650             |               |            | 3,617  |                 |   | 1.8  | %             |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |             |                 |
| Wind River Systems                          |  | (15)            |  | Senior Secured Loans - First Lien  |  | L+6.75%                         |  | 7.75%                 |  | 6/24/2024  |  | 5,365                                  |  |                        | 5,286    |            |             | 5,314      |   |           | 2.7      | % |
| Total Technology                            |  |                 |  |                                    |  |                                 |  |                       |  |                    |  | 67,585                                 |  |                        | 63,486   |            |             | 31.9       | % |
| Telecommunications                          |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |
| Firstlight Fiber                            |  |                 |  | Senior Secured Loans - First Lien  |  | L+3.50%                         |  | 3.65%                 |  | 7/23/2025  |  | 2,208                                  |  |                        | 2,200    |            |             | 2,155      |   |           | 1.1      | % |
| Firstlight Fiber                            |  |                 |  | Senior Secured Loans - Second Lien |  | L+7.50%                         |  | 7.65%                 |  | 7/23/2026  |  | 2,500                                  |  |                        | 2,478    |            |             | 2,275      |   |           | 1.1      | % |
|                                             |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | 4,678             |               |            | 4,430  |                 |   | 2.2  | %             |
| Total Telecommunications                    |  |                 |  |                                    |  |                                 |  |                       |  |                    |  | 4,678                                  |  |                        | 4,430    |            |             | 2.2        | % |
| Transportation: Consumer                |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |
| Delta Airlines                              |  | (11)            |  | Senior Secured Loans - First Lien  |  | L+4.75%                         |  | 5.75%                 |  | 5/31/2023  |  | 100                                    |  |                        | 97       |            |             | 101        |   |           | 0.1      | % |
| Total Transportation: Consumer          |  |                 |  |                                    |  |                                 |  |                       |  |                    |  | 97                                     |  |                        | 101      |            |             | 0.1        | % |
| Utilities: Electric                     |  |                 |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |            |

----

|                                                 |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |  |                 |               |             |               |             |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|--------------|--|------------------------------------|--|---------------------------------|--|-----------------------|--|--------------------|--|---------------------------------------------|--|------------------------|---------------|-------------|--|-----------------|---------------|-------------|---------------|-------------|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 (in thousands)                |
| Portfolio Company (1) (2) (3)                   |  | Footnotes    |  | Investment                         |  | Spread Above Reference Rate (4) |  | Interest Rate (4) (5) |  | Maturity Date      |  | Principal / Par Amount / Shares (6) |  | Amortized Cost (7) (8) |               | Fair Value  |  | % of Net Assets |
|                                                 |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |  |                 |
| BHI Energy                                      |  | (15)         |  | Senior Secured Loans - Second Lien |  | L+8.75%                         |  | 9.75%                 |  | 2/28/2025  |  | 6,000                                  |  |                        | 5,922    |             |  | 5,880      |               |             | 3.0      | %           |
| Total Utilities: Electric              |  |              |  |                                    |  |                                 |  |                       |  |                    |  | 5,922                                  |  |                        | 5,880    |             |  | 3.0        | %             |
| Utilities: Oil & Gas                    |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |
| SeaPort                                         |  | (15)         |  | Senior Secured Loans - First Lien  |  | L+5.50%                         |  | 5.65%                 |  | 10/31/2025 |  | 5,861                                  |  |                        | 5,729    |             |  | 5,451      |               |             | 2.7      | %           |
| Total Utilities: Oil & Gas         |  |              |  |                                    |  |                                 |  |                       |  |                    |  | 5,729                                  |  |                        | 5,451    |             |  | 2.7        | %             |
| Total Debt Investments                          |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | $                      | 303,043  |             |  | $               | 289,744  |             |               | 145.8  | %         |
|                                                 |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |  |                 |
| Equity investments - 1.1%                       |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |  |                 |
| Beverage, Food & Tobacco                    |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |
| Chef's Holdings Inc.                            |  | (13)(15)(16) |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                    |  | 19,540                                 |  |                        | $             | 2,459  |  |                 | $             | 1,252  |               |             | 0.6  | % |
| Total Beverage, Food & Tobacco              |  |              |  |                                    |  |                                 |  |                       |  |                    |  | 2,459                                  |  |                        | 1,252    |             |  | 0.6        | %             |
| Energy: Oil & Gas                       |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |
| Maverick Natural Resources, LLC (Common Equity) |  | (15)(16)     |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                    |  | 4,625                                  |  |                        | 2,777    |             |  | 591        |               |             | 0.3      | %           |
| Permian Production Partners                     |  | (13)(15)     |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                    |  | 203,022                                |  |                        | —  |             |  | —    |               |             | —  | %           |
| Total Energy: Oil & Gas                 |  |              |  |                                    |  |                                 |  |                       |  |                    |  | 2,777                                  |  |                        | 591      |             |  | 0.3        | %             |
| Retail                                          |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |
| Save-a-Lot                                      |  | (13)(15)     |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                    |  | 53,097                                 |  |                        | —  |             |  | —    |               |             | —  | %           |
| Total Retail                                    |  |              |  |                                    |  |                                 |  |                       |  |                    |  | —                                |  |                        | —  |             |  | —    | %             |
| Technology                                      |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |
| Velocity Holdings US (Class A Units)            |  | (13)(15)(16) |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                    |  | 231                                    |  |                        | 231      |             |  | 332        |               |             | 0.2      | %           |
| Wolfhound Parent Inc. (Warrants)                |  | (13)(15)(16) |  | Equity and Other                   |  | N/A                         |  | N/A               |  |                    |  | 1,975                                  |  |                        | 30       |             |  | 30         |               |             | —  | %           |
| Total Technology                                |  |              |  |                                    |  |                                 |  |                       |  |                    |  | 261                                    |  |                        | 362      |             |  | 0.2        | %             |
| Total Equity Investments                        |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | $                      | 5,497    |             |  | $               | 2,205    |             |               | 1.1    | %         |
|                                                 |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  |                        |               |             |  |                 |
| Total Investments - 146.9%                      |  |              |  |                                    |  |                                 |  |                       |  |                    |  |                                             |  | $                      | 308,540  |             |  | $               | 291,949  |             |               | 146.9  | %         |

|                                    |  |                   |  |                  |              |             |  |                        |              |            |       |                 |  |       |   |       |  |  |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|--|-------------------|--|------------------|--------------|-------------|--|------------------------|--------------|------------|-------|-----------------|--|-------|---|-------|--|--|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 (in thousands)   |
| Derivative Counterparty            |  | Settlement Date   |  | Amount Purchased |              | Amount Sold |  | Amortized Cost (7) (8) |              | Fair Value |       | % of Net Assets |
| Foreign Currency Forward Contracts |  |                   |  |                  |              |             |  |                        |              |            |       |
| JPMorgan Chase Bank                |  | 1/15/2021 |  | €          | 1,291   |             |  | $                      | 1,063   |            |       | —    |  |       | $ | (8)   |  |  | —  | % |
| JPMorgan Chase Bank                |  | 1/15/2021 |  | £           | 25,682  |             |  | $                      | 19,334  |            |       | —    |  |       | $ | (760) |  |  | (0.4)         | % |
|                                    |  |                   |  |                  |              |             |  |                        |              | $          | (768) |                 |  | (0.4) | % |

----

Note 8. Commitments and Contingencies

Note 7. Borrowings

----

|                                                 |             |               |                |            |                                                                                                   |   |                                                                                                            |  |  |  |  |  |  |  |
|-------------------------------------------------|-------------|---------------|----------------|------------|---------------------------------------------------------------------------------------------------|---|------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|
|                                                 | Coupon Rate | PIK Component | Cash Component | PIK Option |
| Addo Foods Group                                | G+8.00%     | 0.75     | %              | G+7.25%    | The Portfolio Company may elect PIK up to 0.75%.                                                  |
|                                                 |             |               |                |            |
| Advicent Solutions (Revolver)                   | P+5.25%     | 0.75     | %              | P+4.50%    | The Portfolio Company may elect PIK up to 0.75%.                                                  |
| Advicent Solutions                              | L+3.50%     | 0.75     | %              | L+2.75%    | The Portfolio Company may elect PIK up to 0.75%.                                                  |
| CTI Foods Holdings Co., LLC (First Out)         | L+7.00%     | 3.00     | %              | L+4.00%    | The Portfolio Company may elect PIK up to 3.00%.                                                  |
| CTI Foods Holdings Co., LLC (Last Out)          | L+9.00%     | 6.00     | %              | L+3.00%    | The Portfolio Company may elect PIK up to 6.00%.                                                  |
| Four Springs Capital Trust                      | 16.50  | %             | 16.50     | %          | —                                                                                      | % | The Portfolio Company may elect PIK up to 16.50%.                                                          |
| Galls LLC                                       | L+6.75%     | 0.50     | %              | L+6.25%    | The Portfolio Company may elect PIK up to 6.75%.                                                  |
| Galls LLC (Delayed Draw)                        | L+6.75%     | 0.50     | %              | L+6.25%    | The Portfolio Company may elect PIK up to 6.75%.                                                  |
| Gladman Developments Ltd.                       | G+9.50%     | 2.75     | %              | G+6.75%    | The Portfolio Company may elect PIK up to 2.75%.                                                  |
| Gladman Developments Ltd. (Delayed Draw)        | G+9.50%     | 2.75     | %              | G+6.75%    | The Portfolio Company may elect PIK up to 2.75%.                                                  |
| Kerridge Commercial Systems (GBP Term Loan)     | G+6.25%     | 1.74     | %              | G+4.51%    | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. |
| Kerridge Commercial Systems (USD Term Loan)     | L+6.25%     | 1.83     | %              | L+4.42%    | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. |
| Kerridge Commercial Systems (GBP Delayed Draw)  | G+6.25%     | 1.74     | %              | G+4.51%    | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. |
| Kerridge Commercial Systems (Euro Delayed Draw) | E+6.25%     | 1.69     | %              | E+4.56%    | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. |
| Kerridge Commercial Systems (Bidco) Limited     | L+6.25%     | 1.83     | %              | L+4.42%    | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. |
| Kerridge Commercial Systems (Bidco) Limited     | E+6.25%     | 1.69     | %              | E+4.56%    | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. |
| McGraw-Hill Global Education Holdings           | 11.75  | %             | 11.75     | %          | —                                                                                      | % | The Portfolio Company may elect partial PIK up to 50% of the interest of the period or full PIK of 11.75%. |
| Permian Production Partners                     | L+8.00%     | 2.00     | %              | L+6.00%    | The Portfolio Company may elect PIK up to 2.00%.                                                  |
| Save-a-Lot                                      | L+8.00%     | 7.00     | %              | L+1.00%    | The Portfolio Company may elect to PIK up to 6.00%.                                               |
| Save-a-Lot                                      | L+11.75%    | 10.75    | %              | L+1.00%    | The Portfolio Company may elect to PIK up to 10.75%.                                              |

Note 2. Significant Accounting Policies

----

----

Note 7. Borrowings

----

Note 5. Fair Value of Financial Instruments

----

----

Note 6. Related Party Agreements and Transactions

----

----

|                                    |                   |               |                   |               |                                         |               |                |  |             |              |                                         |   |               |  |  |            |               |  |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|-------------------|---------------|-------------------|---------------|-----------------------------------------|---------------|----------------|--|-------------|--------------|-----------------------------------------|---|---------------|--|--|------------|---------------|--|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                    | December 31, 2021 |               | December 31, 2020 |
|                                    | Amortized Cost    |               | Fair Value        |               | Percentage of Investments at Fair Value |               | Amortized Cost |  | Fair Value  |              | Percentage of Investments at Fair Value |
| Senior secured loans - first lien  | $                 | 101,275  |                   |               | $                                       | 102,941  |                |  | 82.9   | %            |                                         | $ | 259,881  |  |  | $          | 251,882  |  |  | 86.2   | % |
| Senior secured loans - second lien | 20,201       |               |                   | 17,860   |                                         |               | 14.4      |  |             | 33,662  |                                         |   | 29,682   |  |  | 10.2  |               |
| Senior secured bonds               | 4,041        |               |                   | 2,268    |                                         |               | 1.8       |  |             | 6,171   |                                         |   | 4,831    |  |  | 1.7   |               |
| Senior unsecured debt              | —      |               |                   | —  |                                         |               | —   |  |             | 3,329   |                                         |   | 3,349    |  |  | 1.1   |               |
| Total senior debt                  | $                 | 125,517  |                   |               | $                                       | 123,069  |                |  | 99.1   | %            |                                         | $ | 303,043  |  |  | $          | 289,744  |  |  | 99.2   | % |
|                                    |                   |               |                   |               |                                         |               |                |  |             |              |                                         |
| Equity and other                   | 46           |               |                   | 1,070    |                                         |               | 0.9       |  |             | 5,497   |                                         |   | 2,205    |  |  | 0.8   |               |
| Total investments                  | $                 | 125,563  |                   |               | $                                       | 124,139  |                |  | 100.0  | %            |                                         | $ | 308,540  |  |  | $          | 291,949  |  |  | 100.0  | % |

|                                                   |  |                   |               |                   |               |                                         |               |                |  |             |              |                                         |   |               |  |  |               |               |  |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------|--|-------------------|---------------|-------------------|---------------|-----------------------------------------|---------------|----------------|--|-------------|--------------|-----------------------------------------|---|---------------|--|--|---------------|---------------|--|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                   |  | December 31, 2021 |               | December 31, 2020 |
| Industry Classification                           |  | Amortized Cost    |               | Fair Value        |               | Percentage of Investments at Fair Value |               | Amortized Cost |  | Fair Value  |              | Percentage of Investments at Fair Value |
| Technology                                        |  | $                 | 25,746   |                   |               | $                                       | 27,082   |                |  | 21.8   | %            |                                         | $ | 67,846   |  |  | $             | 63,848   |  |  | 21.9   | % |
| Services: Business                            |  | 19,255       |               |                   | 17,610   |                                         |               | 14.2      |  |             | 30,583  |                                         |   | 29,291   |  |  | 10.0     |               |
| Chemicals, Plastics & Rubber                  |  | 12,880       |               |                   | 12,946   |                                         |               | 10.4      |  |             | 18,377  |                                         |   | 18,395   |  |  | 6.3      |               |
| Automotive                                        |  | 11,772       |               |                   | 12,124   |                                         |               | 9.8       |  |             | 26,998  |                                         |   | 27,044   |  |  | 9.3      |               |
| Consumer Goods: Non-Durable                   |  | 8,167        |               |                   | 8,261    |                                         |               | 6.7       |  |             | 11,959  |                                         |   | 12,339   |  |  | 4.2      |               |
| Healthcare & Pharmaceuticals                  |  | 7,974        |               |                   | 7,844    |                                         |               | 6.3       |  |             | 7,965   |                                         |   | 7,975    |  |  | 2.7      |               |
| Retail                                            |  | 7,417        |               |                   | 6,779    |                                         |               | 5.5       |  |             | 18,349  |                                         |   | 14,065   |  |  | 4.8      |               |
| Containers, Packaging & Glass                 |  | 6,310        |               |                   | 6,546    |                                         |               | 5.3       |  |             | 16,488  |                                         |   | 14,728   |  |  | 5.0      |               |
| Utilities: Electric                           |  | 5,938        |               |                   | 5,895    |                                         |               | 4.7       |  |             | 5,922   |                                         |   | 5,880    |  |  | 2.0      |               |
| Metals & Mining                               |  | 5,330        |               |                   | 5,258    |                                         |               | 4.2       |  |             | 5,004   |                                         |   | 4,834    |  |  | 1.7      |               |
| Telecommunications                                |  | 4,660        |               |                   | 4,595    |                                         |               | 3.7       |  |             | 4,678   |                                         |   | 4,430    |  |  | 1.5      |               |
| Banking, Finance, Insurance & Real Estate     |  | 2,637        |               |                   | 2,772    |                                         |               | 2.2       |  |             | 6,006   |                                         |   | 6,215    |  |  | 2.1      |               |
| Hotel, Gaming & Leisure                       |  | 2,309        |               |                   | 2,252    |                                         |               | 1.8       |  |             | 3,289   |                                         |   | 3,194    |  |  | 1.1      |               |
| Capital Equipment                                 |  | 2,000        |               |                   | 1,955    |                                         |               | 1.6       |  |             | 2,000   |                                         |   | 1,975    |  |  | 0.7      |               |
| Energy: Oil & Gas                         |  | 2,431        |               |                   | 1,249    |                                         |               | 1.0       |  |             | 8,529   |                                         |   | 3,501    |  |  | 1.2      |               |
| Beverage, Food & Tobacco                      |  | 737          |               |                   | 971      |                                         |               | 0.8       |  |             | 28,271  |                                         |   | 28,477   |  |  | 9.8      |               |
| Construction & Building                       |  | —      |               |                   | —  |                                         |               | —   |  |             | 13,757  |                                         |   | 13,729   |  |  | 4.7      |               |
| Media: Advertising, Printing & Publishing |  | —      |               |                   | —  |                                         |               | —   |  |             | 21,127  |                                         |   | 20,924   |  |  | 7.2      |               |
| Utilities: Oil & Gas                      |  | —      |               |                   | —  |                                         |               | —   |  |             | 5,729   |                                         |   | 5,451    |  |  | 1.9      |               |
| Aerospace & Defense                           |  | —      |               |                   | —  |                                         |               | —   |  |             | 4,333   |                                         |   | 4,360    |  |  | 1.5      |               |
| Consumer Goods: Durable                       |  | —      |               |                   | —  |                                         |               | —   |  |             | 1,233   |                                         |   | 1,193    |  |  | 0.4      |               |
| Transportation: Consumer                      |  | —      |               |                   | —  |                                         |               | —   |  |             | 97      |                                         |   | 101      |  |  | —  |               |
| Total investments                                 |  | $                 | 125,563  |                   |               | $                                       | 124,139  |                |  | 100.0  | %            |                                         | $ | 308,540  |  |  | $             | 291,949  |  |  | 100.0  | % |

----

|                                     |  |                   |   |                   |             |   |  |  |  |  |  |  |  |  |
|-------------------------------------|--|-------------------|---|-------------------|-------------|---|--|--|--|--|--|--|--|--|
| Geographic Dispersion               |  | December 31, 2021 |   | December 31, 2020 |
| United States of America            |  | 89.8         | % |                   | 84.9   | % |
| United Kingdom                      |  | 8.7          |   |                   | 9.8    |   |
| Canada                              |  | 1.5          |   |                   | 3.5    |   |
| Italy                               |  | —      |   |                   | 1.8    |   |
|                                     |  |                   |   |                   |
|    Total investments |  | 100.0        | % |                   | 100.0  | % |

|                   |  |                  |  |                                                               |  |                           |  |                   |             |                              |              |                              |             |            |              |   |             |       |       |   |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|------------------|--|---------------------------------------------------------------|--|---------------------------|--|-------------------|-------------|------------------------------|--------------|------------------------------|-------------|------------|--------------|---|-------------|-------|-------|---|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021 |
| Foreign Currency  |  | Settlement Date  |  | Statement Location                                            |  | Counterparty              |  | Amount Transacted |             | Notional Value at Settlement |              | Notional Value at Period End |             | Fair Value |
| EUR               |  | January 14, 2022 |  | Unrealized depreciation on foreign currency forward contracts |  | JPMorgan Chase Bank, N.A. |  | €           | 1,055  |                              |              | $                            | 1,189  |            |              | $ | 1,201  |       |       | $ | (12) |  |
| GBP               |  | January 14, 2022 |  | Unrealized depreciation on foreign currency forward contracts |  | JPMorgan Chase Bank, N.A. |  | £            | 8,609  |                              |              | 11,387                  |             |            | 11,655  |   |             | (268) |       |
|                   |  |                  |  |                                                               |  |                           |  |                   |             |                              |              |                              |             |            |
| Total             |  |                  |  |                                                               |  |                           |  |                   |             | $                            | 12,576  |                              |             | $          | 12,856  |   |             | $     | (280) |   |

|                   |  |                  |  |                                                               |  |                           |  |                   |              |                              |              |                              |             |            |              |   |             |       |       |   |     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|------------------|--|---------------------------------------------------------------|--|---------------------------|--|-------------------|--------------|------------------------------|--------------|------------------------------|-------------|------------|--------------|---|-------------|-------|-------|---|-----|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020 |
| Foreign Currency  |  | Settlement Date  |  | Statement Location                                            |  | Counterparty              |  | Amount Transacted |              | Notional Value at Settlement |              | Notional Value at Period End |             | Fair Value |
| EUR               |  | January 15, 2021 |  | Unrealized depreciation on foreign currency forward contracts |  | JPMorgan Chase Bank, N.A. |  | €           | 1,063   |                              |              | $                            | 1,291  |            |              | $ | 1,299  |       |       | $ | (8) |  |
| GBP               |  | January 15, 2021 |  | Unrealized depreciation on foreign currency forward contracts |  | JPMorgan Chase Bank, N.A. |  | £            | 19,334  |                              |              | 25,682                  |             |            | 26,442  |   |             | (760) |       |
| Total             |  |                  |  |                                                               |  |                           |  |                   |              | $                            | 26,973  |                              |             | $          | 27,741  |   |             | $     | (768) |   |

----

|                                                                                  |  |                                                                                            |           |                                  |       |      |       |      |       |           |       |   |       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------|--|--------------------------------------------------------------------------------------------|-----------|----------------------------------|-------|------|-------|------|-------|-----------|-------|---|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                  |  |                                                                                            |           | For the Years Ended December 31, |
|                                                                                  |  | Statement Location                                                                         |           | 2021                             |       | 2020 |       | 2019 |
| Net realized losses                                                              |  |                                                                                            |           |                                  |       |      |       |      |
| Foreign currency forward contracts                                               |  | Net realized losses on foreign currency forward contracts                                  |           | $                                | (287) |      |       | $    | (258) |           |       | $ | (873) |  |
| Net change in unrealized appreciation (depreciation)                             |  |                                                                                            |           |                                  |       |      |
| Foreign currency forward contracts                                               |  | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts |           | 488                         |       |      | (681) |      |       | 297  |       |
| Net realized and unrealized gains (losses) on foreign currency forward contracts |  | $                                                                                          | 201  |                                  |       | $    | (939) |      |       | $         | (576) |   |

|                   |  |                            |  |                                                                |               |                                                                     |  |                               |       |                                                                       |  |   |               |  |  |   |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|----------------------------|--|----------------------------------------------------------------|---------------|---------------------------------------------------------------------|--|-------------------------------|-------|-----------------------------------------------------------------------|--|---|---------------|--|--|---|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| As of             |  | Counterparty               |  | Gross Derivative Assets in Statement of Assets and Liabilities |               | Gross Derivative Liabilities in Statement of Assets and Liabilities |  | Collateral Pledged (Received) |       | Net position of Derivative Assets, Liabilities and Pledged Collateral |
| December 31, 2021 |  | JP Morgan Chase Bank, N.A. |  | $                                                              | —  |                                                                     |  | $                             | (280) |                                                                       |  | $ | —  |  |  | $ | (280) |  |
| December 31, 2020 |  | JP Morgan Chase Bank, N.A. |  | $                                                              | —  |                                                                     |  | $                             | (768) |                                                                       |  | $ | 520      |  |  | $ | (248) |  |

Note 2. Significant Accounting Policies

|                                    |                   |               |         |            |         |         |            |         |        |               |   |         |   |       |  |  |  |  |  |  |  |  |  |
|------------------------------------|-------------------|---------------|---------|------------|---------|---------|------------|---------|--------|---------------|---|---------|---|-------|--|--|--|--|--|--|--|--|--|
|                                    | December 31, 2021 |
|                                    | Level 1           |               | Level 2 |            | Level 3 |         | Total      |
| Investments                        |                   |               |         |            |         |         |            |
| Senior secured loans - first lien  | $                 | —  |         |            | $       | 38,280  |            | $       | 64,661 |               | $ | 102,941 |
| Senior secured loans - second lien | —      |               |         | 3,350      |         | 14,510  |            | 17,860  |
| Senior secured bonds               | —      |               |         | 2,268      |         | — |            | 2,268   |
| Senior unsecured debt              | —      |               |         | —    |         | — |            | — |
| Total senior debt                  | $                 | —  |         |            | $       | 43,898  |            | $       | 79,171 |               | $ | 123,069 |
|                                    |                   |               |         |            |         |         |            |
| Equity and other                   | —      |               |         | 173        |         | 897     |            | 1,070   |
| Total investments                  | $                 | —  |         |            | $       | 44,071  |            | $       | 80,068 |               | $ | 124,139 |
| Percentage                         | 0.0          | %             |         | 35.5  | %       |         | 64.5  | %       |        | 100.0    | % |
| Derivative Instruments             |                   |               |         |            |         |         |            |
|                                    |                   |               |         |            |         |         |            |
| Foreign currency forward contracts | $                 | —  |         |            | $       | (280)   |            |         | $      | —  |   |         | $ | (280) |  |

----

|                                    |                   |               |         |            |         |       |            |         |         |             |         |       |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|-------------------|---------------|---------|------------|---------|-------|------------|---------|---------|-------------|---------|-------|--|--|--|--|--|--|--|--|--|--|--|
|                                    | December 31, 2020 |
|                                    | Level 1           |               | Level 2 |            | Level 3 |       | Total      |
| Investments                        |                   |               |         |            |         |       |            |
| Senior secured loans - first lien  | $                 | —       |         | $          | 84,369  |       | $          | 167,513 |         | $           | 251,882 |
| Senior secured loans - second lien | —           |               | 10,060  |            | 19,622  |       | 29,682     |
| Senior secured bonds               | —           |               | 4,831   |            | — |       | 4,831      |
| Senior unsecured debt              | —           |               | 1,221   |            | 2,128   |       | 3,349      |
| Total senior debt                  | $                 | —       |         | $          | 100,481 |       | $          | 189,263 |         | $           | 289,744 |
|                                    |                   |               |         |            |         |       |            |
| Equity and other                   | —           |               | — |            | 2,205   |       | 2,205      |
| Total investments                  | $                 | —       |         | $          | 100,481 |       | $          | 191,468 |         | $           | 291,949 |
| Percentage                         | 0.0          | %             |         | 34.4  | %       |       | 65.6  | %       |         | 100.0  | %       |
| Derivative Instruments             |                   |               |         |            |         |       |            |
|                                    |                   |               |         |            |         |       |            |
| Foreign currency forward contracts | $                 | —  |         |            | $       | (768) |            | $       | — |             | $       | (768) |

|                                    |            |              |                          |  |                             |  |                              |  |             |  |                                                   |  |          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|------------|--------------|--------------------------|--|-----------------------------|--|------------------------------|--|-------------|--|---------------------------------------------------|--|----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021                  |
| Asset Category                     | Fair Value |              | Valuation Techniques (1) |  | Unobservable Inputs (2)     |  | Weighted Average Input Value |  | Range (3)   |  | Impact to Valuation from an Increase in Input (4) |
| Senior Secured Loans - First Lien  | $          | 61,459  |                          |  | Yield analysis              |  | Yield                        |  | 7.30%       |  | 4.49% - 12.89%                                    |  | Decrease |
|                                    | $          | 914     |                          |  | Transacted value            |  | Potential Transaction        |  | 200.00      |  | 200.00                                            |  | Increase |
|                                    |            |              | Discounted cash flow     |  | EBITDA multiple             |  | 11.0x                        |  | 11.0x       |  | Increase                                          |
| Senior Secured Loans - Second Lien | $          | 11,023  |                          |  | Yield analysis              |  | Yield                        |  | 8.97%       |  |  8.25% - 9.6%                                |  | Decrease |
| Equity/Other                   | $          | 476     |                          |  | Transacted value            |  | Potential Transaction        |  | 50.00%      |  | 50.00%                                            |  | Increase |
|                                    | $          | 243     |                          |  | Market comparable           |  | Cash Flow Multiple           |  |  3.0x  |  | 3.0x                                              |  | Increase |
|                                    |            |              | Market comparable        |  | Oil production multiple (5) |  | 22301x                       |  | 22301x      |  | Increase                                          |
|                                    |            |              | Market comparable        |  | Oil reserve multiple (6)    |  |  10.1x                  |  |  10.1x |  | Increase                                          |
|                                    | $          | 51      |                          |  | Market comparable           |  | EBITDA multiple              |  |  21.5x |  |  21.5x                                       |  | Increase |
|                                    |            |              | Market comparable        |  | Discount Rate               |  | 25.00%                       |  | 25.00%      |  | Decrease                                          |
|                                    | $          | 6       |                          |  | Discounted cash flow        |  | Discount Rate                |  | 25.00%      |  | 25.00%                                            |  | Decrease |
|                                    |            |              | Discounted cash flow     |  | Terminal EBITDA Multiple    |  | 5.8x                         |  | 5.8x        |  | Increase                                          |
|                                    | $          | 121     |                          |  | Discounted cash flow        |  | EBITDA multiple              |  | 10.6x       |  | 10.6x                                             |  | Increase |
|                                    |            |              | Discounted cash flow     |  | Discount Rate               |  | 20%                          |  | 20%         |  | Decrease                                          |
| Total                              | $          | 74,293  |                          |  |                             |  |                              |  |             |  |                                                   |  |          |

----

|                                    |            |                          |                             |                      |                                     |                                                   |                |          |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|------------|--------------------------|-----------------------------|----------------------|-------------------------------------|---------------------------------------------------|----------------|----------|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020                  |
| Asset Category                     | Fair Value | Valuation Techniques (1) | Unobservable Inputs (2)     | Weighted Average     | Range (3)                           | Impact to Valuation from an Increase in Input (4) |
| Senior secured loans - first lien  | $          | 131,980             |                             | Yield analysis       | Yield                               | 6.99%                                             | 4.20% - 13.74% | Decrease |
|                                    | $          | 1,645               |                             | Transacted value     | Cost                                | 99.50                                             | 99.50          | Increase |
|                                    | $          | 4,537               |                             | Transacted value     | Bid                                 | 52.50                                             | 52.50          | Increase |
|                                    | $          | 5,422               |                             | Discounted cash flow | Discount Rate                       | 11.63%                                            | 6.49% - 17.5%  | Decrease |
|                                    | $          | 230                 |                             | Discounted cash flow | EBITDA multiple                     | 14.1x                                             | 11.2x - 14.9x  | Increase |
|                                    |            | Discounted cash flow     | Perpetuity Growth Rate      | (10.00)%             | (10.00)%                            | Increase                                          |
|                                    |            | Discounted cash flow     | Terminal EBITDA Multiple    | 7.2x                 | 7.2x                                | Increase                                          |
| Senior secured loans - second lien | $          | 16,883              |                             | Yield analysis       | Yield                               | 9.00%                                             | 8.17% - 9.57%  | Decrease |
| Senior unsecured debt              | $          | 2,128               |                             | Transacted value     | Proceeds from refinancing agreement | 100.50                                            | 100.50         | Increase |
| Equity and other                   | $          | 30                  |                             | Transacted value     | Cost (5)                            | 15.36                                             | 15.36          | Increase |
|                                    | $          | 591                 |                             | Market comparable    | Cash Flow Multiple                  | 2.5x                                              | 2.5x           | Increase |
|                                    |            | Market comparable        | Oil production multiple (6) | 11301x               | 11301x                              | Increase                                          |
|                                    |            | Market comparable        | Oil reserve multiple (7)    | 4.5x                 | 4.5x                                | Increase                                          |
|                                    | $          | 1,252               |                             | Discounted cash flow | Discount Rate                       | 23.00%                                            | 23.00%         | Decrease |
|                                    | $          | 332                 |                             | Discounted cash flow | EBITDA multiple                     | 18x                                               | 18x            | Increase |
|                                    |            | Discounted cash flow     | Perpetuity Growth Rate      | 8.00%                | 8.00%                               | Increase                                          |
|                                    |            | Discounted cash flow     | Terminal EBITDA Multiple    | 8.3x                 | 4.7x - 13x                          | Increase                                          |
| Total                              | $          | 165,030             |                             |                      |                                     |                                                   |                |          |

----

|                                                                                   |                                      |               |                                    |             |   |              |                      |  |                       |  |   |               |                  |  |       |               |               |  |  |              |   |             |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------|--------------------------------------|---------------|------------------------------------|-------------|---|--------------|----------------------|--|-----------------------|--|---|---------------|------------------|--|-------|---------------|---------------|--|--|--------------|---|-------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                   | For the Year Ended December 31, 2021 |
|                                                                                   | Senior Secured Loans - First Lien    |               | Senior Secured Loans - Second Lien |             |   |              | Senior Secured Bonds |  | Senior Unsecured Debt |  |   |               | Equity and Other |  | Total |
| Balance as of January 1, 2021                                                     | $                                    | 167,513  |                                    |             | $ | 19,622  |                      |  |                       |  | $ | —  |                  |  | $     | 2,128    |               |  |  |              | $ | 2,205  |  |  | $ | 191,468  |  |
| Additions (1)                                                                     | 4,609                           |               |                                    | 66     |   |              |                      |  | 1,088            |  |   | —  |                  |  |       |               | —  |  |  | 5,763   |   |
| Sales and repayments (2)                                                          | (117,266)                            |               |                                    | (9,000)     |   |              |                      |  | (1,164)               |  |   | (2,118)       |                  |  |       |               | (2,828)       |  |  | (132,376)    |   |
| Net realized gains (losses) (3)                                                   | (14)                                 |               |                                    | 76     |   |              |                      |  | 76               |  |   | 21       |                  |  |       |               | (2,623)       |  |  | (2,464)      |   |
| Net change in unrealized appreciation (depreciation) on investments (4)           | 5,350                           |               |                                    | 410    |   |              |                      |  | —          |  |   | (29)          |                  |  |       |               | 4,435    |  |  | 10,166  |   |
| Net discount accretion                                                            | 327                             |               |                                    | (80)        |   |              |                      |  | —          |  |   | (2)           |                  |  |       |               | —  |  |  | 245     |   |
|                                                                                   |                                      |               |                                    |             |   |              |                      |  |                       |  |   |               |                  |  |       |
| Transfers into Level 3 (5)                                                        | 11,320                          |               |                                    | 6,176  |   |              |                      |  | —          |  |   | —  |                  |  |       |               | —  |  |  | 17,496  |   |
| Transfers out of Level 3 (6)                                                      | (7,178)                              |               |                                    | (2,760)     |   |              |                      |  | —          |  |   | —  |                  |  |       |               | (292)         |  |  | (10,230)     |   |
| Fair value balance as of December 31, 2021                                        | $                                    | 64,661   |                                    |             | $ | 14,510  |                      |  |                       |  | $ | —  |                  |  | $     | —  |               |  |  |              | $ | 897    |  |  | $ | 80,068   |  |
| Change in net unrealized appreciation on investments held as of December 31, 2021 | $                                    | 889      |                                    |             | $ | 149     |                      |  |                       |  | $ | —  |                  |  | $     | —  |               |  |  |              | $ | 2,058  |  |  | $ | 3,096    |  |

|                                                                                                  |                                      |               |                                    |              |   |              |                       |  |               |  |                  |              |       |               |  |  |              |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------|--------------------------------------|---------------|------------------------------------|--------------|---|--------------|-----------------------|--|---------------|--|------------------|--------------|-------|---------------|--|--|--------------|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                  | For the Year Ended December 31, 2020 |
|                                                                                                  | Senior Secured Loans - First Lien    |               | Senior Secured Loans - Second Lien |              |   |              | Senior Unsecured Debt |  |               |  | Equity and Other |              | Total |
| Balance as of January 1, 2020                                                                    | $                                    | 187,974  |                                    |              | $ | 42,287  |                       |  |               |  | $                | 16,798  |       |               |  |  | $            | 13,014  |  |  | $ | 260,073  |  |
| Additions (1)                                                                                    | 43,214                          |               |                                    | 2,225   |   |              |                       |  | 118      |  |                  |              |       | 688      |  |  | 46,245  |              |
| Sales and repayments (2)                                                                         | (54,013)                             |               |                                    | (23,285)     |   |              |                       |  | (15,354)      |  |                  |              |       | (9,522)       |  |  | (102,174)    |              |
| Net realized gains (3)                                                                           | 533                             |               |                                    | 443     |   |              |                       |  | 465      |  |                  |              |       | 1,012    |  |  | 2,453   |              |
| Net change in unrealized appreciation (depreciation) on investments (4)                          | (7,924)                              |               |                                    | (3,482)      |   |              |                       |  | 79       |  |                  |              |       | (2,987)       |  |  | (14,314)     |              |
| Net discount accretion                                                                           | 596                             |               |                                    | (123)        |   |              |                       |  | 22       |  |                  |              |       | —  |  |  | 495     |              |
|                                                                                                  |                                      |               |                                    |              |   |              |                       |  |               |  |                  |              |       |
| Transfers into Level 3 (5)                                                                       | 34,033                          |               |                                    | 10,230  |   |              |                       |  | —  |  |                  |              |       | —  |  |  | 44,263  |              |
| Transfers out of Level 3 (6)                                                                     | (36,900)                             |               |                                    | (8,673)      |   |              |                       |  | —  |  |                  |              |       | —  |  |  | (45,573)     |              |
| Fair value balance as of December 31, 2020                                                       | $                                    | 167,513  |                                    |              | $ | 19,622  |                       |  |               |  | $                | 2,128   |       |               |  |  | $            | 2,205   |  |  | $ | 191,468  |  |
| Change in net unrealized appreciation (depreciation) on investments held as of December 31, 2020 | $                                    | (4,309)       |                                    |              | $ | (1,263)      |                       |  |               |  | $                | 127     |       |               |  |  | $            | (2,744)      |  |  | $ | (8,189)       |  |

----

----

----

|                       |                                    |                                                                  |      |                                  |             |  |           |   |             |           |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------|------------------------------------|------------------------------------------------------------------|------|----------------------------------|-------------|--|-----------|---|-------------|-----------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Related Party (1) (2) |                                    |                                                                  |      | For the Years Ended December 31, |
|                       | Source Agreement & Description |                                                                  | 2021 |                                  | 2020        |  | 2019      |
|                       |                                    | Expenses:                                                    |      |                                  |             |  |           |   |
|                       |                                    |                                                                  |      |                                  |             |  |           |   |
| Guggenheim            |                                    | Investment Advisory Agreement - management fee                   |      | $                                | 4,526  |  |           | $ | 6,247  |           |  | $ | 6,889  |  |
|                       |                                    |                                                                  |      |                                  |             |  |           |   |
| Guggenheim            |                                    | Administrative Services Agreement - expense reimbursement        |      | 352                         |             |  | 644  |   |             | 818  |  |
|                       |                                    | Income:                                                      |      |                                  |             |  |           |   |
| Guggenheim            |                                    | Share on capital structuring fees and administrative agency fees |      | 25                          |             |  | 35   |   |             | 271  |  |
|                       |                                    |                                                                  |      |                                  |             |  |           |   |

----

|                   |                                              |               |                              |  |                    |               |                   |  |               |               |               |  |            |   |  |                  |  |           |  |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|----------------------------------------------|---------------|------------------------------|--|--------------------|---------------|-------------------|--|---------------|---------------|---------------|--|------------|---|--|------------------|--|-----------|--|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                   | Hamilton Credit Facility - Borrowing Summary |
| As of             | Principal Amount Committed                   |               | Principal Amount Outstanding |  | Carrying Value (1) |               | Interest Rate (2) |  | Maturity Date |               | Maturity Term |
| December 31, 2021 | $                                            | —  |                              |  | $                  | —  |                   |  | $             | —  |               |  | 2.62  | % |  | 12/29/22 |  | 1.0  |  | years |
| December 31, 2020 | $                                            | 151,667  |                              |  | $                  | 130,000  |                   |  | $             | 129,243  |               |  | 2.73  | % |  | 12/29/22 |  | 2.0  |  | years |

|                                                  |  |                                  |              |      |            |      |               |            |   |   |               |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|--|----------------------------------|--------------|------|------------|------|---------------|------------|---|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                  |  | For the Years Ended December 31, |
|                                                  |  | 2021                             |              | 2020 |            | 2019 |
| Stated interest expense                          |  | $                                | 1,999   |      |            | $    | 5,182    |            |   | $ | 8,023    |  |
| Unused/undrawn fees                          |  | 124                         |              |      | 186   |      |               | 149   |   |
| Amortization of deferred financing costs         |  | 757                         |              |      | 381   |      |               | 380   |   |
| Total interest expense and other financing costs |  | $                                | 2,880   |      |            | $    | 5,749    |            |   | $ | 8,552    |  |
| Average borrowings                               |  | $                                | 73,562  |      |            | $    | 155,907  |            |   | $ | 160,312  |  |
|                                                  |  |                                  |              |      |            |      |
| Weighted average interest rate (1)               |  | 2.85                        | %            |      | 3.39  | %    |               | 5.03  | % |
| Amortized financing costs                        |  | 1.01                        | %            |      | 0.24  | %    |               | 0.23  | % |
| Total borrowing cost                             |  | 3.86                        | %            |      | 3.63  | %    |               | 5.26  | % |

----

|                                              |  |                            |             |                   |             |   |              |  |  |  |  |  |  |  |
|----------------------------------------------|--|----------------------------|-------------|-------------------|-------------|---|--------------|--|--|--|--|--|--|--|
|                                              |  | Total Unfunded Commitments |
| Category / Portfolio Company (1)         |  | December 31, 2021          |             | December 31, 2020 |
| Aceto Chemical (Revolver)                    |  | $                          | 800    |                   |             | $ | 640     |  |
| Acquia Inc. (Revolver)                       |  | —               |             |                   | 211    |   |
| Advicent Solutions (Revolver)                |  | —               |             |                   | 339    |   |
| Alexander Mann Solutions (Revolver) (2)      |  | 446                   |             |                   | 446    |   |
| Allvue Systems (Revolver)                    |  | 3                     |             |                   | 132    |   |
| Apptio, Inc. (Revolver)                      |  | 196                   |             |                   | 326    |   |
| Arcline FM Holdings LLC (Revolver)           |  | —               |             |                   | 291    |   |
| Boats Group (Revolver)                       |  | —               |             |                   | 1,000  |   |
| GAL Manufacturing (Revolver)                 |  | —               |             |                   | 309    |   |
|                                              |  |                            |             |                   |
| Galls LLC (Revolver)                         |  | 268                   |             |                   | 318    |   |
| Gladman Developments Ltd. (Delayed Draw) (2) |  | —               |             |                   | 706    |   |
| Hersha Hospitality Management (Delayed Draw) |  | 1,106                 |             |                   | 1,594  |   |
| Lytx, Inc. (Delayed Draw)                    |  | —               |             |                   | 1,540  |   |
|                                              |  |                            |             |                   |
| Mavis Tire Express Services Corp. (Revolver) |  | —               |             |                   | 217    |   |
|                                              |  |                            |             |                   |
| Polyvision Corp. (Delayed Draw)              |  | —               |             |                   | 325    |   |
| Polyvision Corp. (Revolver)                  |  | 189                   |             |                   | 520    |   |
| PSI Services LLC (Delayed Draw)              |  | —               |             |                   | 239    |   |
|                                              |  |                            |             |                   |
| PSI Services LLC (Revolver)                  |  | —               |             | (3)               | 195    |   |
| Seal For Life Industries US LLC (Revolver)   |  | 412                   |             |                   | 433    |   |
| Trader Interactive (Revolver)                |  | —               |             |                   | 242    |   |
| Velocity Holdings US (Revolver)              |  | —               |             |                   | 300    |   |
| Wide Orbit (Revolver)                        |  | 293                   |             |                   | 293    |   |
| Total Unfunded Commitments                   |  | $                          | 3,713  |                   |             | $ | 10,616  |  |

----

|                                                                                          |                                  |               |      |                  |      |               |                  |   |      |                  |   |  |                  |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------|----------------------------------|---------------|------|------------------|------|---------------|------------------|---|------|------------------|---|--|------------------|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                          | For the Years Ended December 31, |
|                                                                                          | 2021                             |               | 2020 |                  | 2019 |               | 2018             |   | 2017 |
| PER COMMON SHARE OPERATING PERFORMANCE                                                   |                                  |               |      |                  |      |               |                  |   |      |
| Net asset value, beginning of year                                                       | $                                | 7.56     |      |                  | $    | 7.78     |                  |   | $    | 8.09        |   |  | $                | 8.52     |  |  | $ | 8.47     |  |
| Net investment income (1)                                                                | 0.31                        |               |      | 0.50        |      |               | 0.63        |   |      | 0.64        |   |  | 0.50        |               |
| Net realized gains (losses) (1)                                                          | (0.07)                           |               |      | (0.09)           |      |               | (0.25)           |   |      | 0.24        |   |  | 0.12        |               |
| Net change in unrealized appreciation (depreciation) (2)                                 | 0.61                        |               |      | (0.14)           |      |               | (0.09)           |   |      | (0.47)           |   |  | 0.02        |               |
| Net increase resulting from operations                                                   | 0.85                        |               |      | 0.27        |      |               | 0.29        |   |      | 0.41        |   |  | 0.64        |               |
| Distributions to Common Shareholders (3)                                                 |                                  |               |      |                  |      |               |                  |   |      |
| Distributions from net investment income                                                 | (0.33)                           |               |      | (0.49)           |      |               | (0.59)           |   |      | (0.63)           |   |  | (0.49)           |               |
| Distributions from realized gains                                                        | —                     |               |      | —     |      |               | (0.01)           |   |      | (0.21)           |   |  | (0.07)           |               |
| Distribution in excess of net investment income                                          | (1.93)                           |               |      | —     |      |               | —     |   |      | —     |   |  | (0.03)           |               |
| Net decrease resulting from distributions                                                | (2.26)                           |               |      | (0.49)           |      |               | (0.60)           |   |      | (0.84)           |   |  | (0.59)           |               |
| Net asset value, end of year                                                             | $                                | 6.15     |      |                  | $    | 7.56     |                  |   | $    | 7.78        |   |  | $                | 8.09     |  |  | $ | 8.52     |  |
|                                                                                          |                                  |               |      |                  |      |               |                  |   |      |
| INVESTMENT RETURNS                                                                       |                                  |               |      |                  |      |               |                  |   |      |
| Total investment return (4)                                                              | 11.55                       | %             |      | 4.12        | %    |               | 3.55        | % |      | 4.87        | % |  | 7.80        | %             |
|                                                                                          |                                  |               |      |                  |      |               |                  |   |      |
| RATIOS/SUPPLEMENTAL DATA                                                             |                                  |               |      |                  |      |               |                  |   |      |
| Net assets, end of year                                                                  | $                                | 157,280  |      |                  | $    | 198,725  |                  |   | $    | 211,197     |   |  | $                | 236,232  |  |  | $ | 248,481  |  |
| Average net assets (5)                                                                   | $                                | 183,380  |      |                  | $    | 197,248  |                  |   | $    | 229,144     |   |  | $                | 247,249  |  |  | $ | 233,765  |  |
| Common Shares outstanding, end of year                                                   | 25,594,125                  |               |      | 26,272,618  |      |               | 27,157,534  |   |      | 29,195,002  |   |  | 29,151,096  |               |
| Weighted average Common Shares outstanding                                               | 25,729,824                  |               |      | 27,139,732  |      |               | 28,730,579  |   |      | 29,163,651  |   |  | 27,524,615  |               |
|                                                                                          |                                  |               |      |                  |      |               |                  |   |      |
| Ratios-to-average net assets: (5)                                                    |                                  |               |      |                  |      |               |                  |   |      |
| Total expenses before incentive fee waiver and reimbursement of advisor transition costs | 5.06                        | %             |      | 7.30        | %    |               | 7.87        | % |      | 6.55        | % |  | 7.70        | %             |
| Effect of incentive fee waiver and reimbursement of advisor transition costs             | —                     | %             |      | —     | %    |               | —     | % |      | —     | % |  | (0.35)           | %             |
| Total expenses                                                                           | 5.06                        | %             |      | 7.30        | %    |               | 7.87        | % |      | 6.55        | % |  | 7.35        | %             |
| Net investment income                                                                    | 4.34                        | %             |      | 6.87        | %    |               | 7.88        | % |      | 7.51        | % |  | 5.88        | %             |
|                                                                                          |                                  |               |      |                  |      |               |                  |   |      |
| Average outstanding borrowings (5)                                                       | $                                | 73,562   |      |                  | $    | 155,907  |                  |   | $    | 160,312     |   |  | $                | 150,000  |  |  | $ | 142,615  |  |
| Portfolio turnover rate (5) (6)                                                          | 2                           | %             |      | 19          | %    |               | 20          | % |      | 49          | % |  | 43          | %             |
| Asset coverage ratio (7)                                                                 | —                     |               |      | 2.53        |      |               | 2.23        |   |      | 2.57        |   |  | 2.66        |               |

----

----

|                                     |  |              |  |                                              |               |                                               |               |                   |               |              |              |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--|--------------|--|----------------------------------------------|---------------|-----------------------------------------------|---------------|-------------------|---------------|--------------|--------------|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Record Date                         |  | Payment Date |  | Distribution Per Common Share at Record Date |               | Distribution Per Common Share at Payment Date |               | Cash Distribution |
| For Calendar Year 2021              |  |              |  |                                              |               |                                               |               |                   |
| January 4                           |  | January 6    |  | $                                            | 0.03069  |                                               |               | $                 | 0.03069  |              |              | $ | 807    |  |
| February 2                          |  | February 4   |  | 0.03376                                 |               |                                               | 0.03376  |                   |               | 887     |              |
| March 1                             |  | March 2      |  | 0.03376                                 |               |                                               | 0.03376  |                   |               | 887     |              |
| June 1                              |  | June 3       |  | 0.98000                                 |               |                                               | 0.98000  |                   |               | 25,083  |              |
|                                     |  |              |  |                                              |               |                                               |               |                   |
| August 2                            |  | August 4     |  | 0.98000                                 |               |                                               | 0.98000  |                   |               | 25,083  |              |
| November 1                          |  | November 3   |  | 0.20000                                 |               |                                               | 0.20000  |                   |               | 5,116   |              |
|                                     |  |              |  |                                              |               | $                                             | 2.25821  |                   |               | $            | 57,863  |   |
|                                     |  |              |  |                                              |               |                                               |               |                   |
| For Calendar Year 2020              |  |              |  |                                              |               |                                               |               |                   |
| January 2, 6, 13, 20                |  | January 22   |  | $                                            | 0.01100  |                                               |               | $                 | 0.04400  |              |              | $ | 1,195  |  |
| January 27, February 3, 10, 17      |  | February 19  |  | 0.01100                                 |               |                                               | 0.04400  |                   |               | 1,217   |              |
| February 24, March 2, 9, 14, 23     |  | March 25     |  | 0.01000                                 |               |                                               | 0.05000  |                   |               | 1,383   |              |
| March 30, April 6, 13, 20           |  | April 22     |  | 0.01000                                 |               |                                               | 0.04000  |                   |               | 1,084   |              |
| April 27, May 4, 11, 18 ,25, June 1 |  | June 2       |  | 0.01000                                 |               |                                               | 0.06000  |                   |               | 1,625   |              |
| June 8, 15, 22, 29                  |  | July 2       |  | 0.01100                                 |               |                                               | 0.04400  |                   |               | 1,186   |              |
| July 6, 13, 20, 27, August 3        |  | August 4     |  | 0.00950                                 |               |                                               | 0.04750  |                   |               | 1,285   |              |
| August 10, 17, 24, 31               |  | September 2  |  | 0.01000                                 |               |                                               | 0.04000  |                   |               | 1,089   |              |
| September 7, 14, 21, 28             |  | October 1    |  | 0.00980                                 |               |                                               | 0.03920  |                   |               | 1,063   |              |
| October 5, 12, 19, 26, November 2   |  | November 3   |  | 0.00850                                 |               |                                               | 0.04250  |                   |               | 1,148   |              |
| November 9, 16, 23, 30              |  | December 2   |  | 0.00561                                 |               |                                               | 0.02244  |                   |               | 606     |              |
| December 23                         |  | December 24  |  | 0.01903                                 |               |                                               | 0.01903  |                   |               | 500     |              |
|                                     |  |              |  |                                              |               | $                                             | 0.49267  |                   |               | $            | 13,381  |   |
|                                     |  |              |  |                                              |               |                                               |               |                   |
| For Calendar Year 2019              |  |              |  |                                              |               |                                               |               |                   |
| January 7, 14, 21, 28               |  | January 30   |  | $                                            | 0.01346  |                                               |               | $                 | 0.05384  |              |              | $ | 1,572  |  |
| February 4, 11, 18, 25              |  | February 27  |  | 0.01346                                 |               |                                               | 0.05384  |                   |               | 1,572   |              |
| March 4, 11, 18, 25                 |  | March 27     |  | 0.01346                                 |               |                                               | 0.05384  |                   |               | 1,573   |              |
| April 1, 8, 15, 22, 29              |  | May 1        |  | 0.01346                                 |               |                                               | 0.06730  |                   |               | 1,971   |              |
| May 6, 13, 20, 27                   |  | May 29       |  | 0.01346                                 |               |                                               | 0.05384  |                   |               | 1,576   |              |
| June 3, 10, 17, 24                  |  | June 26      |  | 0.01346                                 |               |                                               | 0.05384  |                   |               | 1,559   |              |
| July 1, 8, 15, 22, 29               |  | July 31      |  | 0.01346                                 |               |                                               | 0.06730  |                   |               | 1,926   |              |
| August 5, 12, 19, 26                |  | August 28    |  | 0.00776                                 |               |                                               | 0.03104  |                   |               | 888     |              |
| September 2, 9, 16, 23, 30          |  | October 2    |  | 0.00776                                 |               |                                               | 0.03880  |                   |               | 1,110   |              |
| October 7, 14, 21                   |  | October 23   |  | 0.00776                                 |               |                                               | 0.02328  |                   |               | 666     |              |
| October 28, November 4, 11, 18      |  | November 20  |  | 0.01049                                 |               |                                               | 0.04196  |                   |               | 1,170   |              |
| November 25, December 2, 9, 16, 23  |  | December 26  |  | 0.01200                                 |               |                                               | 0.06000  |                   |               | 1,663   |              |
|                                     |  |              |  |                                              |               | $                                             | 0.59888  |                   |               | $            | 17,246  |   |

Note 11. Taxable/Distributable Income

----

|                                     |                                  |               |      |             |      |               |           |  |   |               |  |  |  |  |  |  |  |
|-------------------------------------|----------------------------------|---------------|------|-------------|------|---------------|-----------|--|---|---------------|--|--|--|--|--|--|--|
|                                     | For the Years Ended December 31, |
| Capital Accounts                    | 2021                             |               | 2020 |             | 2019 |
|                                     |                                  |               |      |             |      |
| Undistributed net investment income | $                                | 960      |      |             | $    | (2,650)       |           |  | $ | (707)         |  |
| Accumulated realized gains (losses) | (960)                            |               |      | 2,650  |      |               | 707  |  |
| Total                               | $                                | —  |      |             | $    | —  |           |  | $ | —  |  |

|                                                              |                                  |              |      |               |      |              |             |  |   |              |  |  |  |  |  |  |  |
|--------------------------------------------------------------|----------------------------------|--------------|------|---------------|------|--------------|-------------|--|---|--------------|--|--|--|--|--|--|--|
|                                                              | For the Years Ended December 31, |
|                                                              | 2021                             |              | 2020 |               | 2019 |
| Net increase in net assets resulting from operations         | $                                | 21,696  |      |               | $    | 7,444   |             |  | $ | 8,300   |  |
| Net realized losses                                          | 1,907                       |              |      | 2,455    |      |              | 7,108  |  |
| Net change in unrealized appreciation (depreciation)         | (15,654)                         |              |      | 3,661    |      |              | 2,658  |  |
| Unearned performance-based incentive fee on unrealized gains | —                     |              |      | —  |      |              | 11     |  |
|                                                              |                                  |              |      |               |      |
| Other book-tax difference                                    | 52                          |              |      | (186)         |      |              | (589)       |  |
| Total taxable income and gains available for distributions   | $                                | 8,001   |      |               | $    | 13,374  |             |  | $ | 17,488  |  |

|                                                                                           |                                  |              |      |               |      |              |               |   |   |              |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------|----------------------------------|--------------|------|---------------|------|--------------|---------------|---|---|--------------|--|--|--|--|--|--|--|
|                                                                                           | For the Years Ended December 31, |
| Distributions Attributable To:                                                        | 2021                             |              | 2020 |               | 2019 |
| Ordinary income (including short-term capital gains)                                      | $                                | 8,698   |      |               | $    | 13,381  |               |   | $ | 16,911  |  |
| Long-term capital gains (1)                                                               | —                     |              |      | —  |      |              | 335      |   |
| Return of Capital Distribution                                                            | 49,165                      |              |      | —  |      |              | —  |   |
| Total distributions                                                                       | $                                | 57,863  |      |               | $    | 13,381  |               |   | $ | 17,246  |  |
| Distributions as a percentage of taxable income and gains available for distributions (2) | 723.0                       | %            |      | 100.0    | %    |              | 98.6     | % |

----

|                                    |                    |               |      |          |   |           |  |  |  |  |  |
|------------------------------------|--------------------|---------------|------|----------|---|-----------|--|--|--|--|--|
|                                    | As of December 31, |
|                                    | 2021               |               | 2020 |
| Undistributed ordinary income, net | $                  | —  |      |          | $ | 574  |  |
| Undistributed capital losses       | (9,138)            |               |      | (6,511)  |   |
| Unrealized loss                    | (2,491)            |               |      | (18,675) |   |
| Other temporary adjustments        | (137)              |               |      | (152)    |   |
| Total accumulated (loss), net      | $                  | (11,766)      |      |          | $ | (24,764)  |  |

|                                                              |                                      |             |                    |               |               |             |                |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|--------------------------------------|-------------|--------------------|---------------|---------------|-------------|----------------|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                                                              | As of and for the three months ended |
|                                                              | December 31, 2021                    |             | September 30, 2021 |               | June 30, 2021 |             | March 31, 2021 |
| Total investment income                                      | $                                    | 2,890  |                    |               | $             | 3,808  |                |  | $ | 5,380    |  |  | $ | 5,144  |  |
| Net investment income                                        | 1,225                           |             |                    | 1,688    |               |             | 2,790     |  |   | 2,246    |  |
| Net realized and unrealized gains (losses)                   | (129)                                |             |                    | (4)           |               |             | 6,184     |  |   | 7,696    |  |
| Net increase in net assets resulting from operations         | 1,096                           |             |                    | 1,684    |               |             | 8,974     |  |   | 9,942    |  |
| Net assets                                                   | 157,280                         |             |                    | 161,300  |               |             | 184,699   |  |   | 200,808  |  |
| Total investment income per Common Share - basic and diluted | 0.11                            |             |                    | 0.15     |               |             | 0.21      |  |   | 0.20     |  |
| Net investment income per Common Share - basic and diluted   | 0.05                            |             |                    | 0.07     |               |             | 0.11      |  |   | 0.09     |  |
| Earningsper Common Share - basic and diluted                 | 0.04                            |             |                    | 0.07     |               |             | 0.35      |  |   | 0.38     |  |
| Net asset value per Common Share at end of quarter           | 6.15                            |             |                    | 6.30     |               |             | 7.22      |  |   | 7.85     |  |

|                                                                 |                                      |             |                    |               |               |             |                |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|--------------------------------------|-------------|--------------------|---------------|---------------|-------------|----------------|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                                                                 | As of and for the three months ended |
|                                                                 | December 31, 2020                    |             | September 30, 2020 |               | June 30, 2020 |             | March 31, 2020 |
| Total investment income                                         | $                                    | 5,952  |                    |               | $             | 6,696  |                |  | $ | 7,196    |  |  | $ | 8,113  |  |
| Net investment income                                           | 2,640                           |             |                    | 3,306    |               |             | 3,615     |  |   | 3,999    |  |
| Net realized and unrealized gains (losses)                      | 7,561                           |             |                    | 6,380    |               |             | 13,732    |  |   | (33,789)      |  |
| Net increase (decrease) in net assets resulting from operations | 10,201                          |             |                    | 9,686    |               |             | 17,347    |  |   | (29,790)      |  |
| Net assets                                                      | 198,725                         |             |                    | 196,382  |               |             | 188,731   |  |   | 176,846  |  |
| Total investment income per Common Share - basic and diluted    | 0.22                            |             |                    | 0.25     |               |             | 0.27      |  |   | 0.29     |  |
| Net investment income per Common Share - basic and diluted      | 0.10                            |             |                    | 0.12     |               |             | 0.13      |  |   | 0.15     |  |
| Earnings (loss) per Common Share - basic and diluted            | 0.38                            |             |                    | 0.36     |               |             | 0.64      |  |   | (1.08)        |  |
| Net asset value per Common Share at end of quarter              | 7.56                            |             |                    | 7.27     |               |             | 7.04      |  |   | 6.53     |  |

----

|                                                                 |                                      |             |                    |               |               |             |                |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|--------------------------------------|-------------|--------------------|---------------|---------------|-------------|----------------|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                                                                 | As of and for the three months ended |
|                                                                 | December 31, 2019                    |             | September 30, 2019 |               | June 30, 2019 |             | March 31, 2019 |
| Total investment income                                         | $                                    | 8,908  |                    |               | $             | 9,162  |                |  | $ | 9,114    |  |  | $ | 8,923  |  |
| Net investment income                                           | 4,498                           |             |                    | 4,567    |               |             | 4,603     |  |   | 4,398    |  |
| Net realized and unrealized losses                              | (4,094)                              |             |                    | (4,974)       |               |             | (387)          |  |   | (311)         |  |
| Net increase (decrease) in net assets resulting from operations | 404                             |             |                    | (407)         |               |             | 4,216     |  |   | 4,087    |  |
| Net assets                                                      | 211,197                         |             |                    | 225,699  |               |             | 230,030   |  |   | 236,295  |  |
| Total investment income per Common Share - basic and diluted    | 0.32                            |             |                    | 0.32     |               |             | 0.31      |  |   | 0.31     |  |
| Net investment income per Common Share - basic and diluted      | 0.16                            |             |                    | 0.16     |               |             | 0.16      |  |   | 0.15     |  |
| Earnings (loss) per Common Share - basic and diluted            | 0.01                            |             |                    | (0.01)        |               |             | 0.14      |  |   | 0.14     |  |
| Net asset value per Common Share at end of quarter              | 7.78                            |             |                    | 7.89     |               |             | 8.04      |  |   | 8.07     |  |