----

|                       |
|-----------------------|
|                       |  |  |
|                  |   | Page |
| Financial Statements: |   |
|                  | Report of Independent Auditors | 1 |
|                  | Consolidated Statements of Assets, Liabilities and Members' Capital as of September 30, 2019 and 2018 | 2 |
|                  | Consolidated Statements of Operations for the years ended September 30, 2019, 2018 and 2017 | 3 |
|                  | Consolidated Statements of Changes in Members' Capital for the years ended September 30, 2019, 2018 and 2017 | 4 |
|                  | Consolidated Statements of Cash Flows for the years ended September 30, 2019, 2018 and 2017 | 5 |
|                  | Consolidated Schedule of Investments as of September 30, 2019 | 6 |
|                  | Consolidated Schedule of Investments as of September 30, 2018 | 8 |
|                  | Notes to Consolidated Financial Statements | 10 |

----

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |
|                                         |   | September 30, 2019 |   | September 30, 2018 |
|                                         | ASSETS |   |   |   |
|                                         | Investments at fair value (cost September 30, 2019: $176,687,612; cost September 30, 2018: $159,310,299) | $ | 173,028,098 |  |   | $ | 160,260,951 |  |
|                                         | Cash and cash equivalents | 1,096,498 |  |   | 2,055,935 |  |
|                                         | Restricted cash | 2,616,125 |  |   | 2,036,487 |  |
|                                         | Interest and fees receivable | 713,185 |  |   | 654,108 |  |
|                                         | Due from portfolio companies | — |  |   | 53,006 |  |
|                                         | Receivable from unsettled transactions | 902,770 |  |   | — |  |
|                                         | Deferred financing costs | 1,321,726 |  |   | 1,127,394 |  |
| Total assets                                 | $ | 179,678,402 |  |   | $ | 166,187,881 |  |
|                                         |   |   |   |
| LIABILITIES AND MEMBERS' CAPITAL             |   |   |   |
| Liabilities:                                 |   |   |   |
|                                         | Accounts payable, accrued expenses and other liabilities | $ | 143,000 |  |   | $ | 65,273 |  |
|                                         | Due to affiliate | 98,077 |  |   | 36,655 |  |
|                                         | Interest payable | 2,632,714 |  |   | 2,578,380 |  |
|                                         | Payable from unsettled transactions | 21,476,988 |  |   | 996,244 |  |
|                                         | Distribution payable | 1,358,336 |  |   | 1,358,336 |  |
|                                         | Senior credit facility payable | 91,881,939 |  |   | 94,281,939 |  |
|                                         | Subordinated notes payable at fair value (proceeds September 30, 2019: $75,517,614; proceeds September 30, 2018: $75,874,536) | 62,087,348 |  |   | 66,871,054 |  |
| Total liabilities                            | 179,678,402 |  |   | 166,187,881 |  |
| Members’ capital                       | — |  |   | — |  |
| Total liabilities and members’ capital | $ | 179,678,402 |  |   | $ | 166,187,881 |  |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                        |   | Year ended September 30, 2019 |   | Year ended September 30, 2018 |   | Year ended September 30, 2017* |
| Investment income:                                                          |   |   |   |   |   |
|                                                                        | Interest income | $ | 12,446,772 |  |   | $ | 9,823,972 |  |   | $ | 11,148,203 |  |
|                                                                        | PIK interest income | — |  |   | — |  |   | 53,620 |  |
|                                                                        | Fee income | 29,999 |  |   | 77,999 |  |   | 160,984 |  |
|                                                                        | Total investment income | 12,476,771 |  |   | 9,901,971 |  |   | 11,362,807 |  |
| Expenses:                                                                   |   |   |   |   |   |
|                                                                        | Interest expense | 11,597,998 |  |   | 11,433,877 |  |   | 11,055,880 |  |
|                                                                        | Professional fees | 138,323 |  |   | 171,759 |  |   | 175,353 |  |
|                                                                        | General and administrative expenses | 38,035 |  |   | 40,115 |  |   | 49,207 |  |
|                                                                        | Total expenses | 11,774,356 |  |   | 11,645,751 |  |   | 11,280,440 |  |
| Net investment income (loss)                                                | 702,415 |  |   | (1,743,780 | ) |   | 82,367 |  |
| Net realized and unrealized gain (loss):                                    |   |   |   |   |   |
|                                                                        | Net unrealized appreciation (depreciation) on investments and receivable from secured financing arrangement | (4,610,167 | ) |   | 9,191,682 |  |   | (2,324,377 | ) |
|                                                                        | Net realized loss on investments | (519,031 | ) |   | (8,883,148 | ) |   | (3,873,454 | ) |
|                                                                        | Net unrealized appreciation (depreciation) on subordinated notes payable | 4,426,783 |  |   | 1,435,246 |  |   | (569,031 | ) |
|                                                                        | Total net realized and unrealized gain (loss) | (702,415 | ) |   | 1,743,780 |  |   | (6,766,862 | ) |
| Net increase (decrease) in members’ capital resulting from operations | $ | — |  |   | $ | — |  |   | $ | (6,684,495 | ) |

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  |   | Oaktree Strategic Income Corporation |   | GF Equity Funding 2014 LLC |   | Total Members’ Capital |
| Members’ capital, September 30, 2016*                           |   | $ | 6,461,433 |  |   | $ | 923,062 |  |   | $ | 7,384,495 |  |
| Distributions*                                                        |   | (612,500 | ) |   | (87,500 | ) |   | (700,000 | ) |
| Net decrease in members' capital resulting from operations*           |   | (5,848,933 | ) |   | (835,562 | ) |   | (6,684,495 | ) |
| Members’ capital, September 30, 2017*                           |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Net increase (decrease) in members' capital resulting from operations |   | — |  |   | — |  |   | — |  |
| Members’ capital, September 30, 2018                            |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Net increase (decrease) in members' capital resulting from operations |   | — |  |   | — |  |   | — |  |
| Members’ capital, September 30, 2019                            |   | $ | — |  |   | $ | — |  |   | $ | — |  |

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                     |   |   |   | Year ended September 30, 2019 |   | Year ended September 30, 2018 |   | Year ended September 30, 2017* |
|                                                                     | Cash flows from operating activities: |   |   |   |   |   |
|                                                                     | Net increase (decrease) in members' capital resulting from operations |   | $ | — |  |   | $ | — |  |   | $ | (6,684,495 | ) |
|                                                                     | Adjustments to reconcile net increase (decrease) in members’ capital resulting from operations to net cash provided by (used in) operating activities: |   |   |   |   |   |   |
|                                                                     |   | Net unrealized (appreciation) depreciation on investments and receivable from secured financing arrangement |   | 4,610,167 |  |   | (9,191,682 | ) |   | 2,324,377 |  |
|                                                                     | Net realized loss on investments |   | 519,031 |  |   | 8,883,148 |  |   | 3,873,454 |  |
|                                                                     |   | Net unrealized (appreciation) depreciation on subordinated notes payable |   | (4,426,783 | ) |   | (1,435,246 | ) |   | 569,031 |  |
|                                                                     |   | PIK interest income |   | — |  |   | — |  |   | (53,620 | ) |
|                                                                     |   | Accretion of original issue discount/premium on investments |   | (610,524 | ) |   | (609,152 | ) |   | (841,047 | ) |
|                                                                     |   | Recognition of fee income |   | — |  |   | — |  |   | (2,306 | ) |
|                                                                     |   | PIK interest expense |   | — |  |   | 2,470,101 |  |   | 255,001 |  |
|                                                                     |   | Amortization of deferred financing costs |   | 257,948 |  |   | 435,927 |  |   | 283,103 |  |
|                                                                     |   | Purchases of investments |   | (56,648,914 | ) |   | (122,034,536 | ) |   | (9,056,696 | ) |
|                                                                     |   | Proceeds from the sales and repayments of investments |   | 39,363,093 |  |   | 71,428,730 |  |   | 88,712,024 |  |
|                                                                     | Changes in operating assets and liabilities: |   |   |   |   |   |   |
|                                                                     |   | (Increase) decrease in receivable from unsettled transactions |   | (902,770 | ) |   | — |  |   | 952,591 |  |
|                                                                     |   | (Increase) decrease in due from portfolio companies |   | 53,006 |  |   | (45,353 | ) |   | (7,653 | ) |
|                                                                     |   | (Increase) decrease in interest and fees receivable |   | (59,077 | ) |   | (420,102 | ) |   | 88,762 |  |
|                                                                     |   | Increase (decrease) in interest payable |   | 54,334 |  |   | 137,792 |  |   | (85,602 | ) |
|                                                                     |   | Increase (decrease) in accounts payable, accrued expenses and other liabilities |   | 77,727 |  |   | (95,328 | ) |   | 30,582 |  |
|                                                                     |   | Increase in due to affiliate |   | 61,422 |  |   | 36,655 |  |   | — |  |
|                                                                     |   | Increase in payables from unsettled transactions |   | 20,480,744 |  |   | 996,244 |  |   | — |  |
|                                                                     | Net cash provided by (used in) operating activities |   | 2,829,404 |  |   | (49,442,802 | ) |   | 80,357,506 |  |
|                                                                     | Cash flows from financing activities: |   |   |   |   |   |   |
|                                                                     |   | Distributions paid |   | — |  |   | — |  |   | (806,243 | ) |
|                                                                     |   | Borrowings under senior credit facility |   | 15,600,000 |  |   | 51,900,000 |  |   | — |  |
|                                                                     |   | Repayments under senior credit facility |   | (18,000,000 | ) |   | (14,500,000 | ) |   | (67,733,697 | ) |
|                                                                     |   | Repayments of subordinated notes |   | (356,923 | ) |   | — |  |   | — |  |
|                                                                     |   | Deferred financing costs paid |   | (452,280 | ) |   | (6,250 | ) |   | — |  |
|                                                                     | Net cash provided by (used in) financing activities |   | (3,209,203 | ) |   | 37,393,750 |  |   | (68,539,940 | ) |
| Net increase (decrease) in cash and cash equivalents and restricted cash |   | (379,799 | ) |   | (12,049,052 | ) |   | 11,817,566 |  |
|                                                                     | Cash and cash equivalents and restricted cash, beginning of period |   | 4,092,422 |  |   | 16,141,474 |  |   | 4,323,908 |  |
| Cash and cash equivalents and restricted cash, end of period             |   | $ | 3,712,623 |  |   | $ | 4,092,422 |  |   | $ | 16,141,474 |  |
| Supplemental information:                                                |   |   |   |   |   |
|                                                                     |   | Cash paid for interest |   | $ | 11,285,716 |  |   | $ | 8,390,056 |  |   | $ | 10,603,378 |  |
| Non-cash operating activities:                                           |   |   |   |   |
|                                                                     |   | Non-cash purchases of investment |   | $ | — |  |   | $ | — |  |   | $ | (4,985,500 | ) |
|                                                                     |   | Non-cash decrease in receivable from secured financing arrangement |   | $ | — |  |   | $ | — |  |   | $ | 4,985,500 |  |
| Non-cash financing activities:                                           |   |   |   |   |
|                                                                     |   | Non-cash issuance of subordinated notes |   | $ | — |  |   | $ | 2,470,101 |  |   | $ | 255,001 |  |
| Reconciliation to the Consolidated Statements of Assets and Liabilities  |   | September 30, 2019 |   | September 30, 2018 |   | September 30, 2017 |
| Cash and cash equivalents                                                |   | $ | 1,096,498 |  |   | $ | 2,055,935 |  |   | $ | 13,891,899 |  |
| Restricted cash                                                          |   | 2,616,125 |  |   | 2,036,487 |  |   | 2,249,575 |  |
| Total cash and cash equivalents and restricted cash                      |   | $ | 3,712,623 |  |   | $ | 4,092,422 |  |   | $ | 16,141,474 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company (1)                      | Investment Type |  Cash Interest Rate (2)(3) | Region (4) | Industry | Principal (5) | Cost | Fair Value | Notes |
| AI Ladder (Luxembourg) Subco S.a.r.l.      | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 6.60% | International | Electrical components & equipment | $ | 2,718,993 |  | $ | 2,651,270 |  | $ | 2,504,016 |  |   |
| Air Newco LP                               | First Lien Term Loan, LIBOR+4.75% cash due 5/31/2024 | 6.79% | International | IT consulting & other services | 7,425,000 |  | 7,406,438 |  | 7,437,400 |  | (7) |
| AL Midcoast Holdings LLC                   | First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025 | 7.60% | Southwest | Oil & gas storage & transportation | 6,930,000 |  | 6,860,699 |  | 6,834,712 |  |   |
| Altice France S.A.                         | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 6.03% | International | Integrated telecommunication services | 2,977,500 |  | 2,912,809 |  | 2,975,639 |  |   |
| Alvogen Pharma US, Inc.                    | First Lien Term Loan, LIBOR+4.75% cash due 4/1/2022 | 6.79% | Northeast | Pharmaceuticals | 5,359,286 |  | 5,359,286 |  | 4,874,270 |  |   |
| Ancile Solutions, Inc.                     | First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021 | 9.10% | Northeast | Application software | 3,395,374 |  | 3,377,463 |  | 3,327,467 |  | (7) |
| Aptos, Inc.                                | First Lien Term Loan, LIBOR+5.50% cash due 7/23/2025 | 7.70% | Southeast | Computer & electronics retail | 2,977,500 |  | 2,947,725 |  | 2,940,281 |  | (7) |
| Brazos Delaware II, LLC                    | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 6.05% | West | Oil & gas equipment & services | 4,937,500 |  | 4,917,589 |  | 4,570,273 |  |   |
| California Pizza Kitchen, Inc.             | First Lien Term Loan, LIBOR+6.00% cash due 8/23/2022 | 8.53% | Northeast | Restaurants | 4,850,000 |  | 4,838,318 |  | 4,349,868 |  |   |
| CITGO Petroleum Corp.                      | First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024 | 7.10% | Southwest | Oil & gas refining & marketing | 3,980,000 |  | 3,940,200 |  | 4,004,875 |  |   |
| Connect U.S. Finco LLC                     | First Lien Term Loan, LIBOR+4.50% cash due 9/23/2026 | 7.10% | International | Alternative carriers | 5,000,000 |  | 4,900,000 |  | 4,930,075 |  |   |
| Covia Holdings Corporation                 | First Lien Term Loan, LIBOR+4.00% cash due 6/1/2025 | 6.31% | Northeast | Oil & gas equipment & services | 6,912,500 |  | 6,912,500 |  | 5,673,745 |  |   |
| Curium Bidco S.à r.l.                 | First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026 | 6.10% | International | Biotechnology | 5,000,000 |  | 4,962,500 |  | 5,025,000 |  |   |
| Ellie Mae, Inc.                            | First Lien Term Loan, LIBOR+4.00% cash due 4/17/2026 | 6.04% | West | Application software | 1,000,000 |  | 995,000 |  | 1,002,920 |  |   |
| Falmouth Group Holdings Corp.              | First Lien Term Loan, LIBOR+6.75% cash due 12/14/2021 | 8.95% | West | Specialty chemicals | 4,658,544 |  | 4,626,032 |  | 4,632,004 |  | (7) |
| Frontier Communications Corporation        | First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024 | 5.80% | Northeast | Integrated telecommunications services | 5,468,222 |  | 5,365,594 |  | 5,466,281 |  |   |
| Gigamon, Inc.                              | First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024 | 6.29% | West | Systems software | 5,895,000 |  | 5,850,631 |  | 5,732,888 |  | (7) |
| Guidehouse LLP                             | Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026 | 9.54% | Southeast | Research & consulting services | 5,000,000 |  | 4,979,290 |  | 4,937,500 |  |   |
| Indivior Finance S.a.r.l.                  | First Lien Term Loan, LIBOR+4.50% cash due 12/19/2022 | 6.76% | International | Pharmaceuticals | 4,340,941 |  | 4,326,851 |  | 3,997,290 |  |   |
| Integro Parent, Inc.                       | First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022 | 7.80% | Northeast | Insurance brokers | 4,813,924 |  | 4,744,243 |  | 4,681,541 |  | (7) |
| Intelsat Jackson Holdings S.A.             | First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023 | 5.80% | International | Alternative carriers | 5,000,000 |  | 4,939,169 |  | 5,021,100 |  |   |
| McDermott Technology (Americas), Inc.      | First Lien Term Loan, LIBOR+5.00% cash due 5/9/2025 | 7.10% | Southwest | Oil & gas equipment & services | 1,429,306 |  | 1,406,187 |  | 913,565 |  |   |
| MHE Intermediate Holdings, LLC             | First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024 | 7.10% | Midwest | Diversified support services | 4,143,750 |  | 4,089,029 |  | 4,060,875 |  | (7) |
|                                       | First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024 | 7.10% | Midwest | Diversified support services | 837,128 |  | 826,823 |  | 820,385 |  | (7) |
|  Total MHE Intermediate Holdings, LLC |   |   |   |   | 4,980,878 |  | 4,915,852 |  | 4,881,260 |  |   |
| Navicure, Inc.                             | First Lien Term Loan, LIBOR+4.00% cash due 9/18/2026 | 6.13% | Southeast | Healthcare technology | 4,000,000 |  | 3,980,000 |  | 4,005,000 |  |   |
| Northern Star Industries Inc.              | First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 | 6.56% | Midwest | Electrical components & equipment | 5,417,500 |  | 5,396,178 |  | 5,336,238 |  | (7) |
| Novetta Solutions, LLC                     | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 7.05% | Southeast | Application software | 5,868,628 |  | 5,824,577 |  | 5,760,440 |  | (7) |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company (1)                                                      | Investment Type |  Cash Interest Rate (2)(3) | Region (4) | Industry | Principal (5) | Cost | Fair Value | Notes |
| OCI Beaumont LLC                                                           | First Lien Term Loan, LIBOR+4.00% cash due 3/13/2025 | 6.10% | Southwest | Commodity chemicals | $ | 6,895,000 |  | $ | 6,888,231 |  | $ | 6,903,619 |  |   |
| OEConnection LLC                                                           | First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/24/2026 |   | Midwest | Application software | — |  | (1,720 | ) | (645 | ) | (6) |
|                                                                       | First Lien Term Loan, LIBOR+4.00% cash due 9/24/2026 | 6.13% | Midwest | Application software | 3,655,914 |  | 3,637,634 |  | 3,649,059 |  |   |
|  Total OEConnection LLC                                               |   |   |   |   | 3,655,914 |  | 3,635,914 |  | 3,648,414 |  |   |
| Red Ventures, LLC                                                          | First Lien Term Loan, LIBOR+3.00% cash due 11/8/2024 | 5.04% | Southeast | Interactive media & services | 3,989,924 |  | 3,970,677 |  | 4,010,712 |  |   |
| RSC Acquisition, Inc.                                                      | First Lien Term Loan, LIBOR+4.25% cash due 11/30/2022 | 6.29% | Northeast | Trading companies & distributors | 3,849,574 |  | 3,835,594 |  | 3,820,702 |  | (7) |
| Servpro Borrower, LLC                                                      | First Lien Term Loan, PRIME+2.50% cash due 3/26/2026 | 7.50% | Midwest | Specialized consumer services | 3,980,000 |  | 3,970,050 |  | 3,984,975 |  |   |
| SHO Holding I Corporation                                                  | First Lien Term Loan, LIBOR+5.00% cash due 10/27/2022 | 7.26% | Southeast | Footwear | 6,256,250 |  | 6,227,881 |  | 5,943,438 |  | (7) |
| Signify Health, LLC                                                        | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 6.60% | Southwest | Healthcare services | 5,910,000 |  | 5,864,902 |  | 5,902,613 |  |   |
| Sunshine Luxembourg VII SARL                                               | First Lien Term Loan, LIBOR+4.25% cash due 9/25/2026 | 6.59% | International | Personal products | 6,500,000 |  | 6,467,500 |  | 6,538,610 |  |   |
| Tribe Buyer LLC                                                            | First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024 | 6.54% | Midwest | Human resources & employment services | 3,114,779 |  | 3,109,120 |  | 2,907,133 |  | (7) |
| Triple Royalty Sub LLC                                                     | Fixed Rate Bond 144A 9.0% Toggle PIK cash due 4/15/2033 |   | West | Pharmaceuticals | 3,000,000 |  | 3,000,000 |  | 3,105,000 |  | (7) |
| UFC Holdings, LLC                                                          | First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026 | 5.30% | West | Movies & entertainment | 2,493,573 |  | 2,493,573 |  | 2,503,099 |  |   |
| Verra Mobility, Corp.                                                      | First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025 | 5.79% | Southwest | Data processing & outsourced services | 4,929,950 |  | 4,913,436 |  | 4,956,645 |  |   |
| WP CPP Holdings, LLC                                                       | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 10.01% | Midwest | Aerospace & defense | 3,000,000 |  | 2,974,333 |  | 2,987,490 |  |   |
| Total Portfolio Investments                                                |   |   |   |  |  | $ | 176,687,612 |  | $ | 173,028,098 |  |   |
| Cash and Cash Equivalents and Restricted Cash                              |   |   |   |   | $ | 3,712,623 |  | $ | 3,712,623 |  |   |
| Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash |   |   |   |   | $ | 180,400,235 |  | $ | 176,740,721 |  |   |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company (1)                       | Investment Type |  Cash Interest Rate (2)(3) | Region (4) | Industry | Principal (5) | Cost | Fair Value | Notes |
|  AI Ladder (Luxembourg) Subco S.a.r.l  | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 7.02% |  International |  Electrical components & equipment | $ | 5,000,000 |  | $ | 4,853,898 |  | $ | 5,029,700 |  |   |
|  Air Newco LLC                         | First Lien Term Loan, LIBOR+4.75% cash due 5/31/2024 | 7.03% |  International |  IT consulting & other services | 7,500,000 |  | 7,481,250 |  | 7,575,000 |  | (6) |
|  AL Midcoast Holdings LLC              | First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025 | 7.84% |  Southwest |  Oil & gas storage & transportation | 7,000,000 |  | 6,930,000 |  | 7,028,455 |  |   |
|  Altice France S.A.                    | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 6.16% |  International |  Integrated telecommunication services | 3,000,000 |  | 2,925,338 |  | 2,982,855 |  |   |
|  Alvogen Pharma US Inc.                | First Lien Term Loan, LIBOR+4.75% cash due 4/1/2022 | 6.99% |  Northeast |  Pharmaceuticals | 6,875,051 |  | 6,875,051 |  | 6,942,358 |  |   |
|  Ancile Solutions, Inc.                | First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021 | 9.39% |  Northeast |  Application software | 3,750,800 |  | 3,719,206 |  | 3,728,294 |  | (6) |
| Aptos, Inc.                                 | First Lien Term Loan, LIBOR+5.50% cash due 7/23/2025 | 7.74% |  Southeast |  Computer & electronics retail | 3,000,000 |  | 2,970,000 |  | 2,996,250 |  |   |
|  Asset International, Inc.             | First Lien Term Loan, LIBOR+4.50% cash due 12/30/2024 | 6.89% |  Northeast |  Research & Consulting Services | 3,970,000 |  | 3,899,167 |  | 3,952,818 |  | (6) |
|  Bison Midstream Holdings LLC          | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 6.17% | West |  Oil & gas equipment & services | 4,987,500 |  | 4,963,823 |  | 4,971,914 |  |   |
|  California Pizza Kitchen, Inc.        | First Lien Term Loan, LIBOR+6.00% cash due 8/23/2022 | 8.39% |  Northeast |  Restaurants | 4,900,000 |  | 4,888,197 |  | 4,777,500 |  |   |
|  Chloe Ox Parent LLC                   | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 6.89% |  Southwest |  Healthcare services | 5,970,000 |  | 5,915,738 |  | 5,992,388 |  |   |
|  CM Delaware LLC                       | First Lien Term Loan, LIBOR+5.25% cash due 3/18/2021 | 7.64% | International |  Interactive media & services | 2,053,658 |  | 2,052,561 |  | 2,002,316 |  | (6) |
|  Eton                                  | Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026 | 9.74% |  Southeast |  Research & consulting services | 5,000,000 |  | 4,976,145 |  | 5,025,000 |  |   |
|  Falmouth Group Holdings Corp.         | First Lien Term Loan, LIBOR+6.75% cash due 12/13/2021 | 8.99% |  West | Specialty chemicals | 4,330,233 |  | 4,295,307 |  | 4,330,288 |  | (6) |
|  Gigamon, Inc.                         | First Lien Term Loan, LIBOR+4.50% cash due 12/27/2024 | 6.89% |  West |  Systems software | 5,955,000 |  | 5,901,647 |  | 5,999,664 |  |   |
|  IBC Capital Ltd.                      | First Lien Term Loan, LIBOR+3.75% cash due 9/11/2023 | 6.09% |  International |  Metal & glass containers | 4,975,000 |  | 4,962,562 |  | 5,015,421 |  |   |
|  Indivior Finance S.a.r.l              | First Lien Term Loan, LIBOR+4.50% cash due 12/19/2022 | 6.85% |  International |  Pharmaceuticals | 4,732,907 |  | 4,712,773 |  | 4,718,117 |  |   |
|  Integro Parent, Inc.                  | First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022 | 8.07% |  Northeast | Insurance brokers | 4,863,924 |  | 4,767,629 |  | 4,876,084 |  | (6) |
|  McDermott Technology (Americas), Inc. | First Lien Term Loan, LIBOR+5.00% cash due 5/12/2025 | 7.24% |  Southwest |  Oil & gas equipment & services | 7,960,000 |  | 7,808,276 |  | 8,077,728 |  |   |
|  MHE Intermediate Holdings, LLC        | First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024 | 7.39% |  Midwest |  Diversified support services | 4,186,250 |  | 4,119,789 |  | 4,147,707 |  | (6) |
|                                        | Delayed Draw Term Loan, LIBOR+5.00% cash due 3/8/2024 | 7.39% |  Midwest |  Diversified support services | 845,676 |  | 835,249 |  | 837,883 |  | (6) |
|  Total MHE Intermediate Holdings, LLC  |   |   |   |   | 5,031,926 |  | 4,955,038 |  | 4,985,590 |  |   |
|  Morphe LLC                            | First Lien Term Loan, LIBOR+6.00% cash due 2/10/2023 | 8.40% |  Southwest |  Personal products | 3,412,500 |  | 3,382,166 |  | 3,412,500 |  | (6) |
|  Northern Star Industries Inc.         | First Lien Term Loan, LIBOR+4.75% cash due 3/31/2025 | 7.08% |  Midwest |  Electrical components & equipment | 5,472,500 |  | 5,447,047 |  | 5,479,341 |  | (6) |
|  Novetta Solutions, LLC                | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 7.25% |  Southeast |  Application software | 5,929,606 |  | 5,878,236 |  | 5,759,129 |  | (6) |
|  OCI Beaumont LLC                      | First Lien Term Loan, LIBOR+4.25% cash due 3/13/2025 | 6.39% |  Southwest |  Commodity chemicals | 6,965,000 |  | 6,956,910 |  | 7,078,288 |  |   |
|  R1 RCM Inc.                           | First Lien Term Loan, LIBOR+5.25% cash due 5/8/2025 | 7.65% |  Midwest |  Healthcare services | 7,000,000 |  | 6,800,665 |  | 7,017,500 |  | (6) |
| RSC Acquisition, Inc.                       | First Lien Term Loan, LIBOR+4.25% cash due 11/30/2022 | 6.71% |  Northeast |  Trading companies & distributors | 3,889,854 |  | 3,871,269 |  | 3,880,130 |  | (6) |
| SHO Holding I Corporation                   | First Lien Term Loan, LIBOR+5.00% cash due 11/18/2022 | 7.34% |  Southeast | Footwear | 6,321,250 |  | 6,283,276 |  | 6,005,189 |  |   |
|  Tribe Buyer LLC                       | First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024 | 6.74% |  Midwest |  Human resources & employment services | 5,939,699 |  | 5,926,444 |  | 5,984,248 |  |   |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company (1)                                                      | Investment Type |  Cash Interest Rate (2)(3) | Region (4) | Industry | Principal (5) | Cost | Fair Value | Notes |
|  Unimin Corp.                                                         | First Lien Term Loan, LIBOR+3.75% cash due 5/17/2025 | 6.14% |  Southwest |  Oil & gas equipment & services | $ | 6,982,500 |  | $ | 6,982,500 |  | $ | 6,621,714 |  |   |
| Verra Mobility, Corp.                                                      | First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025 | 5.99% |  Southwest | Data processing & outsourced services | 4,977,494 |  | 4,957,752 |  | 5,008,602 |  |   |
|  WP CPP Holdings, LLC                                                 | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 10.15% |  Midwest |  Aerospace & defense | 3,000,000 |  | 2,970,428 |  | 3,006,570 |  |   |
|  Total Portfolio Investments                                          |   |   |   |  |  | $ | 159,310,299 |  | $ | 160,260,951 |  |   |
| Cash and Cash Equivalents and Restricted Cash                              |   |   |   |   | $ | 4,092,422 |  | $ | 4,092,422 |  |   |
| Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash |   |   |   |   | $ | 163,402,721 |  | $ | 164,353,373 |  |   |

----

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. |
|         |                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. |
|         |                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3 — Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |

----

----

----

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                |   | Year ended September 30, 2018 |   | Year ended September 30, 2017 |
|                                                |   | As Previously Reported |   | After Adoption of ASU 2016-18 |   | As Previously Reported |   | After Adoption of ASU 2016-18 |
| Net cash provided by (used in) operating activities |   | $ | (49,229,714 | ) |   | $ | (49,442,802 | ) |   | $ | 81,451,234 |  |   | $ | 80,357,506 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |
| Senior secured debt investments |   | $ | 173,028,098 |  |   | $ | — |  |   | $ | 112,522,307 |  |   | $ | 60,505,791 |  |
| Total assets at fair value      |   | $ | 173,028,098 |  |   | $ | — |  |   | $ | 112,522,307 |  |   | $ | 60,505,791 |  |
| Subordinated notes payable      |   | $ | 62,087,348 |  |   | $ | — |  |   | $ | — |  |   | $ | 62,087,348 |  |
| Total liabilities at fair value |   | $ | 62,087,348 |  |   | $ | — |  |   | $ | — |  |   | $ | 62,087,348 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |
| Senior secured debt investments |   | $ | 160,260,951 |  |   | $ | — |  |   | $ | 103,261,954 |  |   | $ | 56,998,997 |  |
| Total assets at fair value      |   | $ | 160,260,951 |  |   | $ | — |  |   | $ | 103,261,954 |  |   | $ | 56,998,997 |  |
| Subordinated notes payable      |   | $ | 66,871,054 |  |   | $ | — |  |   | $ | — |  |   | $ | 66,871,054 |  |
| Total liabilities at fair value |   | $ | 66,871,054 |  |   | $ | — |  |   | $ | — |  |   | $ | 66,871,054 |  |

|                                                                                                                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                      |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                 |   | Assets |   | Liabilities |
|                                                                                                                                                                                                                                                                 |   | Senior secured debt investments |   | Subordinated notes payable |
| Fair value at October 1, 2018                                                                                                                                                                                                                                        |   | $ | 56,998,997 |  |   | $ | 66,871,054 |  |
| Additions                                                                                                                                                                                                                                                            |   | 3,997,500 |  |   | — |  |
| Repayments and sales                                                                                                                                                                                                                                                 |   | (20,776,776 | ) |   | (356,923 | ) |
| Transfers in (a)                                                                                                                                                                                                                                                     |   | 20,985,347 |  |   | — |  |
| Accretion of original issue discount                                                                                                                                                                                                                                 |   | 399,187 |  |   | — |  |
| Net unrealized appreciation (depreciation)                                                                                                                                                                                                                           |   | (1,109,385 | ) |   | (4,426,783 | ) |
| Realized gain on investments                                                                                                                                                                                                                                         | 10,921 |  |   | — |  |
| Fair value as of September 30, 2019                                                                                                                                                                                                                                  |   | $ | 60,505,791 |  |   | $ | 62,087,348 |  |
| Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still held at September 30, 2019 and reported within net realized and unrealized gain (loss) in the Consolidated Statement of Operations for the year ended September 30, 2019 |   | $ | (858,809 | ) |   | $ | (4,426,783 | ) |

----

|                                                                                                                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                 |   | Assets | Liabilities |
|                                                                                                                                                                                                                                                                 |   | Senior secured debt investments |   | Equity Investment |   | Total |   | Subordinated notes payable |
| Fair value at October 1, 2017                                                                                                                                                                                                                                        |   | $ | 107,284,350 |  |   | $ | — |  |   | $ | 107,284,350 |  |   | $ | 65,836,199 |  |
| Additions                                                                                                                                                                                                                                                            |   | 27,314,536 |  |   | — |  |   | 27,314,536 |  |   | 2,470,101 |  |
| Repayments and sales                                                                                                                                                                                                                                                 |   | (66,646,523 | ) |   | — |  |   | (66,646,523 | ) |   | — |  |
| Transfers out (a)                                                                                                                                                                                                                                                    |   | (11,223,430 | ) |   | — |  |   | (11,223,430 | ) |   | — |  |
| Accretion of original issue discount                                                                                                                                                                                                                                 |   | 444,405 |  |   | — |  |   | 444,405 |  |   | — |  |
| Net unrealized appreciation (depreciation)                                                                                                                                                                                                                           |   | 5,801,548 |  |   | 2,293,945 |  |   | 8,095,493 |  |   | (1,435,246 | ) |
| Realized loss on investments                                                                                                                                                                                                                                         | (5,975,889 | ) |   | (2,293,945 | ) |   | (8,269,834 | ) |   | — |  |
| Fair value as of September 30, 2018                                                                                                                                                                                                                                  |   | $ | 56,998,997 |  |   | $ | — |  |   | $ | 56,998,997 |  |   | $ | 66,871,054 |  |
| Net unrealized appreciation (depreciation) relating to Level 3 assets and liabilities still held at September 30, 2018 and reported within net realized and unrealized gain (loss) in the Consolidated Statement of Operations for the year ended September 30, 2018 |   | $ | 295,664 |  |   | $ | — |  |   | $ | 295,664 |  |   | $ | (1,435,246 | ) |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   | Carrying Value |   | Fair Value |   | Level 1 |   | Level 2 |   | Level 3 |
| Senior credit facility payable |   | $ | 91,881,939 |  |   | $ | 91,881,939 |  |   | $ | — |  |   | $ | — |  |   | $ | 91,881,939 |  |
| Total                          |   | $ | 91,881,939 |  |   | $ | 91,881,939 |  |   | $ | — |  |   | $ | — |  |   | $ | 91,881,939 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   | Carrying Value |   | Fair Value |   | Level 1 |   | Level 2 |   | Level 3 |
| Senior credit facility payable |   | $ | 94,281,939 |  |   | $ | 94,281,939 |  |   | $ | — |  |   | $ | — |  |   | $ | 94,281,939 |  |
| Total                          |   | $ | 94,281,939 |  |   | $ | 94,281,939 |  |   | $ | — |  |   | $ | — |  |   | $ | 94,281,939 |  |

----

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset                      |   | Fair Value |   | Valuation Technique |   | Unobservable Input |   | Range |   | WeightedAverage (a) |
| Senior secured debt        |   | $ | 15,945,731 |  |   | Market yield technique |   | Market yield |   | (b) | 7.4% | - | 13.0% |   | 9.1% |
|                       |   | 44,560,060 |  |   | Broker Quotations |   | Broker quoted price |   | (c) | N/A | - | N/A |   | N/A |
| Total                      |   | $ | 60,505,791 |  |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liability                  |   | Fair Value |   | Valuation Technique |   | Unobservable Input |   | Range |   | WeightedAverage (a) |
| Subordinated notes payable |   | $ | 62,087,348 |  |   | Enterprise value technique |   | N/A |   | (d) | N/A | - | N/A |   | N/A |
| Total                      |   | $ | 62,087,348 |  |   |   |   |   |   |   |   |   |   |   |   |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (a) | Weighted averages are calculated based on fair value of investments. |
|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| (b) | Used when market participant would take into account market yield when pricing the investment. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | The Fund generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Fund evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. |
|     |                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | The Fund determined the value based on the total assets less the total liabilities senior to the subordinated notes issued by OCSI Glick JV in an amount not exceeding par under the EV technique. |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset                      |   | Fair Value |   | Valuation Technique |   | Unobservable Input |   | Range |   | WeightedAverage (a) |
| Senior secured debt        |   | $ | 16,996,997 |  |   | Market yield technique |   | Market yield |   | (b) | 7.7% | - | 10.9% |   | 9.3% |
|                       |   | 40,002,000 |  |   | Broker Quotations |   | Broker quoted price |   | (c) | N/A | - | N/A |   | N/A |
| Total                      |   | $ | 56,998,997 |  |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liability                  |   | Fair Value |   | Valuation Technique |   | Unobservable Input |   | Range |   | WeightedAverage (a) |
| Subordinated notes payable |   | $ | 66,871,054 |  |   | Enterprise value technique |   | N/A |   | (d) | N/A | - | N/A |   | N/A |
| Total                      |   | $ | 66,871,054 |  |   |   |   |   |   |   |   |   |   |   |   |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (a) | Weighted averages are calculated based on fair value of investments. |
|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| (b) | Used when market participant would take into account market yield when pricing the investment. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | The Fund generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Fund evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. |
|     |                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | The Fund determined the value based on the total assets less the total liabilities senior to the subordinated notes issued by OCSI Glick JV in an amount not exceeding par under the EV technique. |

----

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          |   | September 30, 2019 |   | September 30, 2018 |
| Cost:         |   |   |   |  % of Total Investments |   |   |   |  % of Total Investments |
| International |   | $ | 38,566,535 |  |   | 21.82 | % |   | $ | 26,988,382 |  |   | 16.94 | % |
| Northeast     |   | 34,432,998 |  |   | 19.49 | % |   | 28,020,517 |  |   | 17.59 | % |
| Southwest     |   | 29,873,657 |  |   | 16.91 | % |   | 42,933,340 |  |   | 26.95 | % |
| Southeast     |   | 27,930,150 |  |   | 15.81 | % |   | 20,107,657 |  |   | 12.62 | % |
| Midwest       |   | 24,001,447 |  |   | 13.58 | % |   | 26,099,642 |  |   | 16.38 | % |
| West          |   | 21,882,825 |  |   | 12.39 | % |   | 15,160,761 |  |   | 9.52 | % |
| Total         |   | $ | 176,687,612 |  |   | 100.00 | % |   | $ | 159,310,299 |  |   | 100.00 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          |   | September 30, 2019 |   | September 30, 2018 |
| Fair Value:   |   |   |   |  % of Total Investments |   |   |   |  % of Total Investments |
| International |   | $ | 38,429,129 |  |   | 22.21 | % |   | $ | 27,323,409 |  |   | 17.05 | % |
| Northeast     |   | 32,193,874 |  |   | 18.61 | % |   | 28,157,182 |  |   | 17.57 | % |
| Southwest     |   | 29,516,030 |  |   | 17.06 | % |   | 43,219,674 |  |   | 26.97 | % |
| Southeast     |   | 27,597,371 |  |   | 15.95 | % |   | 19,785,567 |  |   | 12.35 | % |
| Midwest       |   | 23,745,510 |  |   | 13.72 | % |   | 26,473,254 |  |   | 16.52 | % |
| West          |   | 21,546,184 |  |   | 12.45 | % |   | 15,301,865 |  |   | 9.54 | % |
| Total         |   | $ | 173,028,098 |  |   | 100.00 | % |   | $ | 160,260,951 |  |   | 100.00 | % |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   | September 30, 2019 |   | September 30, 2018 |
| Cost:                                      |   |   |   |  % of Total Investments |   |   |   |  % of Total Investments |
| Application software                       |   | $ | 13,832,952 |  |   | 7.83 | % |   | $ | 9,597,441 |  |   | 6.02 | % |
| Oil & gas equipment & services     |   | 13,236,276 |  |   | 7.49 | % |   | 19,754,599 |  |   | 12.41 | % |
| Pharmaceuticals                            |   | 12,686,137 |  |   | 7.18 | % |   | 11,587,824 |  |   | 7.27 | % |
| Alternative carriers                       |   | 9,839,169 |  |   | 5.57 | % |   | — |  |   | — |  |
| Integrated telecommunication services      |   | 8,278,403 |  |   | 4.69 | % |   | 2,925,338 |  |   | 1.84 | % |
| Electrical components & equipment      |   | 8,047,448 |  |   | 4.55 | % |   | 10,300,945 |  |   | 6.47 | % |
| IT consulting & other services         |   | 7,406,438 |  |   | 4.19 | % |   | 7,481,250 |  |   | 4.70 | % |
| Commodity chemicals                        |   | 6,888,232 |  |   | 3.90 | % |   | 6,956,910 |  |   | 4.37 | % |
| Oil & gas storage & transportation |   | 6,860,700 |  |   | 3.88 | % |   | 6,930,000 |  |   | 4.35 | % |
| Personal products                          |   | 6,467,500 |  |   | 3.66 | % |   | 3,382,166 |  |   | 2.12 | % |
| Footwear                                   |   | 6,227,881 |  |   | 3.52 | % |   | 6,283,276 |  |   | 3.94 | % |
| Healthcare services                        |   | 5,864,902 |  |   | 3.32 | % |   | 12,716,403 |  |   | 7.98 | % |
| Systems software                           |   | 5,850,631 |  |   | 3.31 | % |   | 5,901,647 |  |   | 3.70 | % |
| Research & consulting services         |   | 4,979,290 |  |   | 2.82 | % |   | 8,875,312 |  |   | 5.57 | % |
| Biotechnology                              |   | 4,962,500 |  |   | 2.81 | % |   | — |  |   | — |  |
| Diversified support services               |   | 4,915,852 |  |   | 2.78 | % |   | 4,955,038 |  |   | 3.11 | % |
| Data processing & outsourced services  |   | 4,913,436 |  |   | 2.78 | % |   | 4,957,752 |  |   | 3.11 | % |
| Restaurants                                |   | 4,838,318 |  |   | 2.74 | % |   | 4,888,197 |  |   | 3.07 | % |
| Insurance brokers                          |   | 4,744,243 |  |   | 2.69 | % |   | 4,767,629 |  |   | 2.99 | % |
| Specialty chemicals                        |   | 4,626,032 |  |   | 2.62 | % |   | 4,295,307 |  |   | 2.70 | % |
| Healthcare technology                      |   | 3,980,000 |  |   | 2.25 | % |   | — |  |   | — |  |
| Interactive media & services           |   | 3,970,677 |  |   | 2.25 | % |   | 2,052,561 |  |   | 1.29 | % |
| Specialized consumer services              |   | 3,970,050 |  |   | 2.25 | % |   | — |  |   | — |  |
| Oil & gas refining & marketing     |   | 3,940,200 |  |   | 2.23 | % |   | — |  |   | — |  |
| Trading companies & distributors       |   | 3,835,594 |  |   | 2.17 | % |   | 3,871,269 |  |   | 2.43 | % |
| Human resource & employment services   |   | 3,109,120 |  |   | 1.76 | % |   | 5,926,444 |  |   | 3.72 | % |
| Aerospace & defense                    |   | 2,974,333 |  |   | 1.68 | % |   | 2,970,428 |  |   | 1.86 | % |
| Computer & electronics retail          |   | 2,947,725 |  |   | 1.67 | % |   | 2,970,000 |  |   | 1.86 | % |
| Movies & entertainment                 |   | 2,493,573 |  |   | 1.41 | % |   | — |  |   | — |  |
| Metal & glass containers               |   | — |  |   | — |  |   | 4,962,563 |  |   | 3.12 | % |
| Total                                      |   | $ | 176,687,612 |  |   | 100.00 | % |   | $ | 159,310,299 |  |   | 100.00 | % |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   | September 30, 2019 | September 30, 2018 |
| Fair Value:                                |   |   |   |  % of Total Investments |   |   |   |  % of Total Investments |
| Application software                       |   | $ | 13,739,240 |  |   | 7.96 | % |   | $ | 9,487,423 |  |   | 5.92 | % |
| Pharmaceuticals                            |   | 11,976,560 |  |   | 6.92 | % |   | 11,660,475 |  |   | 7.28 | % |
| Oil & gas equipment & services     |   | 11,157,583 |  |   | 6.45 | % |   | 19,671,356 |  |   | 12.26 | % |
| Alternative carriers                       |   | 9,951,175 |  |   | 5.75 | % |   | — |  |   | — |  |
| Integrated telecommunication services      |   | 8,441,920 |  |   | 4.88 | % |   | 2,982,855 |  |   | 1.86 | % |
| Electrical components & equipment      |   | 7,840,254 |  |   | 4.53 | % |   | 10,509,041 |  |   | 6.56 | % |
| IT consulting & other services         |   | 7,437,400 |  |   | 4.30 | % |   | 7,575,000 |  |   | 4.73 | % |
| Commodity chemicals                        |   | 6,903,619 |  |   | 3.99 | % |   | 7,078,288 |  |   | 4.42 | % |
| Oil & gas storage & transportation |   | 6,834,713 |  |   | 3.95 | % |   | 7,028,455 |  |   | 4.39 | % |
| Personal products                          |   | 6,538,610 |  |   | 3.78 | % |   | 3,412,500 |  |   | 2.13 | % |
| Footwear                                   |   | 5,943,438 |  |   | 3.43 | % |   | 6,005,189 |  |   | 3.75 | % |
| Healthcare services                        |   | 5,902,613 |  |   | 3.41 | % |   | 13,009,888 |  |   | 8.12 | % |
| Systems software                           |   | 5,732,888 |  |   | 3.31 | % |   | 5,999,664 |  |   | 3.74 | % |
| Biotechnology                              |   | 5,025,000 |  |   | 2.90 | % |   | — |  |   | — |  |
| Data processing & outsourced services  |   | 4,956,645 |  |   | 2.86 | % |   | 5,008,602 |  |   | 3.13 | % |
| Research & consulting services         |   | 4,937,500 |  |   | 2.85 | % |   | 8,977,818 |  |   | 5.60 | % |
| Diversified support services               |   | 4,881,260 |  |   | 2.82 | % |   | 4,985,590 |  |   | 3.11 | % |
| Insurance brokers                          |   | 4,681,541 |  |   | 2.71 | % |   | 4,876,084 |  |   | 3.04 | % |
| Specialty chemicals                        |   | 4,632,004 |  |   | 2.68 | % |   | 4,330,288 |  |   | 2.70 | % |
| Restaurants                                |   | 4,349,868 |  |   | 2.51 | % |   | 4,777,500 |  |   | 2.98 | % |
| Interactive media & services           |   | 4,010,712 |  |   | 2.32 | % |   | 2,002,316 |  |   | 1.25 | % |
| Healthcare technology                      |   | 4,005,000 |  |   | 2.31 | % |   | — |  |   | — |  |
| Oil & gas refining & marketing     |   | 4,004,875 |  |   | 2.31 | % |   | — |  |   | — |  |
| Specialized consumer services              |   | 3,984,975 |  |   | 2.30 | % |   | — |  |   | — |  |
| Trading companies & distributors       |   | 3,820,702 |  |   | 2.21 | % |   | 3,880,130 |  |   | 2.42 | % |
| Aerospace & defense                    |   | 2,987,490 |  |   | 1.73 | % |   | 3,006,570 |  |   | 1.88 | % |
| Computer & electronics retail          |   | 2,940,281 |  |   | 1.70 | % |   | 2,996,250 |  |   | 1.87 | % |
| Human resources & employment services  |   | 2,907,133 |  |   | 1.68 | % |   | 5,984,248 |  |   | 3.73 | % |
| Movies & entertainment                 |   | 2,503,099 |  |   | 1.45 | % |   | — |  |   | — |  |
| Metal & glass containers               |   | — |  |   | — |  |   | 5,015,421 |  |   | 3.13 | % |
| Total                                      |   | $ | 173,028,098 |  |   | 100.00 | % |   | $ | 160,260,951 |  |   | 100.00 | % |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | September 30, 2019 |
|                                            |   | OCSI (87.5%) |   | GF Equity Funding/GF Debt Funding (12.5%) |   | Total |
| Total commitments to the Fund:                  |   |   |   |   |   |   |
| Total commitments under subordinated notes      |   | $ | 78,750,000 |  |   | $ | 11,250,000 |  |   | $ | 90,000,000 |  |
| Total commitments under equity capital          |   | 8,750,000 |  |   | 1,250,000 |  |   | 10,000,000 |  |
| Total subordinated notes and equity commitments |   | $ | 87,500,000 |  |   | $ | 12,500,000 |  |   | $ | 100,000,000 |  |
|                                            |   |   |   |   |   |   |
| Subordinated notes availability:                |   |   |   |   |   |   |
| Drawn amount of subordinated notes              |   | $ | 66,390,220 |  |   | $ | 9,484,316 |  |   | $ | 75,874,536 |  |
| Undrawn subordinated notes commitments          |   | 12,359,780 |  |   | 1,765,684 |  |   | 14,125,464 |  |
| Total subordinated notes commitment             |   | $ | 78,750,000 |  |   | $ | 11,250,000 |  |   | $ | 90,000,000 |  |
|                                            |   |   |   |   |   |   |
| Equity commitment availability:                 |   |   |   |   |   |   |
| Equity commitments called                       |   | $ | 7,111,751 |  |   | $ | 1,015,964 |  |   | $ | 8,127,715 |  |
| Equity commitments uncalled                     |   | 1,638,249 |  |   | 234,036 |  |   | 1,872,285 |  |
| Total equity commitment                         |   | $ | 8,750,000 |  |   | $ | 1,250,000 |  |   | $ | 10,000,000 |  |
|                                            |   |   |   |   |   |   |
| Total aggregate capital invested:               |   |   |   |   |   |   |
| Debt and equity capital invested                |   | $ | 73,501,971 |  |   | $ | 10,500,280 |  |   | $ | 84,002,251 |  |
|                                            |   |   |   |   |   |   |
| Fair value:                                     |   |   |   |   |   |   |
| Subordinated notes                              |   | $ | 54,326,418 |  |   | $ | 7,760,930 |  |   | $ | 62,087,348 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | September 30, 2018 |
|                                            |   | OCSI (87.5%) |   | GF Equity Funding/GF Debt Funding (12.5%) |   | Total |
| Total commitments to the Fund:                  |   |   |   |   |   |   |
| Total commitments under subordinated notes      |   | $ | 78,750,000 |  |   | $ | 11,250,000 |  |   | $ | 90,000,000 |  |
| Total commitments under equity capital          |   | 8,750,000 |  |   | 1,250,000 |  |   | 10,000,000 |  |
| Total subordinated notes and equity commitments |   | $ | 87,500,000 |  |   | $ | 12,500,000 |  |   | $ | 100,000,000 |  |
|                                            |   |   |   |   |   |   |
| Subordinated notes availability:                |   |   |   |   |   |   |
| Drawn amount of subordinated notes              |   | $ | 66,390,220 |  |   | $ | 9,484,316 |  |   | $ | 75,874,536 |  |
| Undrawn subordinated notes commitments          |   | 12,359,780 |  |   | 1,765,684 |  |   | 14,125,464 |  |
| Total subordinated notes commitment             |   | $ | 78,750,000 |  |   | $ | 11,250,000 |  |   | $ | 90,000,000 |  |
|                                            |   |   |   |   |   |   |
| Equity commitment availability:                 |   |   |   |   |   |   |
| Equity commitments called                       |   | $ | 7,111,751 |  |   | $ | 1,015,964 |  |   | $ | 8,127,715 |  |
| Equity commitments uncalled                     |   | 1,638,249 |  |   | 234,036 |  |   | 1,872,285 |  |
| Total equity commitment                         |   | $ | 8,750,000 |  |   | $ | 1,250,000 |  |   | $ | 10,000,000 |  |
|                                            |   |   |   |   |   |   |
| Total aggregate capital invested:               |   |   |   |   |   |   |
| Debt and equity capital invested                |   | $ | 73,501,971 |  |   | $ | 10,500,280 |  |   | $ | 84,002,251 |  |
|                                            |   |   |   |   |   |   |
| Fair value:                                     |   |   |   |   |   |   |
| Subordinated notes                              |   | $ | 58,512,170 |  |   | $ | 8,358,884 |  |   | $ | 66,871,054 |  |

----

----