As of October 31, 2023 unless otherwise noted.
1 The Fund's investments are valued at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in policies adopted by the Investment Adviser and approved by the Fund's board of trustees. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date. Investments are valued based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Investment Adviser which in the aggregate comprise less than 5% of the capitalization of the Fund. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation.
2 Floating rate investments typically provide adjustable coupons that increase when interest rates rise and provide floors when they decline.
3 Senior secured investments are typically secured by real assets, intangible assets, and enterprise value, and consist of 1st and 2nd lien positions which provide repayment priority in the event of default.