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Source Capital

SCHEDULE OF INVESTMENTS

As of March 31, 2026 (Unaudited)

 

 

Principal
Amount		      Value 
     BONDS & DEBENTURES — 15.9%     
     ASSET-BACKED SECURITIES — 4.5%     
     COLLATERALIZED LOAN OBLIGATION — 1.6%     
     Barings Middle Market Ltd.     
$1,040,000   Series 2021-IA, Class D, 12.579% (3-Month Term SOFR+891.161 basis points), 7/20/2033(a),(b)  $1,023,180 
     Fortress Credit Opportunities Ltd.     
 5,186,000   Series 2017-9A, Class ER, 11.994% (3-Month Term SOFR+832.161 basis points), 10/15/2033(a),(b)   5,103,242 
         6,126,422 
     EQUIPMENT — 0.0%     
     Prop 2017-1A     
 192,431   5.300%, 3/15/2042(c),(d)   183,771 
           
     OTHER — 2.9%     
     ABPCI Direct Lending Fund LLC     
 2,570,861   Series 2022-2A, Class C, 8.236%, 3/1/2032(a)   2,475,534 
     ABPCI Direct Lending Fund Ltd.     
 186,357   Series 2020-1A, Class A, 3.199%, 12/29/2030(a)   169,790 
 1,882,742   Series 2020-1A, Class B, 4.935%, 12/29/2030(a)   1,694,466 
     Diamond Infrastructure Funding LLC     
 384,000   Series 2021-1A, Class C, 3.475%, 4/15/2049(a)   376,667 
     Diamond Issuer LLC     
 1,000,000   Series 2021-1A, Class C, 3.787%, 11/20/2051(a)   968,623 
     Golub Capital Partners Funding Ltd.     
 401,456   Series 2020-1A, Class B, 4.496%, 1/22/2029(a)   400,750 
 800,231   Series 2021-1A, Class B, 3.816%, 4/20/2029(a)   727,281 
 2,445,844   Series 2021-2A, Class B, 3.994%, 10/19/2029(a)   2,273,740 
     Hotwire Funding LLC     
 750,000   Series 2021-1, Class C, 4.459%, 11/20/2051(a)   743,485 
     MetroNet Infrastructure Issuer LLC     
 162,000   Series 2026-1A, Class C, 7.100%, 4/20/2056(a)   160,504 
     Monroe Capital Funding Ltd.     
 351,358   Series 2021-1A, Class B, 3.908%, 4/22/2031(a)   325,370 
     VCP RRL Ltd.     
 333,916   Series 2021-1A, Class B, 2.848%, 10/20/2031(a)   301,311 
 703,382   Series 2021-1A, Class C, 5.425%, 10/20/2031(a)   619,801 
         11,237,322 
     TOTAL ASSET-BACKED SECURITIES     
     (Cost $18,262,822)   17,547,515 
     CONVERTIBLE BONDS — 0.1%     
     Delivery Hero AG     
 100,000   1.500%, 1/15/2028   107,854 
 100,000   3.250%, 2/21/2030   107,602 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

 

 

Principal
Amount		      Value 
     CONVERTIBLE BONDS (Continued)     
     Wayfair, Inc.     
$122,000   1.000%, 8/15/2026  $114,680 
     TOTAL CONVERTIBLE BONDS     
     (Cost $303,038)   330,136 
     CORPORATE BANK DEBT — 6.3%     
     Banner Commercial Funding LP Term Loan     
 5,343,750   10.168% (1-Month Term SOFR+650 basis points), 5/27/2028(b),(c),(d),(e)   5,250,234 
     Capstone Acquisition Holdings, Inc. Term Loan     
 2,262,314   8.268% (1-Month Term SOFR+460 basis points), 11/12/2029(b),(c),(d),(e),(f)   2,297,367 
     Cornerstone OnDemand, Inc.     
 71,396   7.711% (1-Month Term SOFR+375 basis points), 10/16/2028(b),(d),(e)   52,595 
     EQS Legacy Holdings LLC Term Loan     
 9,306,019   11.000%, 3/27/2032(b),(c),(d),(e),(g)   9,306,019 
     JC Penney Corp., Inc.     
 455,468   5.568% (3-Month USD Libor+425 basis points), 6/23/2027*,(b),(c),(d),(e),(h)   46 
     Lealand Finance Company B.V. Senior Exit LC     
 1,234,380   3.500%, 6/30/2027(b),(c),(d),(e),(f),(i)   (283,908)
 3,927,194   4.750%, 6/30/2027(b),(c),(d),(e),(f),(i)   (422,173)
     Lealand Reficar LC Term Loan     
 35,033   11.461% (3-Month Term SOFR+750 basis points), 6/30/2027(b),(c),(d),(e),(f),(g)   29,428 
     McDermott LC     
 834,170   7.992% (3-Month Term SOFR+426.16 basis points), 6/30/2027(b),(c),(d),(e),(f)   642,311 
     McDermott Technology Americas, Inc.     
 141,927   6.782% (1-Month Term SOFR+300 basis points), 6/30/2027(b),(c),(d),(e)   116,380 
 1,628,909   7.782% (1-Month Term SOFR+400 basis points), 12/31/2027(b),(c),(d),(e),(g)   1,335,705 
     One Camelback Loan     
 2,050,000   7.500% (1-Month Term SOFR+350 basis points), 6/3/2027(b),(c),(d),(e),(i)   1,220,927 
     Plantation Loan     
 3,500,000   10.500% (1-Month Term SOFR+620 basis points), 1/25/2027(b),(c),(d),(e)   3,500,000 
     Vision Solutions, Inc.     
 71,384   7.929% (3-Month Term SOFR+400 basis points), 4/24/2028(b),(d),(e)   54,609 
     WH Borrower LLC     
 1,682,925   8.156% (3-Month Term SOFR+450 basis points), 2/20/2032(b),(d),(e)   1,682,925 
     TOTAL CORPORATE BANK DEBT     
     (Cost $25,495,002)   24,782,465 
     CORPORATE BONDS — 5.0%     
     COMMUNICATIONS — 0.8%     
     EchoStar Corp.     
 846,895   3.875%, 11/30/2030   3,025,194 
     CONSUMER DISCRETIONARY — 0.7%     
     Air Canada Pass Through Trust     
 1,500,000   Series 2020-1, Class C, 10.500%, 7/15/2026(a)   1,516,875 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

 

 

Principal
Amount		      Value 
     CORPORATE BONDS (Continued)     
     CONSUMER DISCRETIONARY (Continued)     
     VT Topco, Inc.     
$1,289,000   8.500%, 8/15/2030(a)  $1,301,890 
         2,818,765 
     FINANCIALS — 3.4%     
     Apollo Debt Solutions BDC Senior Notes     
 2,333,000   8.620%, 9/28/2028(c),(d)   2,333,000 
     Charles Schwab Corp.     
 549,000   4.000% (USD 5 Year Tsy+316.8 basis points)(b),(j)   540,900 
 75,000   5.000% (3-Month USD Libor+257.5 basis points)(b),(j)   73,781 
     Drawbridge Special Opportunities Fund LP     
 466,000   5.950%, 9/17/2030(a)   437,612 
     Five Point Operating Co. LP     
 100,000   8.000%, 10/1/2030(a)   99,467 
     Hlend Senior Notes     
 3,500,000   8.170%, 3/15/2028(c),(d)   3,500,000 
     HPS Corporate Lending Fund     
 520,000   6.750%, 1/30/2029   526,794 
     Midcap Financial Issuer Trust     
 3,466,000   6.500%, 5/1/2028(a)   3,364,600 
     Oaktree Strategic Credit Fund     
 1,615,000   8.400%, 11/14/2028   1,693,640 
     OCREDIT BDC Senior Notes     
 552,000   7.770%, 3/7/2029(c),(d)   552,000 
     Vornado Realty LP     
 250,000   2150%6/1/2026   248,295 
         13,370,089 
     HEALTH CARE — 0.1%     
     Heartland Dental LLC/Heartland Dental Finance Corp.     
 381,000   10.500% (1-Month Term SOFR+500 basis points), 4/30/2028(a),(d)   391,477 
     TOTAL CORPORATE BONDS     
     (Cost $17,229,950)   19,605,525 
     TOTAL BONDS & DEBENTURES     
     (Cost $61,290,812)   62,265,641 

 

Number
of Shares		        
     CLOSED-END FUNDS — 0.0%     
 142,220   Altegrity, Inc.(c),(d)   163,553 
     TOTAL CLOSED-END FUNDS     
     (Cost $0)   163,553 
     COMMON STOCKS — 43.6%     
     AEROSPACE & DEFENSE — 1.3%     
 15,343   Safran S.A.   4,954,732 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS (Continued)     
     APPAREL & TEXTILE PRODUCTS — 0.5%     
 11,171   Cie Financiere Richemont S.A. - Class A  $1,935,645 
     ASSET MANAGEMENT — 0.0%     
 14,610   Pershing Square Tontine Holdings Ltd.(c),(d)   — 
     BANKING — 1.8%     
 51,791   Citigroup, Inc.   5,873,617 
 14,687   Wells Fargo & Co.   1,169,232 
         7,042,849 
     BEVERAGES — 3.7%     
 86,811   Heineken Holding N.V.   6,155,635 
 167,093   JDE Peet's N.V.   6,149,146 
 28,147   Pernod Ricard S.A.   2,089,228 
         14,394,009 
     BIOTECH & PHARMA — 0.4%     
 12,774   Merck KGaA   1,588,630 
     CABLE & SATELLITE — 2.0%     
 215,600   Comcast Corp. - Class A   6,189,876 
 31,996   Liberty Broadband Corp. - Class C*   1,609,399 
         7,799,275 
     CHEMICALS — 4.1%     
 511,487   Azelis Group N.V.   5,131,423 
 18,125   IMCD N.V.   1,874,928 
 87,852   International Flavors & Fragrances, Inc.   6,373,663 
 431,500   Nippon Paint Holdings Co., Ltd.   2,654,171 
         16,034,185 
     COMMERCIAL SUPPORT SERVICES — 1.4%     
 47,135   Eurofins Scientific S.E.   3,413,637 
 41,589   Sodexo S.A.   2,119,828 
         5,533,465 
     CONSTRUCTION MATERIALS — 1.2%     
 50,328   Amrize Ltd.*   2,819,375 
 23,170   Holcim AG*   1,881,186 
         4,700,561 
     E-COMMERCE DISCRETIONARY — 0.6%     
 11,949   Amazon.com, Inc.*   2,488,618 
     ELECTRIC UTILITIES — 0.0%     
 9,047   PG&E Corp.   158,956 
     ELECTRICAL EQUIPMENT — 1.6%     
 30,148   TE Connectivity Ltd.   6,301,535 
     ENGINEERING & CONSTRUCTION — 1.2%     
 98,014   McDermott International, Ltd.*,(c),(d)   1,960,280 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS (Continued)     
     ENGINEERING & CONSTRUCTION (Continued)     
 17,214   Samsung C&T Corp.  $2,849,051 
         4,809,331 
     ENTERTAINMENT CONTENT — 0.3%     
 4,347   Epic Games, Inc.(c),(d)   1,058,625 
     FOOD — 0.4%     
 18,399   Magnum Ice Cream Co. N.V.*   275,065 
 6,405   Magnum Ice Cream Co. N.V.*   94,019 
 84,366   Magnum Ice Cream Co. N.V.*   1,239,357 
         1,608,441 
     HEALTH CARE FACILITIES & SVCS — 0.2%     
 8,224   ICON PLC*   910,068 
     HOME CONSTRUCTION — 0.7%     
 66,893   Fortune Brands Innovations, Inc.   2,606,820 
     INSURANCE — 1.2%     
 14,215   Aon PLC - Class A   4,588,318 
     INTERNET MEDIA & SERVICES — 6.0%     
 25,690   Alphabet, Inc. - Class A   7,387,417 
 18,429   Alphabet, Inc. - Class C   5,286,543 
 10,890   Delivery Hero S.E.*   194,464 
 10,387   Meta Platforms, Inc. - Class A   5,942,714 
 92,699   Prosus N.V.*   4,176,384 
 8,195   Uber Technologies, Inc.*   589,466 
         23,576,988 
     LEISURE FACILITIES & SERVICES — 1.0%     
 3,892   Marriott International, Inc. - Class A   1,272,956 
 20,269   Vail Resorts, Inc.   2,600,918 
         3,873,874 
     MACHINERY — 0.2%     
 28,800   Hoshizaki Corp.   916,780 
     MEDICAL EQUIPMENT & DEVICES — 2.7%     
 129,233   Avantor, Inc.*   1,013,187 
 33,279   Becton, Dickinson and Co.   5,232,457 
 3,413   Bio-Rad Laboratories, Inc.*   951,374 
 3,752   Thermo Fisher Scientific, Inc.   1,844,220 
 4,504   Waters Corp.*   1,341,291 
         10,382,529 
     METALS & MINING — 1.9%     
 802,359   Glencore PLC*   6,005,745 
 118,987   Grupo Mexico S.A.B. de C.V.   1,274,116 
         7,279,861 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS (Continued)     
     OIL & GAS PRODUCERS — 0.2%     
 22,083   Kinder Morgan, Inc.  $740,443 
     OIL & GAS SERVICES & EQUIP — 0.5%     
 106,740   NOV, Inc.   2,007,779 
     OTHER COMMON STOCK — 2.0%     
 —   Other Common Stock(k)   7,652,316 
     REAL ESTATE OWNERS & DEVELOPERS — 0.0%     
 3,482   Swire Pacific Ltd. - Class A   37,901 
     REAL ESTATE SERVICES — 0.0%     
 16,058   Copper Property CTL Pass Through Trust(d)   174,390 
     RETAIL - DISCRETIONARY — 1.1%     
 25,555   CarMax, Inc.*   1,062,577 
 14,603   Ferguson Enterprises, Inc.   3,406,296 
         4,468,873 
     SEMICONDUCTORS — 3.5%     
 32,787   Analog Devices, Inc.   10,430,856 
 1,217   Broadcom, Inc.   376,674 
 13,587   NXP Semiconductors N.V.   2,674,737 
         13,482,267 
     TECHNOLOGY HARDWARE — 0.5%     
 32,344   Nintendo Co., Ltd.   1,788,341 
     TECHNOLOGY SERVICES — 0.5%     
 38,411   LG Corp.   2,076,474 
     TELECOMMUNICATIONS — 0.0%     
 10,312   Uniti Group, Inc.*   96,726 
     TRANSPORTATION & LOGISTICS — 0.6%     
 84,452   PHI Group, Inc.(c),(d)   2,529,337 
     TRANSPORTATION EQUIPMENT — 0.3%     
 4,350   Westinghouse Air Brake Technologies Corp.   1,087,108 
     TOTAL COMMON STOCKS     
     (Cost $117,788,672)   170,686,050 
     LIMITED PARTNERSHIPS — 19.4%     
 2,300,000   BH3 Debt Opportunity Fund II-Parallel, LP(d),(l)   1,158,428 
 55,000   Blue Torch Credit Opportunities Fund II LP(d),(l)   3,127,498 
 3,900,000   Castlelake Asset-Based Private Credit III Evergreen A, L.P.(d),(l)   3,797,856 
 60,000   Clover Private Credit Opportunities Fund LP(c),(d)   2,526,898 
 10,507,864   FPS Holdco II LLC(c),(d),(m)   8,700,735 
 55,000   HIG WhiteHorse Direct Lending 2020 LP(d),(l)   3,861,448 
 6,000,000   Jett Texas LLC(d),(l)   6,859,200 
 80,000   Metro Partners Fund VII LP(d),(l)   8,912,779 
 3,900,000   MRP Evergreen Income Fund LP(d),(l)   3,913,286 
 80,000   MSD Private Credit Opportunities Fund II LP(d),(l)   5,218,952 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     LIMITED PARTNERSHIPS (Continued)     
 30,000   MSD Real Estate Credit Opportunities Fund(d),(l)  $1,353,122 
 55,000   Nebari Natural Resources Credit Fund I LP(d),(l)   2,013,313 
 30,000   Piney Lake Opportunities Fund LP(d),(l)   3,156,223 
 18,000   Post Road Special Opportunity Fund II LP(c),(d)   1,954,916 
 35,000   Silverview Credit Opportunities Onshore Fund LP(d),(l)   1,497,458 
 48,500   Silverview Special Situations Lending LP(c),(d)   4,142,333 
 2,750,000   Sound Point Strategic Capital Fund III LP(d),(l)   675,907 
 14,000,000   Tioga Partners IV, LP(d),(l)   9,881,340 
 3,000,000   Trevian Capital Debt Fund, LP(d),(l)   3,000,000 
     TOTAL LIMITED PARTNERSHIPS     
     (Cost $68,616,468)   75,751,692 
     PREFERRED STOCKS — 0.0%     
     INDUSTRIALS — 0.0%     
 65   Uniti Group, Inc. - Series A, 11.000%(c),(d)   65,370 
     TOTAL PREFERRED STOCKS     
     (Cost $124,813)   65,370 
     WARRANTS — 0.0%     
 31,567   Electriq Power Holdings, Inc., Expiration Date: July 31, 2028*,(c)   — 
 24,015   MariaDB PLC, Expiration Date: December 16, 2027*,(c)   — 
 5,878   Ross Acquisition Corp. II, Expiration Date: September 16, 2026*,(c)   — 
 1,996   Uniti Group, Inc. , Expiration Date: August 11, 2035*,(c),(d)   16,168 
     TOTAL WARRANTS     
     (Cost $17,489)   16,168 
     SHORT-TERM INVESTMENTS — 20.6%     
     MONEY MARKET INVESTMENTS — 0.4%     
 1,645,820   Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.46%(n)   1,645,820 

 

Principal
Amount		        
     TREASURY BILLS — 20.2%     
     U.S. Treasury Bill     
$27,100,000   3.60%, 4/23/2026(o)   27,041,395 
 25,000,000   3.66%, 5/28/2026(o)   24,858,031 
 27,100,000   3.68%, 7/7/2026(o)   26,836,300 
         78,735,726 
     TOTAL SHORT-TERM INVESTMENTS     
     (Cost $80,382,449)   80,381,546 
           
     TOTAL INVESTMENTS — 99.5%     
     (Cost $328,220,703)   389,330,020 
           
     Other Assets in Excess of Liabilities — 0.5%   1,803,197 
     TOTAL NET ASSETS — 100.0%  $391,133,217 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

 

 

BDC – Business Development Company

LLC – Limited Liability Company LP – Limited Partnership

PLC – Public Limited Company

 

*Non-income producing security.
(a)Security exempt from registration under Section 4(a)(2) and/or Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $24,475,665, which represents 6.26% of Total Net Assets.
(b)Variable or floating rate security.
(c)The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.
(d)Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Directors. The total value of these securities is $113,462,128, which represents 29.01% of Total Net Assets.
(e)Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.
(f)As of March 31, 2026, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied.
(g)Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.
(h)Security is in default.
(i)All or a portion of the loan is unfunded.
(j)Perpetual security. Maturity date is not applicable.
(k)As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed.
(l)Investment valued using net asset value per share (or its equivalent) as a practical expedient.
(m)Affiliated company.
(n)The rate is the annualized seven-day yield at period end.
(o)Treasury bill discount rate.

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

 

 

Restricted Security  Initial Acquisition Date  Cost   Fair Value   Fair Value as a % of Total Net Assets 
Altegrity, Inc.  9/1/2021  $-   $163,553    0.04%
Apollo Debt Solutions BDC Senior Notes, 8.620% 9/28/2028  8/10/2023   2,333,000    2,333,000    0.60%
Banner Commercial Funding LP Term Loan, 10.168% (1-Month Term SOFR+650 basis points), 5/27/2028  6/10/2025   5,259,539    5,250,234    1.34%
BH3 Debt Opportunity Fund II-Parallel, LP  9/10/2024   1,167,921    1,158,428    0.30%
Blue Torch Credit Opportunities Fund II LP  2/16/2021   4,331,454    3,127,498    0.80%
Capstone Acquisition Holdings, Inc. Term Loan, 8.268% (1-Month Term SOFR+460 basis points), 11/12/2029  11/12/2020   2,248,731    2,297,367    0.59%
Castlelake Asset-Based Private Credit III Evergreen A, L.P.  4/1/2025   3,900,000    3,797,856    0.97%
Clover Private Credit Opportunities Fund LP  12/13/2021   3,607,360    2,526,898    0.65%
Copper Property CTL Pass Through Trust  10/5/2017   528,672    174,390    0.04%
Cornerstone OnDemand, Inc., 7.711% (1-Month Term SOFR+375 basis points), 10/16/2028  12/7/2022   71,396    52,595    0.01%
Epic Games, Inc.  6/25/2020   2,499,525    1,058,625    0.27%
EQS Legacy Holdings LLC Term Loan, 11.000% 3/27/2032  3/27/2025   9,306,019    9,306,019    2.38%
FPS Holdco II LLC  8/9/2024   7,045,531    8,700,735    2.23%
Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028  5/25/2023   376,710    391,477    0.10%
HIG WhiteHorse Direct Lending 2020 LP  7/30/2021   3,812,226    3,861,448    0.99%
Hlend Senior Notes, 8.170% 3/15/2028  2/16/2023   3,500,000    3,500,000    0.89%
JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2027  2/3/2021   -    46    0.00%
Jett Texas LLC  12/2/2024   6,000,000    6,859,200    1.76%
Lealand Finance Company B.V. Senior Exit LC, 3.500% 6/30/2027  11/12/2019   (743,146)   (283,908)   -0.07%
Lealand Finance Company B.V. Senior Exit LC, 4.750% 6/30/2027  2/28/2020   (8,859)   (422,173)   -0.11%
Lealand Reficar LC Term Loan, 11.461% (3-Month Term SOFR+750 basis points), 6/30/2027  4/5/2024   35,033    29,428    0.01%
McDermott International, Ltd.  7/1/2020   2,078,929    1,960,280    0.50%
McDermott LC, 7.992% (3-Month Term SOFR+426.16 basis points), 6/30/2027  12/31/2020   834,171    642,311    0.16%
McDermott Technology Americas, Inc., 6.782% (1-Month Term SOFR+300 basis points), 6/30/2027  7/1/2020   141,925    116,380    0.03%
McDermott Technology Americas, Inc., 7.782% (1-Month Term SOFR+400 basis points), 12/31/2027  7/1/2020   1,904,055    1,335,705    0.34%
Metro Partners Fund VII LP  5/13/2021   6,124,327    8,912,779    2.28%
MRP Evergreen Income Fund LP  11/19/2025   3,900,000    3,913,286    1.00%
MSD Private Credit Opportunities Fund II LP  3/8/2021   3,071,478    5,218,952    1.33%
MSD Real Estate Credit Opportunities Fund  6/11/2020   693,815    1,353,122    0.35%
Nebari Natural Resources Credit Fund I LP  8/18/2020   2,746,127    2,013,313    0.51%
OCREDIT BDC Senior Notes, 7.770% 3/07/2029  2/22/2024   552,000    552,000    0.14%
One Camelback Loan, 7.500% (1-Month Term SOFR+350 basis points), 6/03/2027  12/4/2025   1,220,928    1,220,927    0.31%
Pershing Square Tontine Holdings Ltd.  7/26/2022   -    -    0.00%
PHI Group, Inc.  8/19/2019   690,707    2,529,337    0.65%
Piney Lake Opportunities Fund LP  6/30/2021   1,897,369    3,156,223    0.81%
Plantation Loan, 10.500% (1-Month Term SOFR+620 basis points) 1/25/2027  8/5/2025   3,485,341    3,500,000    0.89%
Post Road Special Opportunity Fund II LP  1/26/2021   1,515,643    1,954,916    0.50%
Prop 2017-1A, 5.300% 3/15/2042  2/9/2017   192,334    183,771    0.05%
Silverview Credit Opportunities Onshore Fund LP  11/18/2019   769,932    1,497,458    0.38%
Silverview Special Situations Lending LP  9/25/2020   4,207,378    4,142,333    1.06%
Sound Point Strategic Capital Fund III LP  12/29/2025   675,907    675,907    0.17%
Tioga Partners IV, LP  1/15/2025   10,150,000    9,881,340    2.53%
Trevian Capital Debt Fund, LP  3/13/2025   3,000,000    3,000,000    0.77%
Uniti Group, Inc.  11/16/2020   -    16,168    0.00%
Uniti Group, Inc. - Series A, 11.000%  11/16/2020   124,813    65,370    0.02%
Vision Solutions, Inc., 7.929% (3-Month Term SOFR+400 basis points), 4/24/2028  12/7/2022   65,359    54,609    0.01%
WH Borrower LLC, 8.156% (3-Month Term SOFR+450 basis points), 2/20/2032  2/12/2025   1,674,510    1,682,925    0.43%
      $106,988,160   $113,462,128    29.01%

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

 

 

Affiliated Security  Shares Held as of December 31, 2025   Beginning Value  December 31, 2025   Purchases at Cost   Proceeds from Sales   Net Realized Gain (Loss) on Sales Affiliated Investment   Accretion of Discount (Amortization of Premium) and Return of Capital   Change in Unrealized Appreciation (Depreciation)   Transfer In (Out)   Ending Value March 31, 2026   Ending Shares March 31, 2026   Income from Affiliated Investments 
FPS Holdco II LLC   10,507,864   $8,549,412   $-   $-   $-   $-   $151,323   $-   $8,700,735    10,507,864   $- 
Total       $8,549,412   $-   $-   $-   $-   $151,323   $-   $8,700,735        $-