<SEC-DOCUMENT>0001752724-24-261470.txt : 20241121
<SEC-HEADER>0001752724-24-261470.hdr.sgml : 20241121
<ACCEPTANCE-DATETIME>20241121172353
ACCESSION NUMBER:		0001752724-24-261470
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240930
FILED AS OF DATE:		20241121
DATE AS OF CHANGE:		20241121
PERIOD START:           	20241231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ArrowMark Financial Corp.
		CENTRAL INDEX KEY:			0001578987
		ORGANIZATION NAME:           	
		IRS NUMBER:				900934878
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22853
		FILM NUMBER:		241485600

	BUSINESS ADDRESS:	
		STREET 1:		100 FILLMORE STREET, SUITE 325
		CITY:			DENVER
		STATE:			CO
		ZIP:			80206
		BUSINESS PHONE:		(303) 398-2929

	MAIL ADDRESS:	
		STREET 1:		100 FILLMORE STREET, SUITE 325
		CITY:			DENVER
		STATE:			CO
		ZIP:			80206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	StoneCastle Financial Corp.
		DATE OF NAME CHANGE:	20130611
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <issuerCat>CORP</issuerCat>
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        <name>LOFT</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>MSILF Treasury Securities Portfolio</name>
        <lei>549300OJY9IZ31SGS926</lei>
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          <isin value="US61747C5250"/>
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      <invstOrSec>
        <name>Boa Vista</name>
        <lei>N/A</lei>
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          <isin value="PTBSRPOM0009"/>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>CHAKRA</name>
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      <invstOrSec>
        <name>AMF Ireland Finance 1 - Series 2</name>
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      <invstOrSec>
        <name>Algonquin</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL" value="XS2695400106"/>
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        <name>AMF Ireland Finance 3 - Series 3</name>
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          <other otherDesc="INTERNAL" value="AMFI3DAC1"/>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>Salisbury</name>
        <lei>N/A</lei>
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          <isin value="XS2417922007"/>
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        <name>Mespil</name>
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      <invstOrSec>
        <name>THE ROYAL BANK OF SCOTLAND INTERNATIONAL LIMITED</name>
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        <name>AMF Ireland Finance 2 - Series 2</name>
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        <name>Premium Green PLC</name>
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        <name>LOFT</name>
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        <name>Tulsa Valley Bancshares</name>
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        <name>Cedar</name>
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        <title>Credit Linked Note</title>
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        <name>Elvetia</name>
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        <name>CRAFT</name>
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        <name>FCT Opale</name>
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        <name>Elvetia</name>
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        <name>Algonquin</name>
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      <invstOrSec>
        <name>AMF Ireland Finance 3 - Series 1</name>
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      <invstOrSec>
        <name>Community Funding 2018, LLC</name>
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        <name>Terra</name>
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        <name>TransPecos Finanical Corp.</name>
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        <name>Colonnade</name>
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        <name>Nansa</name>
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        <name>Absolute</name>
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        <name>Castelo</name>
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        <name>F.N.B.C of La Grange, Inc.</name>
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        <name>Lorenz</name>
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        <name>AMF Ireland Finance 1 - Series 1</name>
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        <name>Start</name>
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        <name>Colonnade</name>
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        <name>Colisee</name>
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        <name>Nightingale LF</name>
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        <name>FCT Colisee</name>
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        <name>CRAFT</name>
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        <name>Premium Green PLC</name>
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        <name>Resonance</name>
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        <name>Pymes Magdalena</name>
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        <name>Salisbury</name>
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        <valUSD>6550407.02000000</valUSD>
        <pctVal>4.233758120509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.15450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Future Ready Chakra</name>
        <lei>N/A</lei>
        <title>Credit Linked Note</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2411422053"/>
        </identifiers>
        <balance>4583333.34000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4284958.34000000</valUSD>
        <pctVal>2.769519071506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.36972000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMF Ireland Finance 3 - Series 2</name>
        <lei>N/A</lei>
        <title>Profit Participating Note</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2838515752"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89835152"/>
        <valUSD>3340117.89000000</valUSD>
        <pctVal>2.158835503972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.94800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muskoka</name>
        <lei>N/A</lei>
        <title>Guarantee Linked Note</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2541440884"/>
        </identifiers>
        <balance>2650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2637668.59000000</valUSD>
        <pctVal>1.704817849948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.61567000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salisbury</name>
        <lei>N/A</lei>
        <title>Credit Linked Note</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="XS1527138355"/>
        </identifiers>
        <balance>1940174.75000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74797112"/>
        <valUSD>2583214.68000000</valUSD>
        <pctVal>1.669622375384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>17.05300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elvetia</name>
        <lei>N/A</lei>
        <title>Credit Linked Note</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2334473316"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CHF" exchangeRt="0.84635000"/>
        <valUSD>2342647.84000000</valUSD>
        <pctVal>1.514135577500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.37100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-11-21</ncom:dateSigned>
      <ncom:nameOfApplicant>ArrowMark Financial Corp.</ncom:nameOfApplicant>
      <ncom:signature>Patrick J. Farrell</ncom:signature>
      <ncom:signerName>Patrick J. Farrell</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>SC50ARROW093024.htm
<TEXT>
<HTML>
<HEAD>
<!--Document created using ArcReporting-->
<!--Copyright 2024 DFIN-->
<TITLE>
</TITLE>
</HEAD>
<BODY bgcolor="white">
<DIV
style="width:100%;">
<DIV
style="background-color:#296B38;height:72pt;overflow:hidden;width:100%;" type="Block">
<DIV
style="margin-left:3.70%;margin-top:0pt;position:relative;text-align:Left;width:432pt;">
<IMG src="img64c9e1bc1.gif" alt=" ">
<DIV
style="color:#FFFFFF;font-family:Arial;font-size:22pt;font-style:Normal;font-weight:Normal;left:33pt;line-height:23pt;position:absolute;text-decoration:none;text-transform:none;top:27pt;">ArrowMark Financial
Corp.</DIV><DIV
style="color:#FFFFFF;font-family:Arial;font-size:15pt;font-style:Normal;font-weight:Normal;left:33pt;line-height:16pt;position:absolute;text-decoration:none;text-transform:none;top:49pt;">Consolidated Schedule
of Investments (unaudited)</DIV></DIV>

</DIV>
<DIV
style="margin-top:14pt;width:85.45%;" type="Block">
<HR
noshade="noshade" style="background-color:#296B38;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #296B38;height:0.5pt;width:100%;" align="Left">
<DIV
style="color:#296B38;font-family:Arial;font-size:14pt;font-style:Normal;font-weight:Normal;line-height:17pt;text-align:left;text-decoration:none;text-transform:none;">As of September 30, 2024</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.12%;">Company<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:41.41%;">Investment
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:3pt;padding-right:7.5pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;"># of<BR>
Shares/Par<BR>
Amount<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:17.26%;">Fair Value<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Term Loans &#8211; 6.6%
</TD><TD
style="line-height:8pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Banking &#8211; 6.6%
</TD><TD
style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">Equity Bancshares Inc.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Subordinated Term Loan, 7.00%, 6/30/2030<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">5,000,000</FONT>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:17.26%;">$<FONT
style="padding-left:1.93pt;"></FONT><FONT
style="font-weight:bold;">&#8199;&#8199;</FONT>4,850,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">F.N.B.C. of La Grange, Inc.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Subordinated Term Loan, 6.38%, 1/01/2030<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(5)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:11.04pt;">700,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.07pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8201;
&#8199;&#8199;&#8199;<FONT
style="font-weight:Normal;">570,500</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">TransPecos Financial Corp.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Senior Term Loan, 9.00%, 10/01/2028<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">4,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">3,400,000</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:28.12%;">Tulsa Valley Bancshares
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Subordinated Term Loan, 6.38%, 12/31/2028<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(5)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">1,700,000</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;
line-height:11pt;line-height:11pt;padding-bottom:6pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:17.26%;">&#8199;&#8199;<FONT
style="font-weight:Normal;">1,432,250</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2.62pt;text-align:left;vertical-align:top;width:28.12%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Total Term Loans<BR>
(Cost $11,400,000)
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:2pt;padding-right:7.5pt;padding-top:2.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:11.66pt;padding-right:3pt;padding-top:2.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;10,252,750
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Structured Debt Security &#8211; 7.2%
</TD><TD
style="line-height:8pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Banking &#8211; 7.2%
</TD><TD
style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:28.12%;">Community Funding 2018, LLC.
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Preferred Shares (Estimated effective yield 11.33%), 144A<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(6)(7)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:1.16pt;">14,860,000</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;
line-height:11pt;line-height:11pt;padding-bottom:6pt;padding-left:13.59pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:17.26%;">&#8199;<FONT
style="font-weight:Normal;">11,182,150</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2.62pt;text-align:left;vertical-align:top;width:28.12%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Total Structured Debt Securities<BR>
(Cost $14,714,672)
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:2pt;padding-right:7.5pt;padding-top:2.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:11.66pt;padding-right:3pt;padding-top:2.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;11,182,150
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Regulatory Capital Relief Securities &#8211; 116.1%
</TD><TD
style="line-height:8pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Banking &#8211; 116.1%
</TD><TD
style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Absolute
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 17.84%, 10/10/2027<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(8)</SUP>**
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">2,767,301</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,791,653</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Algonquin
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 14.87%, 11/20/2025<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">2,890,234</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,764,467</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Algonquin
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 15.62%, 11/01/2028<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">1,986,708</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,933,572</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Algonquin
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Guarantee Linked Note, 13.87%, 05/01/2027<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">4,778,493</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">4,625,059</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:28.12%;">AMF Ireland Finance 1 - Series 1
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Profit Participating Note, 18.87%, 06/30/2031<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">6,998,880</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">7,330,627</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:28.12%;">AMF Ireland Finance 1 - Series 2
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Profit Participating Note, 12.60%, 7/31/2029<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(8)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">2,476,539</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,487,656</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:28.12%;">AMF Ireland Finance 2 - Series 1
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Profit Participating Note, 14.62%, 11/21/2033<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:1.16pt;">10,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">9,975,000</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:28.12%;">AMF Ireland Finance 2 - Series 2
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Profit Participating Note, 16.11%, 04/20/2030<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">3,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">3,000,000</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:28.12%;">AMF Ireland Finance 3 - Series 1
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Profit Participating Note, 11.85%, 07/07/2032<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(8)</SUP>**
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">4,282,211</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">4,286,944</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:28.12%;">AMF Ireland Finance 3 - Series 2
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Profit Participating Note, 11.95%, 12/31/2037<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">3,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">3,340,118</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:28.12%;">AMF Ireland Finance 3 - Series 3
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Profit Participating Note, 15.02% 06/30/2032<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">2,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,993,800</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:28.12%;">Auto ABS Synthetic French Loans
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 16.13%, 12/15/2030<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(11)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">2,107,068</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,360,962</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">Boa Vista
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 12.46%, 09/07/2026<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">2,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,230,753</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Castelo
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 12.58%, 05/05/2025<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">1,527,039</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,679,085</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Cedar
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 14.13%, 12/15/2027<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">2,327,194</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,496,869</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Cedar
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 14.63%, 03/30/2030<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">3,671,004</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">4,145,222</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">CHAKRA
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 14.78%, 06/26/2027<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">4,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">4,048,000</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Colonnade
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 17.49%, 04/30/2028<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">5,208,367</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">5,326,076</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Colonnade
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 17.22%, 11/30/2029<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">7,016,316</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">7,028,243</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Colonnade
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 18.02%, 12/15/2029<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">3,574,775</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:6pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">3,648,773</FONT>
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="width:82%;" type="Block">
<DIV
style="color:#296B38;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:28pt;text-align:left;text-decoration:none;text-transform:none;">See Notes to Schedule of
Investments</DIV>
<DIV
style="color:#296B38;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;text-align:right;text-decoration:none;text-transform:none;">| <FONT
style="font-size:8pt;font-weight:Normal;line-height:11pt;">ArrowMark Financial Corp.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
style="font-size:9pt;font-weight:Normal;line-height:12pt;">1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:85.45%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.12%;">Company<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:41.41%;">Investment
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:3pt;padding-right:7.5pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;"># of<BR>
Shares/Par<BR>
Amount<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:17.26%;">Fair Value<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Regulatory Capital Relief Securities (continued)
</TD><TD
style="line-height:8pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Banking (continued)
</TD><TD
style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Colonnade
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 17.36%, 04/30/2030<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">9,401,523</FONT>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:17.26%;">$<FONT
style="padding-left:1.93pt;"></FONT><FONT
style="font-weight:bold;">&#8199;&#8199;</FONT>9,460,753
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">CRAFT
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 17.12%, 12/15/2027, 144A<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(6)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">5,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">5,193,500</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">CRAFT
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 15.54%, 04/30/2028, 144A<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(6)(12)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:11.04pt;">870,048</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,017,956</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">CRAFT
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 13.86%, 02/21/2031, 144A<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(6)(12)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">3,034,944</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">3,065,294</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Elvetia
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 9.37%, 10/20/2029<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(13)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.49%;">CHF2,000,000
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,342,648</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Elvetia
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 10.62%, 10/20/2030<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(13)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.49%;">CHF2,716,367
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,845,229</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Elvetia
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 10.87%, 1/20/2031<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(13)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.49%;">CHF2,550,000
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">3,023,784</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">FCT Colisee
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 14.20%, 01/09/2024<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(14)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:10.97pt;">941,919</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,055,155</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">FCT Colisee
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 11.71%, 07/07/2034<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">1,612,603</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,800,903</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">FCT Opale
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 12.53%, 05/05/2030<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">4,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">4,003,400</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">Future Ready Chakra
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 13.37%, 12/15/2030<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">4,583,333</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">4,284,958</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">LOFT
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 12.87%, 02/28/2030, 144A<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(6)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">2,870,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,984,800</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">LOFT
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 24.37%, 02/28/2030, 144A<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(6)(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">6,910,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">7,168,088</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Mespil
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 15.36%, 12/08/2031<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP>**
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">3,857,576</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">3,742,427</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Muskoka
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 15.62%, 11/01/2027<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">2,650,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,637,669</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Nansa
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 13.11%, 03/01/2026<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">7,001,194</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">7,754,413</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">Nightingale LF
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 15.95%, 04/01/2028<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(15)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#163;<FONT
style="font-family:Arial;padding-left:5.03pt;">2,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,673,900</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">Premium Green PLC
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">5 Year Secured Amortizing Floating Rate Note, 16.42%, 12/20/2024<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:11.04pt;">569,714</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.07pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8201;
&#8199;&#8199;&#8199;<FONT
style="font-weight:Normal;">571,765</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">Premium Green PLC
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">5 Year Secured Amortizing Floating Rate Note, 13.23%, 06/29/2026<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(14)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">1,642,266</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,832,019</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">Premium Green PLC
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">5 Year Secured Amortizing Floating Rate Note, 13.13%, 11/10/2026<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(14)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">1,756,205</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,909,175</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">Pymes Magdalena
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 11.44%, 03/20/2024<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">2,020,494</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,192,211</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Resonance
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 11.70%, 10/05/2028<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP>**
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8364;<FONT
style="font-family:Arial;padding-left:5.03pt;">1,170,798</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,301,481</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Salisbury
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 15.45%, 06/16/2027<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(15)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#163;<FONT
style="font-family:Arial;padding-left:5.03pt;">5,079,957</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">6,550,407</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Salisbury
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 14.70%, 03/20/2028<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(15)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#163;<FONT
style="font-family:Arial;padding-left:10.97pt;">612,801</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.07pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8201;
&#8199;&#8199;&#8199;<FONT
style="font-weight:Normal;">811,251</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Salisbury
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 15.20%, 04/17/2028<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(15)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#163;<FONT
style="font-family:Arial;padding-left:5.03pt;">3,814,755</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">5,149,506</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Salisbury
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 17.05%, 04/17/2028<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(15)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#163;<FONT
style="font-family:Arial;padding-left:5.03pt;">1,940,175</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">2,583,215</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Start
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 5.36%, 06/16/2025<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">4,026,621</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,520,855</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Terra
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 13.24%, 09/25/2029<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP>**
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:1.16pt;">10,000,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">9,891,000</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:28.12%;">Waterloo
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Credit Linked Note, 15.12%, 03/21/2026<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(9)</SUP>**
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">2,700,000</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;
line-height:11pt;line-height:11pt;padding-bottom:6pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:17.26%;">&#8199;&#8199;<FONT
style="font-weight:Normal;">2,700,000</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2.62pt;text-align:left;vertical-align:top;width:28.12%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Total Regulatory Capital Relief Securities<BR>
(Cost $180,946,505)
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:2pt;padding-right:7.5pt;padding-top:2.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:11.66pt;padding-right:3pt;padding-top:2.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.26%;">179,560,641
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Trust Preferred and Preferred Securities &#8211; 1.2%
</TD><TD
style="line-height:8pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Banking &#8211; 1.2%
</TD><TD
style="line-height:8pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:28.12%;">Fidelity Federal Bancorp
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:41.41%;">Fixed Rate Cumulative Perpetual Preferred Stock, Series A - 9%<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(16)(17)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:5.09pt;">2,789,000</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:13.36pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;
&#8199;<FONT
style="font-weight:Normal;">1,673,400</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:28.12%;">Fidelity Federal Bancorp
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Fixed Rate Cumulative Perpetual Preferred Stock, Series B - 9%<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)(17)(18)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:7.5pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">$<FONT
style="padding-left:11.04pt;">200,000</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;
line-height:11pt;line-height:11pt;padding-bottom:6pt;padding-left:13.07pt;padding-right:3pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:17.26%;">&#8201;&#8199;&#8199;&#8199;<FONT
style="font-weight:Normal;">120,000</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2.62pt;text-align:left;vertical-align:top;width:28.12%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Total Trust Preferred and Preferred Securities<BR>
(Cost $3,004,203)
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:2pt;padding-right:7.5pt;padding-top:2.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:11.66pt;padding-right:3pt;padding-top:2.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;&#8199;1,793,400
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:left;vertical-align:top;width:28.12%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Total Long-Term Investments<BR>
(Cost $210,065,380)
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:2pt;padding-right:7.5pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:11.66pt;padding-right:3pt;padding-top:1.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.26%;">202,788,941
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="width:82%;" type="Block">
<DIV
style="color:#296B38;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:48pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;<FONT
style="font-size:9pt;line-height:12pt;">2&nbsp;&nbsp;&nbsp;&nbsp;</FONT>ArrowMark Financial Corp.<FONT
style="font-size:7.5pt;font-weight:bold;line-height:10.5pt;">|</FONT></DIV>
<DIV
style="color:#296B38;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;">See Notes to Schedule of Investments</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:85.45%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.12%;">Company<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:41.41%;">Investment
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:3pt;padding-right:7.5pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;"># of<BR>
Shares/Par<BR>
Amount<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:17.26%;">Fair Value<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:69.53%;" colspan="2">Money Market Fund &#8211; 1.6%
</TD><TD
style="line-height:8pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:17.26%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:8pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:top;width:28.12%;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Institutional Share Class - Money Market Mutual Fund (MISXX) 4.76%
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-right:7.5pt;padding-top:1.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.49%;">&#8199;&#8199;&#8199;<FONT
style="font-weight:Normal;">2,532,074</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:7.5pt;padding-right:3pt;padding-top:1.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.26%;">$<FONT
style="padding-left:1.93pt;"></FONT><FONT
style="font-weight:bold;">&#8199;&#8199;</FONT>2,532,074
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2.62pt;text-align:left;vertical-align:top;width:28.12%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Total Money Market Fund<BR>
(Cost $2,532,074)
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:2pt;padding-right:7.5pt;padding-top:2.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:11.66pt;padding-right:3pt;padding-top:2.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.26%;">&#8199;&#8199;2,532,074
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:left;vertical-align:top;width:28.12%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Total Investments<BR>
(Cost $212,597,454)<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(19)(20)</SUP> &#8212; 132.7%
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:2pt;padding-right:7.5pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:11.66pt;padding-right:3pt;padding-top:1.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.26%;">205,321,015
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:left;vertical-align:top;width:28.12%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:7.5pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:55.89%;" colspan="2">Other assets and liabilities, net &#8212; (32.7)%<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(21)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:13.45pt;padding-right:3pt;padding-top:1.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.26%;">(50,602,516)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.62pt;text-align:left;vertical-align:top;width:28.12%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:1.62pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:41.41%;">Total Net Assets &#8212; 100.0%
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:2pt;padding-right:7.5pt;padding-top:1.62pt;text-align:right;vertical-align:bottom;width:14.49%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:3pt;padding-top:1.62pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.26%;">$154,718,499
</TD></TR></TABLE>
</DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:25%;" align="Left">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Except with respect to Community Funding 2018, LLC ("CF 2018"), we do not "control" and are not an "affiliate" of any of our investments, as such terms are defined under the Investment Company Act of
1940 (the "1940 Act"). We may be deemed to control and be an affiliate of CF 2018 because we are the sole member of such entity.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Par Value in USD, GBP, EUR or CHF.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Fair Value is determined in good faith in accordance with the Company&#8217;s valuation policy and is reviewed and accepted by the Company&#8217;s Board of Directors.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Investments determined using significant unobservable inputs (Level 3). The value of such securities is $ 91,452,239 or 59.11% of net assets.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(5)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">The estimated effective yield including structuring fees paid annually through maturity of 2030 and 2028, respectively, is 9.60%.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(6)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Securities are exempt from registration under Rule 144A of the Securities Act of 1933.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(7)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">The preferred shares are considered an equity position. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the
underlying company&#8217;s securities less contractual payments to debt holders and company expenses. The estimated effective yield indicated is based upon a current projection of the amount and timing of these
recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted as needed. The estimated effective yield may ultimately not be
realized.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(8)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Floating rate note: 30 Day Average SOFR <FONT
style="font-family:Times New Roman;">+</FONT> minimum of 6.50%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(9)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Floating rate note: 90 Day Average SOFR <FONT
style="font-family:Times New Roman;">+</FONT> minimum of 0.00%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(10)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Floating rate note: 3M EURIBOR (Floored at 0%) <FONT
style="font-family:Times New Roman;">+</FONT> minimum of 8.00%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(11)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Floating rate note: 1M EURIBOR <FONT
style="font-family:Times New Roman;">+</FONT> minimum of&#160;12.50%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(12)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Floating rate note:&#160;3M SOFR <FONT
style="font-family:Times New Roman;">+</FONT> minimum of 8.76%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(13)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Floating rate note: 3M CHF SARO <FONT
style="font-family:Times New Roman;">+</FONT> minimum of 8.00%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(14)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Floating rate note: 3M EURIBOR <FONT
style="font-family:Times New Roman;">+</FONT> minimum of&#160;9.50%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(15)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Floating rate note: SONIA <FONT
style="font-family:Times New Roman;">+</FONT> minimum of&#160;9.75%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(16)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">As of September 30, 2024, this investment has deferred, undeclared and compounding dividends of $189,805 that will be recognized by ArrowMark Financial Corp. once they are declared by Fidelity Federal
Bancorp.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(17)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Non-income producing securities
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(18)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">As of September 30, 2024, this investment has deferred, undeclared and compounding dividends of $13,611 that will be recognized by ArrowMark Financial Corp. once they are declared by Fidelity Federal
Bancorp.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(19)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">As of September 30, 2024, the tax cost basis of investment securities was $212,597,454. The gross unrealized appreciation over tax cost was $2,944,708 and gross unrealized depreciation under tax cost
was $10,221,147. Net unrealized depreciation of tax cost under value was $205,321,015.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(20)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Cost values reflect accretion of original issue discount or market discount, and amortization of premium.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(21)</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Includes $55,500,000 in bank loans from Texas Capital Bank.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:3.21%;">**
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.64%;">Held in Marshall Holdings Limited II.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:10pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:3.21%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">+</SUP>
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:10pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.64%;">Held in Marshall Holdings Limited III.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Forward foreign currency contracts
outstanding as of September 30, 2024 were as follows:&#160;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:0pt;padding-right:7.5pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:23.80%;" colspan="2">Currency Purchased
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:7.5pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:27.18%;" colspan="2">Currency Sold
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:7.5pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.23%;">Expiration
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:7.5pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.75%;">Counterparty
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:3pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:18.58%;">Unrealized<BR>
Appreciation<BR>
(Depreciation)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.97%;">USD
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.82%;">8,848,829
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.36%;">CHF
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.82%;">7,456,908
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.23%;">10/31/24
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.75%;">NWG
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:3pt;padding-top:1.62pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:18.58%;">$<FONT
style="padding-left:7.87pt;"></FONT>4,891
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:7.5pt;padding-top:1pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.97%;">USD
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.82%;">39,039,767
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.36%;">EUR
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.82%;">34,896,505
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.23%;">10/31/24
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.75%;">NWG
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1pt;padding-left:11.43pt;padding-right:3pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:18.58%;">141,296
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:0pt;padding-right:7.5pt;padding-top:1pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.97%;">USD
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.82%;">18,774,972
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.36%;">GBP
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.82%;">13,997,072
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.23%;">10/31/24
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:7.5pt;padding-right:7.5pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.75%;">NWG
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:2pt;padding-left:15.37pt;padding-right:3pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:18.58%;">61,881
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:6.97%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:16.82%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:10.36%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:16.82%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:15.23%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:7.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:17.75%;">&#160;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:7.5pt;padding-right:3pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.58%;">$208,068
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
white-space:nowrap;width:8.31%;">ABS
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:92.26%;
">Asset-Backed Security
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:8.31%;">CHF
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:92.26%;">Swiss Franc
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="width:82%;" type="Block">
<DIV
style="color:#296B38;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:25pt;text-align:left;text-decoration:none;text-transform:none;">See Notes to Schedule of
Investments</DIV>
<DIV
style="color:#296B38;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;text-align:right;text-decoration:none;text-transform:none;">| <FONT
style="font-size:8pt;font-weight:Normal;line-height:11pt;">ArrowMark Financial Corp.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
style="font-size:9pt;font-weight:Normal;line-height:12pt;">3&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:85.45%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
white-space:nowrap;width:8.31%;">EUR
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;
width:92.26%;">Euro
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:8.31%;">EURIBOR
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:92.26%;">Euro London Interbank Offered Rate
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:8.31%;">GBP
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:92.26%;">British Pound
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:8.31%;">NWG
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
white-space:nowrap;width:92.26%;">NatWest
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:8.31%;">PLC
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:92.26%;">Public Limited Company
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:8.31%;">SARO
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:92.26%;">Swiss Average Rate Overnight
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:8.31%;">SOFR
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:92.26%;">Secured Overnight Financing Rate
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:8.31%;">SONIA
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:92.26%;">Sterling Overnight Interbank Average Rate
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:8.31%;">USD
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:92.26%;">United States Dollar
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="padding-bottom:1.12pt;padding-right:3pt;text-align:center;vertical-align:bottom;width:100%;" colspan="8">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:0pt;padding-right:2pt;padding-top:1.12pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:52.13%;">Affiliated Investments
</TD><TD
style="line-height:7pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.12pt;text-align:center;vertical-align:bottom;width:15.41%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.12pt;text-align:center;vertical-align:bottom;width:10.50%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.12pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.12pt;text-align:center;vertical-align:bottom;width:10.64%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-top:1.12pt;text-align:center;vertical-align:bottom;width:11.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.12pt;text-align:center;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.12pt;text-align:center;vertical-align:bottom;width:0%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:0pt;padding-right:2pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:52.13%;">Investments in and advances to Affiliates (as per<BR>
210.12-14) for Period Ended 09/30/2024
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.41%;">Shares/Principal<BR>
Amount*
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.50%;">Net<BR>
Realized<BR>
Gain/Loss<BR>
for Period
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.08%;">Net Increase<BR>
(Decrease) in<BR>
Unrealized<BR>
Appreciation
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.64%;">Interest<BR>
Received
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:2pt;padding-top:1.75pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:11.18%;">09/30/2024<BR>
Value
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:7pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.75pt;text-align:center;vertical-align:bottom;width:0%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:0pt;padding-right:2pt;padding-top:1.75pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:52.13%;">Security Name
</TD><TD
style="line-height:8pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:15.41%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:10.50%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:13.08%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:10.64%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:11.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:2pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:2pt;padding-top:1.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:52.13%;">Community Funding 2018, LLC., Preferred shares, 11.33%*
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:15.41%;">$14,860,000
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.50%;">$&#8211;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.08%;">$199,478
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.64%;">$976,581
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-top:1.75pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.18%;">$11,182,150
</TD><TD
style="line-height:8pt;padding-bottom:1.12pt;padding-right:2pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.12pt;padding-right:3pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="padding-bottom:1.12pt;padding-right:3pt;padding-top:1.12pt;text-align:left;vertical-align:bottom;width:100%;" colspan="8">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:100%;" colspan="8">*The balance at the beginning of the period was $14,860,000. During the period the Fund made no additions or sales of the position and received no
paydowns.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Additional Information</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">The following is a listing of the underlying
unsecured loans that were made by Community Funding 2018, LLC.</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:48.58%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:0pt;padding-right:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.08%;">Bank Name
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:2pt;padding-right:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:26.66%;">Principal<BR>
Amount
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:2pt;padding-left:2pt;padding-right:3pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.09%;">State
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:2pt;padding-top:1.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.08%;">Big Poppy Holdings, Inc.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:26.66%;">$<FONT
style="padding-left:6.09pt;"></FONT> 9,000,000
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:3pt;padding-top:1.75pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.09%;">California
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:2pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.08%;">Delmar Bancorp
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:12.02pt;padding-right:2pt;padding-top:1.12pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.66%;">4,500,000
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:3pt;padding-top:1.12pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.09%;">Maryland
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:2pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.08%;">Fidelity Federal Bancorp
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:12.02pt;padding-right:2pt;padding-top:1.12pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.66%;">8,000,000
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:3pt;padding-top:1.12pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.09%;">Indiana
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:2pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.08%;">First Bancshares, Inc.
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8.09pt;padding-right:2pt;padding-top:1.12pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.66%;">10,000,000
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:3pt;padding-top:1.12pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.09%;">Mississippi
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:2pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.08%;">Halbur Bancshares
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:12.02pt;padding-right:2pt;padding-top:1.12pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.66%;">3,000,000
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:2pt;padding-right:3pt;padding-top:1.12pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.09%;">Iowa
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:0pt;padding-right:2pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:51.08%;">Vintage Bancorp
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:12.02pt;padding-right:2pt;padding-top:1.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.66%;">1,650,000
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:2pt;padding-right:3pt;padding-top:1.12pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.09%;">Kansas
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:2pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:51.08%;">Total
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:2pt;padding-right:2pt;padding-top:1.75pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:26.66%;">$36,150,000
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:3pt;padding-top:1.75pt;text-align:right;vertical-align:bottom;width:21.09%;">&#160;
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="width:82%;" type="Block">
<DIV
style="color:#296B38;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:282pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;<FONT
style="font-size:9pt;line-height:12pt;">4&nbsp;&nbsp;&nbsp;&nbsp;</FONT>ArrowMark Financial Corp.<FONT
style="font-size:7.5pt;font-weight:bold;line-height:10.5pt;">|</FONT></DIV>
<DIV
style="color:#296B38;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;">See Notes to Schedule of Investments</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="background-color:#296B38;height:72pt;overflow:hidden;width:100%;" type="Block">
<DIV
style="margin-left:3.70%;margin-top:0pt;position:relative;text-align:Left;width:432pt;">
<IMG src="img64c9e1bc1.gif" alt=" ">
<DIV
style="color:#FFFFFF;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;left:33pt;line-height:17pt;position:absolute;text-decoration:none;text-transform:none;top:31pt;">Notes to Consolidated
Schedule of Investments (unaudited)</DIV></DIV>

</DIV>
<DIV
style="margin-top:23pt;width:85.45%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:italic;font-weight:bold;line-height:19pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">Investment Valuation<FONT
style="font-style:Normal;font-weight:Normal;">&#8211; The most significant estimates made in the preparation of the financial statements of ArrowMark Financial Corp (&#8220;AMFC&#8221; or the &#8220;Company&#8221;).
are the valuation of equity and debt investments and the effective yield calculation with respect to certain debt securities, as well as the related amounts of unrealized appreciation and depreciation of investments
recorded. The Company believes that there is no single definitive method for determining fair value in good faith.&nbsp;As a result, determining fair value requires that judgment be applied to the specific facts and
circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments that AMFC makes. The Company is required to specifically fair value each individual
investment on a quarterly basis.</FONT></DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">The Company complies with ASC
820-10, Fair Value Measurements and Disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. ASC 820-10 clarified the definition of fair value and requires companies
to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820-10 defines fair value as the price that would be
received to sell an asset or paid to transfer a liability (i.e. the &#8220;exit price&#8221;) in an orderly transaction between market participants at the measurement date. ASC 820-10 also establishes the following
three-tier fair value hierarchy:</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">&#8226;&nbsp;Level 1&#8212;
Quoted prices in active markets for identical securities;</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:10.5pt;padding-left:5.9355pt;text-align:justify;text-decoration:none;text-indent:-5.9355pt;
text-transform:none;">&#8226;&nbsp;Level 2 &#8212; Other significant observable inputs.&nbsp;These inputs may include quoted prices for the identical instrument on an active market, prices for similar instruments,
interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data; and</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:10.5pt;padding-left:5.9355pt;text-align:justify;text-decoration:none;text-indent:-5.9355pt;
text-transform:none;">&#8226;&nbsp;Level 3 &#8212; Significant unobservable inputs, including the Company&#8217;s own determinations about the assumptions that a market participant would use in valuing the asset or
liability, and that would be based on the best information available.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">To the extent securities
owned by the Company are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar
instruments are generally categorized in Level 2 of the fair value hierarchy.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">The availability of valuation
techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace,
and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more
judgement.&nbsp;Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the
inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.&#160; Accordingly, the degree of
judgment exercised by&#160; AMFC in determining fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant
to the fair value measurement. The valuation levels are not necessarily an indication of the risk associated with investing in those securities.</DIV>
</DIV>
<DIV
style="width:95.84%;" type="Block">
</DIV>
<DIV
style="margin-top:18.5pt;width:81.99%;" type="Block">
<DIV
style="color:#296B38;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;margin-top:18pt;text-align:right;text-decoration:none;text-transform:none;">| <FONT
style="font-size:8pt;font-weight:Normal;line-height:11pt;">ArrowMark Financial Corp.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
style="font-size:9pt;font-weight:Normal;line-height:12pt;">5&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:85.45%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">Fair value is a market-based
measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, AMFC&#8217;s own assumptions are set to
reflect those that market participants would use in pricing the asset or liability at the measurement date. AMFC uses prices and inputs that are current as of the measurement date, including periods of market
dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value
hierarchy.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">AMFC will determine fair
value of its assets and liabilities in accordance with valuation procedures adopted by its Board of Directors. The Company may utilize the services of one or more regionally or nationally recognized independent
valuation firms to help it determine the value of each investment for which a market price is not available. AMFC&#8217;s Board of Directors will also review valuations of such investments provided by the Advisor. To
the extent AMFC invests in securities for which market quotations are readily available, such market value will be used to value those securities. If a market value cannot be obtained or if the Advisor determines that
the value of a security as so obtained does not represent a fair value as of the measurement date (due to a significant development subsequent to the time its price is determined or otherwise), fair value shall be
determined pursuant to the methodologies established by the Board of Directors. In making these determinations, the Company may engage an independent valuation firm from time to time to assist in determining the fair
value of our investments. The methods for valuing these investments may include fundamental analysis, discounts from market prices of similar securities, purchase price of securities, subsequent private transactions
in the security or related securities, or discounts applied to the nature and duration of restrictions on the disposition of the securities, as well as a combination of these and other factors.&#160;&#160;</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:Normal;line-height:19pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">The Company&#8217;s assets
measured at fair value subject to the disclosure requirements of ASC 820-10-35 at September 30, 2024, were as follows:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:98.58%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:9.5pt;padding-bottom:1.5pt;padding-right:2pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:33.72%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:3.5pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.99%;" bgcolor="#F0F5F1">TOTAL FAIR<BR>
VALUE AT 9-30-24
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.5pt;padding-right:3.5pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:3.5pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.43%;" bgcolor="#F0F5F1">LEVEL 1<BR>
QUOTED PRICE
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.5pt;padding-right:3.5pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:3.5pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.43%;" bgcolor="#F0F5F1">LEVEL 2<BR>
SIGNIFICANT<BR>
OBSERVABLE INPUTS
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.5pt;padding-right:3.5pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:6pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.43%;" bgcolor="#F0F5F1">LEVEL 3<BR>
SIGNIFICANT<BR>
UNOBSERVABLE<BR>
INPUTS
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.75pt;padding-left:6pt;padding-right:2pt;padding-top:4.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:33.72%;" bgcolor="#F0F5F1">Term Loans
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3.75pt;padding-left:2pt;padding-right:3.5pt;padding-top:4.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.99%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:4.38pt;"></FONT><FONT
style="font-weight:bold;">10,252,750</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:4.25pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3.75pt;padding-left:3.5pt;padding-right:3.5pt;padding-top:4.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.43%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:25.40pt;"></FONT>&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:4.25pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3.75pt;padding-left:3.5pt;padding-right:3.5pt;padding-top:4.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:14.43%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:10.24pt;"></FONT>2,002,750
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:4.25pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3.75pt;padding-left:3.5pt;padding-right:6pt;padding-top:4.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:16.43%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:6.09pt;"></FONT>8,250,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.75pt;padding-left:6pt;padding-right:2pt;padding-top:3.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:33.72%;" bgcolor="#F0F5F1">Structured Debt Security
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:10.32pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.99%;" bgcolor="#F0F5F1">11,182,150
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:32.84pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:13.74pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">11,182,150
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:36.99pt;padding-right:6pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:16.43%;" bgcolor="#F0F5F1">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.75pt;padding-left:14pt;padding-right:2pt;padding-top:3.75pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:bottom;width:33.72%;" bgcolor="#F0F5F1">Regulatory Capital Relief Securities
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:6.16pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.99%;" bgcolor="#F0F5F1">179,560,641
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:32.84pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:13.74pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">98,151,802
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:9.59pt;padding-right:6pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:16.43%;" bgcolor="#F0F5F1">81,408,839
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.75pt;padding-left:14pt;padding-right:2pt;padding-top:3.75pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:bottom;width:33.72%;" bgcolor="#F0F5F1">Trust Preferred and Preferred Securities
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:14.48pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.99%;" bgcolor="#F0F5F1">1,793,400
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:32.84pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:41.15pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:13.52pt;padding-right:6pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:16.43%;" bgcolor="#F0F5F1">1,793,400
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.75pt;padding-left:6pt;padding-right:2pt;padding-top:3.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:33.72%;" bgcolor="#F0F5F1">Money Market Fund
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:14.48pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.99%;" bgcolor="#F0F5F1">2,532,074
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:9.36pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">2,532,074
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:41.15pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:3.75pt;padding-left:36.99pt;padding-right:6pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:16.43%;" bgcolor="#F0F5F1">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.75pt;padding-left:6pt;padding-right:2pt;padding-top:3.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:33.72%;" bgcolor="#F0F5F1">Derivatives:
</TD><TD
style="line-height:8pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:bottom;width:13.99%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:bottom;width:14.43%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:bottom;width:14.43%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.75pt;padding-right:6pt;padding-top:3.75pt;text-align:center;vertical-align:bottom;width:16.43%;" bgcolor="#F0F5F1">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:2pt;padding-top:3.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:bottom;width:33.72%;" bgcolor="#F0F5F1">Foreign Currency Contracts
</TD><TD
style="line-height:8pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:bottom;width:13.99%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:bottom;width:14.43%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:bottom;width:14.43%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="line-height:0pt;padding-right:6pt;padding-top:3.75pt;text-align:center;vertical-align:bottom;width:16.43%;" bgcolor="#F0F5F1">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:22pt;padding-right:2pt;padding-top:3.75pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:bottom;width:33.72%;" bgcolor="#F0F5F1">Forward Foreign Currency Contracts
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold;
line-height:11pt;line-height:11pt;padding-bottom:10pt;padding-left:20.72pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.99%;" bgcolor="#F0F5F1">208,068
</TD><TD
style="line-height:0pt;padding-bottom:10pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:10pt;padding-left:32.84pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:10pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:10pt;padding-left:23.63pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">208,068
</TD><TD
style="line-height:0pt;padding-bottom:10pt;padding-right:3.5pt;padding-top:3.75pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:10pt;padding-left:36.99pt;padding-right:6pt;padding-top:3.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:16.43%;" bgcolor="#F0F5F1">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2pt;padding-top:3.88pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:33.72%;" bgcolor="#F0F5F1">Total Investments in Securities
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:3.5pt;padding-top:3.88pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.99%;" bgcolor="#F0F5F1">$205,529,083
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:3.5pt;padding-top:3.88pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:3.5pt;padding-top:3.88pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">$2,532,074
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:3.5pt;padding-top:3.88pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:3.5pt;padding-top:3.88pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.43%;" bgcolor="#F0F5F1">$111,544,770
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:3.5pt;padding-top:3.88pt;text-align:center;vertical-align:top;width:2.00%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:6pt;padding-top:3.88pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.43%;" bgcolor="#F0F5F1">$91,452,239
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:66pt;width:81.99%;" type="Block">
<DIV
style="color:#296B38;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;<FONT
style="font-size:9pt;line-height:12pt;">6&nbsp;&nbsp;&nbsp;&nbsp;</FONT>ArrowMark Financial Corp.<FONT
style="font-size:7.5pt;font-weight:bold;line-height:10.5pt;">|</FONT></DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:85.45%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">The Level 3 categorized
assets listed above have been valued via the use of a) independent third party valuation firms, or, b) fair valued as determined in good faith by the Board of Directors, in accordance with procedures established by
the Board of Directors.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">For fair valuations using
significant unobservable inputs, U.S. GAAP requires&nbsp;AMFC to present a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and
unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of a period. U.S. GAAP also requires AMFC to
disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented below:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:98.30%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:9.5pt;padding-bottom:1.5pt;padding-right:2pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:38.15%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:4pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.99%;" bgcolor="#F0F5F1">TERM LOANS
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:4pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.28%;" bgcolor="#F0F5F1">REGULATORY<BR>
CAPITAL<BR>
RELIEF<BR>
SECURITIES
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:4pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.28%;" bgcolor="#F0F5F1">TRUST PREFERRED<BR>
AND<BR>
PREFERRED<BR>
SECURITIES
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:6pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.32%;" bgcolor="#F0F5F1">TOTAL
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:38.15%;" bgcolor="#F0F5F1">Balance at December 31, 2023
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:2pt;padding-right:4pt;padding-top:1.75pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:12.99%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:25.27pt;"></FONT>&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:4pt;padding-top:1.75pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.28%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:0.24pt;"></FONT>83,962,068
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:4pt;padding-top:1.75pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.28%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:25.27pt;"></FONT>&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:6pt;padding-top:1.75pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:15.32%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:0.24pt;"></FONT>83,962,068
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:38.15%;" bgcolor="#F0F5F1">Realized loss including earnings
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:31.34pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.99%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:37.74pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:33.34pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:37.74pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.32%;" bgcolor="#F0F5F1">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:38.15%;" bgcolor="#F0F5F1">Net change in unrealized depreciation on investments
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:13.81pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.99%;" bgcolor="#F0F5F1">175,000
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12.09pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">(5,260,557)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:33.34pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:12.09pt;padding-right:6pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.32%;" bgcolor="#F0F5F1">(5,085,557)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:38.15%;" bgcolor="#F0F5F1">Purchases
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:31.34pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.99%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10.33pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">23,204,601
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:33.34pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10.33pt;padding-right:6pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.32%;" bgcolor="#F0F5F1">23,204,601
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:38.15%;" bgcolor="#F0F5F1">Sales
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:31.34pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.99%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:37.74pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:33.34pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;font-size:8pt;font-style:Normal;
font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:37.74pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.32%;" bgcolor="#F0F5F1">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:38.15%;" bgcolor="#F0F5F1">Transfers in
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:7.86pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.99%;" bgcolor="#F0F5F1">8,075,000
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14.26pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">8,429,334
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9.86pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">1,793,400
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10.33pt;padding-right:6pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.32%;" bgcolor="#F0F5F1">18,297,734
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:38.15%;" bgcolor="#F0F5F1">Transfers out
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;
font-size:8pt;font-style:Normal;font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;
line-height:11pt;padding-bottom:1.5pt;padding-left:31.34pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.99%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8.16pt;padding-right:4pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">(28,926,607)
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:9.5pt;font-size:8pt;
font-size:8pt;font-style:Normal;font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:12.5pt;line-height:11pt;
line-height:11pt;padding-bottom:1.5pt;padding-left:33.34pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8.16pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.32%;" bgcolor="#F0F5F1">(28,926,607)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:38.15%;" bgcolor="#F0F5F1">Balance at September 30, 2024
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:4pt;padding-top:1.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.99%;" bgcolor="#F0F5F1">$8,250,000
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:4pt;padding-top:1.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.28%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:0.24pt;"></FONT>81,408,839
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:4pt;padding-top:1.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.28%;" bgcolor="#F0F5F1">$1,793,400
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.75pt;text-align:center;vertical-align:top;width:2.03%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:6pt;padding-top:1.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.32%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:0.24pt;"></FONT>91,452,239
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">The net change in unrealized
depreciation on Level 3 securities held as of September 30, 2024 was $(5,085,557).</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:99.43%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:9.5pt;padding-bottom:1.5pt;padding-right:2pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:18.86%;" bgcolor="#F0F5F1">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:4pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.00%;" bgcolor="#F0F5F1">FAIR VALUE AT<BR>
09-30-24
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:2pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.14%;" bgcolor="#F0F5F1">VALUATION<BR>
TECHNIQUES
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:2pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.57%;" bgcolor="#F0F5F1">UNOBSERVABLE<BR>
INPUTS
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:2pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.57%;" bgcolor="#F0F5F1">ASSUMPTIONS
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:6pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.57%;" bgcolor="#F0F5F1">IMPACT TO<BR>
VALUATION FROM AN<BR>
INCREASE TO INPUT
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:6pt;padding-right:2pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:18.86%;" bgcolor="#F0F5F1">Term Loans
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;padding-right:4pt;padding-top:1.75pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;width:16.00%;" bgcolor="#F0F5F1">$<FONT
style="padding-left:3.93pt;"></FONT>8,250,000
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4pt;padding-right:2pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:16.14%;" bgcolor="#F0F5F1">Broker Quote
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:11pt;
padding-left:2pt;padding-right:2pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:top;white-space:nowrap;width:15.57%;"
bgcolor="#F0F5F1">&#8212;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:11pt;
padding-left:2pt;padding-right:2pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:top;white-space:nowrap;width:15.57%;"
bgcolor="#F0F5F1">&#8212;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:11pt;
padding-left:2pt;padding-right:6pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:top;white-space:nowrap;width:15.57%;"
bgcolor="#F0F5F1">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:14pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-indent:-8pt;
text-transform:none;vertical-align:top;width:18.86%;" bgcolor="#F0F5F1">Regulatory&#160;Capital Relief Securities
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:5.93pt;padding-right:4pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.00%;" bgcolor="#F0F5F1">81,408,839
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:16.14%;" bgcolor="#F0F5F1">Broker Quote
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:11pt;
padding-left:2pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:top;white-space:nowrap;width:15.57%;"
bgcolor="#F0F5F1">&#8212;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:11pt;
padding-left:2pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:top;white-space:nowrap;width:15.57%;"
bgcolor="#F0F5F1">&#8212;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:11pt;
padding-left:2pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:top;white-space:nowrap;width:15.57%;"
bgcolor="#F0F5F1">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:18.86%;" bgcolor="#F0F5F1">Trust Preferred and Preferred Securities
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:9.87pt;padding-right:4pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:16.00%;" bgcolor="#F0F5F1">1,793,400
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:16.14%;" bgcolor="#F0F5F1">Broker Quote
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:11pt;
padding-bottom:1.5pt;padding-left:2pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:top;white-space:nowrap;
width:15.57%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:11pt;
padding-bottom:1.5pt;padding-left:2pt;padding-right:2pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:top;white-space:nowrap;
width:15.57%;" bgcolor="#F0F5F1">&#8212;
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:9.5pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12.5pt;line-height:11pt;
padding-bottom:1.5pt;padding-left:2pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:top;white-space:nowrap;
width:15.57%;" bgcolor="#F0F5F1">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:8pt;padding-bottom:6pt;padding-right:2pt;padding-top:1.75pt;text-align:left;vertical-align:top;width:18.86%;" bgcolor="#F0F5F1">&#160;
</TD><TD
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text-align:center;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:16.00%;" bgcolor="#F0F5F1">$91,452,239
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style="line-height:9.5pt;padding-bottom:6pt;padding-right:6pt;padding-top:1.75pt;text-align:left;vertical-align:top;width:15.57%;" bgcolor="#F0F5F1">&#160;
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</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">For more information with
regard to significant accounting policies, see the most recent Company&#8217;s annual report filed with the Securities and Exchange Commissions.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">Forward Foreign Currency
Transactions/Contracts<FONT
style="font-weight:Normal;"> &#8212; The Fund may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate
settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is
marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into
another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was
extinguished.</FONT></DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:10.5pt;text-align:justify;text-decoration:none;text-transform:none;">Forward foreign currency
contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the</DIV>
</DIV>
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style="width:100%;" type="Block">
</DIV>
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style="margin-top:47.5pt;width:81.99%;" type="Block">
<DIV
style="color:#296B38;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;margin-top:47pt;text-align:right;text-decoration:none;text-transform:none;">| <FONT
style="font-size:8pt;font-weight:Normal;line-height:11pt;">ArrowMark Financial Corp.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
style="font-size:9pt;font-weight:Normal;line-height:12pt;">7&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV>
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<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;text-align:justify;text-decoration:none;text-transform:none;">foreign exchange rate underlying the forward
foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counter parties to meet the terms of their contracts.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:577.5pt;width:81.99%;" type="Block">
<DIV
style="color:#296B38;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:577pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;<FONT
style="font-size:9pt;line-height:12pt;">8&nbsp;&nbsp;&nbsp;&nbsp;</FONT>ArrowMark Financial Corp.<FONT
style="font-size:7.5pt;font-weight:bold;line-height:10.5pt;">|</FONT></DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
