Source Capital, Inc.

SCHEDULE OF INVESTMENTS

As of September 30, 2023 (Unaudited)

 

Principal      
Amount     Value
   BONDS & DEBENTURES — 34.5%   
   ASSET-BACKED SECURITIES — 14.2%   
   COLLATERALIZED LOAN OBLIGATION — 7.7%   
   ABPCI Direct Lending Fund CLO I LLC   
$2,056,000   Series 2016-1A, Class E2, 14.318% (3-Month Term SOFR+899.161 basis points), 7/20/2033(a),(b)  $1,910,236 
     ABPCI Direct Lending Fund CLO II LLC     
 2,942,000   Series 2017-1A, Class ER, 13.188% (3-Month Term SOFR+786.161 basis points), 4/20/2032(a),(b)   2,663,148 
     Barings Middle Market CLO Ltd.     
 1,040,000   Series 2021-IA, Class D, 14.238% (3-Month Term SOFR+891.161 basis points), 7/20/2033(a),(b)   962,982 
     BlackRock Maroon Bells CLO XI LLC     
 3,373,500   Series 2022-1A, Class E, 14.808% (3-Month Term SOFR+950 basis points), 10/15/2034(a),(b)   3,251,831 
     Fortress Credit Opportunities IX CLO Ltd.     
 5,186,000   Series 2017-9A, Class ER, 13.630% (3-Month Term SOFR+832.161 basis points), 10/15/2033(a),(b)   4,670,320 
     Ivy Hill Middle Market Credit Fund XII Ltd.     
 814,000   Series 12A, Class DR, 13.758% (3-Month Term SOFR+843.161 basis points), 7/20/2033(a),(b)   726,343 
     Ivy Hill Middle Market Credit Fund XVIII Ltd.     
 3,464,000   Series 18A, Class E, 13.357% (3-Month Term SOFR+801.161 basis points), 4/22/2033(a),(b)   3,081,782 
     Ivy Hill Middle Market Credit Fund XX Ltd.     
 2,380,000   Series 20A, Class E, 15.232% (3-Month Term SOFR+1,000 basis points), 4/15/2035(a),(b)   2,290,988 
     Parliament CLO II Ltd.     
 1,854,000   Series 2021-2A, Class D, 9.341% (3-Month Term SOFR+396.161 basis points), 8/20/2032(a),(b)   1,699,540 
     TCP Waterman CLO LLC     
 1,571,000   Series 2017-1A, Class ER, 13.801% (3-Month Term SOFR+842.161 basis points), 8/20/2033(a),(b)   1,417,381 
     VCP CLO II Ltd.     
 4,421,000   Series 2021-2A, Class E, 13.980% (3-Month Term SOFR+867.161 basis points), 4/15/2031(a),(b)   4,242,414 
         26,916,965 
     EQUIPMENT — 0.8%     
     Coinstar Funding LLC     
 2,872,500   Series 2017-1A, Class A2, 5.216%, 4/25/2047(a)   2,406,128 
     Prosper Marketplace Issuance Trust     
 436,405   Series 2017-1A, 5.300%, 3/15/2042   372,035 
         2,778,163 
     OTHER — 5.7%     
     ABPCI Direct Lending Fund ABS I Ltd.     

   

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

 

Principal      
Amount     Value
   BONDS & DEBENTURES (Continued)   
   ASSET-BACKED SECURITIES (Continued)   
   OTHER (Continued)   
$342,954   Series 2020-1A, Class A, 3.199%, 12/20/2030(a)  $322,850 
 3,464,812   Series 2020-1A, Class B, 4.935%, 12/20/2030(a)   3,219,226 
     ABPCI Direct Lending Fund ABS II LLC     
 3,387,000   Series 2022-2A, Class C, 8.236%, 3/1/2032(a)   2,881,365 
     Cologix Data Centers US Issuer LLC     
 1,765,000   Series 2021-1A, Class C, 5.990%, 12/26/2051(a)   1,439,942 
     Diamond Infrastructure Funding LLC     
 384,000   Series 2021-1A, Class C, 3.475%, 4/15/2049(a)   333,369 
     Diamond Issuer     
 1,000,000   Series 2021-1A, Class C, 3.787%, 11/20/2051(a)   797,306 
     Elm Trust     
 76,414   Series 2020-3A, Class A2, 2.954%, 8/20/2029(a)   71,769 
 199,045   Series 2020-3A, Class B, 4.481%, 8/20/2029(a)   178,860 
 1,082,896   Series 2020-4A, Class B, 3.866%, 10/20/2029(a)   950,237 
     Golub Capital Partners ABS Funding Ltd.     
 1,246,940   Series 2020-1A, Class B, 4.496%, 1/22/2029(a)   1,126,897 
 1,444,000   Series 2021-1A, Class B, 3.816%, 4/20/2029(a)   1,324,977 
 3,377,000   Series 2021-2A, Class B, 3.994%, 10/19/2029(a)   2,731,885 
     Hotwire Funding LLC     
 750,000   Series 2021-1, Class C, 4.459%, 11/20/2051(a)   624,206 
     Monroe Capital ABS Funding Ltd.     
 872,000   Series 2021-1A, Class B, 3.908%, 4/22/2031(a)   835,312 
     TVEST LLC     
 24,564   Series 2020-A, Class A, 4.500%, 7/15/2032(a)   24,351 
     VCP RRL ABS I Ltd.     
 1,020,999   Series 2021-1A, Class B, 2.848%, 10/20/2031(a)   927,709 
 2,150,694   Series 2021-1A, Class C, 5.425%, 10/20/2031(a)   1,918,118 
         19,708,379 
     TOTAL ASSET-BACKED SECURITIES     
     (Cost $54,285,788)   49,403,507 
     COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%     
     AGENCY — 0.1%     
     Eleven Madison Mortgage Trust     
 344,000   Series 2015-11MD, Class A, 3.673%, 9/10/2035(a),(b)   300,329 

   

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

 

Principal      
Amount     Value
   COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)   
   NON-AGENCY — 0.3%   
   BX Commercial Mortgage Trust   
$1,311,000   Series 2021-VOLT, Class F, 7.847% (1-Month Term SOFR+251.448 basis points), 9/15/2036(a),(b)  $1,231,511 
     TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES     
     (Cost $1,616,147)   1,531,840 
     CONVERTIBLE BONDS — 2.8%     
     Delivery Hero SE     
 3,500,000   1.000%, 4/30/2026   3,109,091 
 500,000   1.000%, 1/23/2027   414,218 
     RealReal, Inc.     
 2,000,000   3.000%, 6/15/2025   1,400,000 
     Wayfair, Inc.     
 5,078,000   0.625%, 10/1/2025   4,373,681 
 122,000   1.000%, 8/15/2026   99,735 
     Zillow Group, Inc.     
 48,000   2.750%, 5/15/2025   49,272 
 350,000   1.375%, 9/1/2026   417,025 
     TOTAL CONVERTIBLE BONDS     
     (Cost $9,992,441)   9,863,022 
     CORPORATE BANK DEBT — 7.1%     
     ABG Intermediate Holdings 2 LLC     
 490,400   11.414% (1-Month Term SOFR+600 basis points), 12/20/2029(b),(c),(d)   492,852 
     Axiom Global, Inc.     
 1,726,687   10.175% (1-Month Term SOFR+475 basis points), 10/1/2026(b),(c),(d)   1,670,570 
     Azalea Topco, Inc.     
 1,150,102   8.945% (3-Month Term SOFR+350 basis points), 7/25/2026(b),(c),(d)   1,108,411 
     Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan     
 150,205   10.165% (1-Month Term SOFR+475 basis points), 11/12/2027(c),(d),(e),(f)   144,196 
     Capstone Acquisition Holdings, Inc. 2020 Term Loan     
 2,164,785   10.165% (1-Month Term SOFR+475 basis points), 11/12/2027(c),(d),(e)   2,078,194 
     CB&I STS Delaware LLC     
 2,000,000   13.159% (1-Month Term SOFR+750 basis points), 12/31/2026(c),(d),(e)   1,960,000 
     Centric Commercial Finance Ltd.     
 4,300,000   11.277% (3-Month Term SOFR+600 basis points), 9/30/2026(c),(d),(e),(f)   2,508,333 
     Cimpress Public Ltd.     
 988,820   8.930% (1-Month Term SOFR+350 basis points), 5/17/2028(b),(c),(d)   977,280 
     Cornerstone OnDemand, Inc.     
 73,442   9.402% (3-Month Term SOFR+375 basis points), 10/15/2028(b),(c),(d)   71,606 
     Element Commercial Funding LP     
 2,360,000   10.730% (1-Month Term SOFR+575 basis points), 9/15/2024(c),(d),(e),(f)   2,094,500 
     Farfetch U.S. Holdings, Inc.     
 3,347,880   11.576% (3-Month Term SOFR+625 basis points), 10/20/2027(c),(d)   3,113,528 

   

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

 

Principal      
Amount     Value
   CORPORATE BANK DEBT (Continued)   
   Frontier Communications Holdings LLC   
$1,240,448   9.179% (1-Month Term SOFR+375 basis points), 10/8/2027(b),(c),(d)  $1,204,016 
     Heartland Dental LLC/Heartland Dental Finance Corp.     
 1,725,000   10.500% (1-Month Term SOFR+500 basis points), 4/30/2028(c),(d)   1,725,000 
     JC Penney Corp., Inc.     
 471,317   9.384% (1-Month USD Libor+425 basis points), 6/23/2025*,(b),(c),(d)   47 
     Lealand Finance Company B.V. Senior Exit LC     
 806,001   8.319%, 6/30/2024(c),(d),(e)   (362,701)
 5,479,658   10.069%, 6/30/2024(c),(d),(e),(f)   (1,534,304)
     Light Commercial Funding LP     
 1,332,000   11.153% (1-Month Term SOFR+600 basis points), 10/31/2026(c),(d),(e),(f)   1,291,300 
     McDermott LC     
 73,867   9.247%, 12/31/2025(c),(d),(e),(f),(g)   216,573 
     McDermott Tanks Escrow LC     
 228,693   9.997%, 12/31/2026(c),(d),(e)   125,781 
     McDermott Tanks Secured LC     
 1,885,342   10.066%, 12/31/2026(c),(d),(e),(f)   (263,948)
     McDermott Technology Americas, Inc.     
 141,927   8.429% (1-Month Term SOFR+300 basis points), 6/30/2024(b),(c),(d)   99,349 
 1,246,656   9.429% (1-Month Term SOFR+400 basis points), 6/30/2025(b),(c),(d)   623,328 
     Polaris Newco, LLC Term Loan B     
 1,145,595   9.652% (1-Month Term SOFR+400 basis points), 6/4/2028(b),(c),(d)   1,095,475 
     Project Myrtle     
 3,000,000   7.500% (1-Month Term SOFR+317.9 basis points), 6/15/2025(c),(d),(e),(f)   888,449 
     QBS Parent, Inc.     
 1,934,177   9.647% (3-Month Term SOFR+425 basis points), 9/21/2025(b),(c)   1,789,114 
     Vision Solutions, Inc.     
 73,439   9.863% (3-Month Term SOFR+400 basis points), 5/28/2028(b),(c),(d)   70,961 
     WH Borrower LLC, Term Loan B     
 1,155,330   10.808% (3-Month Term SOFR+550 basis points), 2/15/2027(b),(c),(d)   1,149,553 
     Windstream Services LLC     
 253,078   11.664% (1-Month Term SOFR+625 basis points), 9/21/2027(b),(c),(d)   241,373 
     TOTAL CORPORATE BANK DEBT     
     (Cost $28,461,190)   24,578,836 
     CORPORATE BONDS — 10.0%     
     COMMUNICATIONS — 1.0%     
     Consolidated Communications, Inc.     
 1,272,000   6.500%, 10/1/2028(a)   993,750 
     Frontier Communications Holdings LLC     
 453,000   5.875%, 10/15/2027(a)   410,341 
     Upwork, Inc.     
 2,500,000   0.250%, 8/15/2026   2,051,305 
         3,455,396 

   

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

Principal      
Amount     Value
   CORPORATE BONDS (Continued)   
   CONSUMER DISCRETIONARY — 1.0%   
   Air Canada Pass Through Trust   
$2,643,000   Series 2020-1, Class C, 10.500%, 7/15/2026(a)  $2,819,524 
     Cimpress PLC     
 381,000   7.000%, 6/15/2026   357,188 
     VT Topco, Inc.     
 421,000   8.500%, 8/15/2030(a)   416,815 
         3,593,527 
     ENERGY — 3.8%     
     Gulfport Energy Corp.     
 337,000   6.000%, 10/15/2024(h)   212 
 171,000   6.625%, 5/1/2025(h)   108 
 162,000   6.375%, 5/15/2025(h)   102 
 169,000   6.375%, 1/15/2026(h)   106 
 10,975   8.000%, 5/17/2026   10,953 
     Tidewater, Inc.     
 9,600,000   8.500%, 11/16/2026   9,906,000 
 3,000,000   10.375%, 7/3/2028(a)   3,101,250 
         13,018,731 
     FINANCIALS — 3.2%     
     Apollo Debt Solution Delayed Draw Term Loan     
 2,333,000   8.620%, 9/28/2028(c),(d),(e)   2,333,000 
     Blue Owl Credit Income Corp.     
 1,970,000   4.700%, 2/8/2027   1,788,004 
 2,243,000   7.750%, 9/16/2027   2,224,837 
     Charles Schwab Corp.     
 549,000   4.000% (USD 5 Year Tsy+316.8 basis points)(b),(i)   454,051 
 75,000   5.000% (3-Month USD Libor+257.5 basis points)(b),(i)   56,625 
     Midcap Financial Issuer Trust     
 3,466,000   6.500%, 5/1/2028(a)   3,006,755 
     Vornado Realty LP     
 1,000,000   3.500%, 1/15/2025   949,629 
 250,000   2.150%, 6/1/2026   212,285 
         11,025,186 
     TECHNOLOGY — 1.0%     
     Hlend Senior Notes     
 3,500,000   8.170%, 3/15/2028(d),(e)   3,500,000 
     TOTAL CORPORATE BONDS     
     (Cost $34,891,470)   34,592,840 
     TOTAL BONDS & DEBENTURES     
     (Cost $129,247,036)   119,970,045 

   

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

 

Number of      
Shares     Value
   CLOSED-END FUNDS — 0.1%   
 142,220   Altegrity, Inc.(d),(e)  $331,372 
     TOTAL CLOSED-END FUNDS     
     (Cost $0)   331,372 
     COMMON STOCKS — 41.3%     
     AEROSPACE & DEFENSE — 1.8%     
 40,705   Howmet Aerospace, Inc.   1,882,606 
 26,846   Safran SA   4,218,617 
         6,101,223 
     APPAREL & TEXTILE PRODUCTS — 0.6%     
 17,577   Cie Financiere Richemont SA Class A   2,150,561 
     ASSET MANAGEMENT — 1.3%     
 60,010   Groupe Bruxelles Lambert NV   4,476,483 
 14,610   Pershing Square Tontine Holdings Ltd.(e)   — 
         4,476,483 
     BANKING — 2.7%     
 109,756   Citigroup, Inc.   4,514,264 
 120,510   Wells Fargo & Co.   4,924,039 
         9,438,303 
     BEVERAGES — 2.5%     
 58,705   Heineken Holding NV   4,431,268 
 122,940   JDE Peet's NV   3,433,846 
 124,345   Swire Pacific Ltd. Class A   839,182 
         8,704,296 
     CABLE & SATELLITE — 3.5%     
 5,983   Charter Communications, Inc. Class A*   2,631,443 
 215,600   Comcast Corp. Class A   9,559,704 
         12,191,147 
     CHEMICALS — 1.5%     
 76,881   International Flavors & Fragrances, Inc.   5,240,978 
     CONSTRUCTION MATERIALS — 2.8%     
 18,044   Heidelberg Materials AG   1,402,468 
 129,817   Holcim AG   8,335,857 
         9,738,325 
     E-COMMERCE DISCRETIONARY — 0.7%     
 28,187   Alibaba Group Holding Ltd.*   308,110 
 18,004   Amazon.com, Inc.*   2,288,668 
         2,596,778 
     ELECTRIC UTILITIES — 0.7%     
 68,180   FirstEnergy Corp.   2,330,393 
 9,047   PG&E Corp.*   145,928 
         2,476,321 

   

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

Number      
of Shares     Value
   COMMON STOCKS (Continued)   
   ELECTRICAL EQUIPMENT — 2.0%   
 57,280   TE Connectivity Ltd.  $7,075,798 
     ENGINEERING & CONSTRUCTION — 0.6%     
 2,135,146   McDermott International, Ltd.*,(d),(e)   533,787 
 21,370   Samsung C&T Corp.   1,704,025 
         2,237,812 
     ENTERTAINMENT CONTENT — 0.7%     
 4,347   Epic Games, Inc.(d),(e)   1,234,548 
 59,772   Nexon Co. Ltd.   1,069,328 
         2,303,876 
     HEALTH CARE FACILITIES & SVCS — 0.3%     
 3,606   ICON PLC*   887,978 
     INDUSTRIAL SUPPORT SERVICES — 1.0%     
 21,507   Ferguson PLC   3,537,256 
     INSURANCE — 3.8%     
 129,280   American International Group, Inc.   7,834,368 
 16,304   Aon PLC Class A   5,286,083 
         13,120,451 
     INTERNET MEDIA & SERVICES — 4.5%     
 31,936   Alphabet, Inc. Class A*   4,179,145 
 23,635   Alphabet, Inc. Class C*   3,116,275 
 8,390   Delivery Hero SE*,(a)   240,994 
 14,680   Just Eat Takeaway.com NV*,(a)   182,666 
 12,456   Meta Platforms, Inc. Class A*   3,739,416 
 17,364   Naspers Ltd. N Shares   2,774,702 
 1,609   Netflix, Inc.*   607,558 
 21,012   Uber Technologies, Inc.*   966,342 
         15,807,098 
     LEISURE FACILITIES & SERVICES — 0.9%     
 48,095   Entain PLC   547,377 
 12,342   Marriott International, Inc. Class A   2,425,943 
         2,973,320 
     METALS & MINING — 1.3%     
 788,595   Glencore PLC   4,521,240 
     OIL & GAS PRODUCERS — 1.0%     
 8,000   Gulfport Energy Corp.*   949,280 
 160,090   Kinder Morgan, Inc.   2,654,292 
         3,603,572 
     REAL ESTATE SERVICES — 0.1%     
 2,141   Copper Earn Out Trust(d),(e)   1,841 

   

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

Number      
of Shares     Value
   COMMON STOCKS (Continued)   
   REAL ESTATE SERVICES (Continued)   
 16,058   Copper Property CTL Pass Through Trust(d)  $170,215 
         172,056 
     RETAIL - DISCRETIONARY — 0.5%     
 23,348   CarMax, Inc.*   1,651,404 
     SEMICONDUCTORS — 4.2%     
 43,914   Analog Devices, Inc.   7,688,902 
 4,204   Broadcom, Inc.   3,491,759 
 16,423   NXP Semiconductors NV   3,283,286 
         14,463,947 
     TECHNOLOGY HARDWARE — 0.6%     
 48,093   Nintendo Co. Ltd.   2,004,948 
     TECHNOLOGY SERVICES — 0.8%     
 44,825   LG Corp.   2,783,708 
     TRANSPORTATION & LOGISTICS — 0.4%     
 84,452   PHI Group, Inc.*,(d),(e)   1,541,249 
     TRANSPORTATION EQUIPMENT — 0.5%     
 17,935   Westinghouse Air Brake Technologies Corp.   1,905,952 
     TOTAL COMMON STOCKS     
     (Cost $110,373,245)   143,706,080 
     LIMITED PARTNERSHIPS — 12.1%     
 55,000   Blue Torch Credit Opportunities Fund II LP(d),(j)   4,416,630 
 60,000   Clover Private Credit Opportunities Fund LP(d),(j)   4,617,877 
 55,000   HIG WhiteHorse Direct Lending 2020 LP(d),(j)   3,554,786 
 80,000   Metro Partners Fund VII LP(d),(j)   8,627,975 
 80,000   MSD Private Credit Opportunities Fund II LP(d),(j)   2,405,128 
 30,000   MSD Real Estate Credit Opportunities Fund(d),(j)   1,869,233 
 55,000   Nebari Natural Resources Credit Fund I LP(d),(j)   4,976,721 
 30,000   Piney Lake Opportunities Fund LP(d),(j)   3,101,700 
 18,000   Post Road Special Opportunity Fund II LP(d),(j)   1,690,670 
 34,745   Silverpeak Credit Opportunities LP(d),(j)   1,828,557 
 48,500   Silverpeak Special Situations(d),(j)   4,956,672 
     TOTAL LIMITED PARTNERSHIPS     
     (Cost $37,343,304)   42,045,949 
     PREFERRED STOCKS — 0.1%     
     ENERGY — 0.0%     
 21   Gulfport Energy Corp., 10.000%, (e)   12,810 
     INDUSTRIALS — 0.1%     
 908   McDermott International, Ltd., 8.000%, (d),(e)   227,119 
     TOTAL PREFERRED STOCKS     
     (Cost $83,428)   239,929 

   

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

 

Number      
of Shares     Value
   SPECIAL PURPOSE ACQUISITION COMPANIES — 0.0%   
 31   Biote Corp. *  $159 
 3,497   PowerUp Acquisition Corp.*   38,467 
     TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES     
     (Cost $35,099)   38,626 
     WARRANTS — 0.1%     
 1,029   Alpha Partners Technology Merger Corp., Expiration Date: March 31, 2028*   53 
 1,374   American Oncology Network, Inc., Expiration Date: March 31, 2028*   273 
 3,156   Apollo Strategic Growth Capital II, Expiration Date: December 31, 2027*   248 
 7,542   Ares Acquisition Corp. A Shares, Expiration Date: December 31, 2027*   4,985 
 31,363   Atlantic Coastal Acquisition Corp., Expiration Date: December 31, 2027*   878 
 11,954   Atlantic Coastal Acquisition Corp. II, Expiration Date: June 2, 2028*   837 
 20,278   BigBear.ai Holdings, Inc., Expiration Date: December 31, 2028*   9,125 
 94,574   BurTech Acquisition Corp., Expiration Date: December 18, 2026*   1,608 
 9,146   C5 Acquisition Corp., Expiration Date: May 19, 2028*   339 
 9,384   Churchill Capital Corp. VII, Expiration Date: February 29, 2028*   2,890 
 69,686   Cie Financiere Richemont SA, Expiration Date: November 23, 2023*   51,751 
 13,186   DHC Acquisition Corp., Expiration Date: December 31, 2027*   1,055 
 26,146   Disruptive Acquisition Corp. I A Shares, Expiration Date: March 6, 2026*   918 
 12,721   ECARX Holdings, Inc., Expiration Date: December 21, 2027*   572 
 31,567   Electriq Power Holdings, Inc., Expiration Date: January 25, 2028*   900 
 39,217   Flame Acquisition Corp., Expiration Date: December 31, 2028*   31,374 
 18,940   Forest Road Acquisition Corp. II A Shares, Expiration Date: January 15, 2026*   398 
 4,407   Fusion Acquisition Corp. II A Shares, Expiration Date: December 31, 2027*   1 
 4,908   Global Partner Acquisition Corp. II, Expiration Date: December 30, 2027*,(e)   — 
 26,146   Golden Arrow Merger Corp., Expiration Date: July 31, 2027*   946 
 7,538   Heliogen, Inc., Expiration Date: March 31, 2028*   278 
 23,622   Landcadia Holdings IV, Inc., Expiration Date: March 29, 2028*   3,307 
 24,015   MariaDB PLC, Expiration Date: December 16, 2027*   1,472 
 13,756   Metals Acquisition Ltd., Expiration Date: June 16, 2028*   27,650 
 16,476   NioCorp Developments Ltd., Expiration Date: March 17, 2028*   9,721 
 6,999   Northern Star Investment Corp. III, Expiration Date: February 24, 2028*   87 
 5,407   Northern Star Investment Corp. IV, Expiration Date: December 31, 2027*   109 
 14,795   Plum Acquisition Corp. I, Expiration Date: December 31, 2028*   888 
 815   Prenetics Global Ltd., Expiration Date: December 31, 2026*   43 
 5,878   Ross Acquisition Corp. II, Expiration Date: February 12, 2026*   655 
 13,618   Slam Corp., Expiration Date: December 31, 2027*   1,860 
 2,126   Swvl Holdings Corp., Expiration Date: March 31, 2027*   21 
 25,079   Twelve Seas Investment Co. II, Expiration Date: March 2, 2028*   880 
 7,210   Virgin Orbit Holdings, Inc., Expiration Date: March 31, 2027*,(e)   — 
 10,312   Windstream Holdings, Inc., Expiration Date: September 20, 2055*,(d),(e)   92,808 
     TOTAL WARRANTS     
     (Cost $485,233)   248,930 

   

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

Number      
of Shares     Value
   SHORT-TERM INVESTMENTS — 11.7%   
   MONEY MARKET INVESTMENTS — 11.7%   
 40,782,521   Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.14%(k)  $40,782,521 
     TOTAL SHORT-TERM INVESTMENTS     
     (Cost $40,782,521)   40,782,521 
     TOTAL INVESTMENTS — 99.9%     
     (Cost $318,349,866)   347,363,452 
     Other Assets in Excess of Liabilities — 0.1%   430,349 
     TOTAL NET ASSETS — 100.0%   $347,793,801 

 

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

US – United States

 

*Non-income producing security.
(a)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $61,735,407, which represents 17.75% of Net Assets.
(b)Variable or floating rate security.
(c)Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.
(d)Restricted securities. These restricted securities constituted 21.51% of total net assets at September 30, 2023, most of which are considered liquid by the Adviser. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Directors.
(e)Level 3 securities fair valued under procedures established by the Board of Trustees, represents 5.45% of Net Assets. The total value of these securities is $18,954,907.
(f)All or a portion of the loan is unfunded.
(g)As of September 30, 2023, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied.
(h)Security is in default.
(i)Perpetual security. Maturity date is not applicable.
(j)Investment valued using net asset value per share (or its equivalent) as a practical expedient.
(k)The rate is the annualized seven-day yield at period end.

   

 

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2023 (Unaudited)

 

Restricted Security  Initial Acquisition Date  Cost  Fair Value 

Fair Value as a

% of Net

Assets

ABG Intermediate Holdings 2 LLC, 11.414% (1-Month Term SOFR+600 basis points), 12/20/2029  1/5/2023  $454,800   $492,852    0.14%
Altegrity, Inc.  9/1/2021   -    331,372    0.10%
Apollo Debt Solution Delayed Draw Term Loan, 8.620%, 09/28/2028  8/10/2023   2,333,000    2,333,000    0.67%
Axiom Global, Inc., 10.175% (1-Month Term SOFR+475 basis points), 10/01/2026  11/18/2021   1,714,907    1,670,570    0.48%
Azalea Topco, Inc., 8.945% (3-Month Term SOFR+350 basis points), 07/25/2026  9/20/2021   1,145,062    1,108,411    0.32%
Blue Torch Credit Opportunities Fund II LP  2/16/2021   3,816,396    4,416,630    1.27%
Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 10.165% (1-Month Term SOFR+475 basis points), 11/12/2027  11/12/2020   149,739    144,196    0.04%
Capstone Acquisition Holdings, Inc. 2020 Term Loan, 10.165% (1-Month Term SOFR+475 basis points), 11/12/2027  11/12/2020   2,151,353    2,078,194    0.60%
CB&I STS Delaware LLC, 13.159% (1-Month Term SOFR+750 basis points), 12/31/2026  9/5/2023   2,000,000    1,960,000    0.56%
Centric Commercial Finance Ltd., 11.277% (3-Month Term SOFR+600 basis points), 09/30/2026  10/3/2022   2,478,233    2,508,333    0.72%
Cimpress Public Ltd., 8.930% (1-Month Term SOFR+350 basis points), 05/17/2028  4/30/2021   981,959    977,280    0.28%
Clover Private Credit Opportunities Fund LP  12/13/2021   4,321,090    4,617,877    1.33%
Copper Earn Out Trust  12/7/2020        1,841    0.00%
Copper Property CTL Pass Through Trust  12/5/2017   528,672    170,215    0.05%
Cornerstone OnDemand, Inc., 9.402% (3-Month Term SOFR+375 basis points), 10/15/2028  12/7/2022   65,106    71,606    0.02%
Element Commercial Funding LP, 10.730% (1-Month Term SOFR+575 basis points),09/15/2024  4/14/2023   2,094,500    2,094,500    0.60%
Epic Games, Inc.  6/25/2020   2,499,525    1,234,548    0.35%
Farfetch U.S. Holdings, Inc., 11.576% (3-Month Term SOFR+625 basis points), 10/20/2027  9/28/2022   3,166,986    3,113,528    0.90%
Frontier Communications Holdings LLC, 9.179% (1-Month Term SOFR+375 basis points), 10/08/2027  4/9/2021   1,231,821    1,204,016    0.35%
Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 04/30/2028  5/5/2023   1,709,665    1,725,000    0.50%
HIG WhiteHorse Direct Lending 2020 LP  7/30/2021   3,752,055    3,554,786    1.02%
Hlend Senior Notes, 8.170%, 03/15/2028  2/16/2023   3,500,000    3,500,000    1.01%
JC Penney Corp., Inc., 9.384% (1-Month USD Libor+425 basis points), 06/23/2025  2/3/2021   -    47    0.00%
Lealand Finance Company B.V. Senior Exit LC, 8.319%, 06/30/2024  11/12/2019   (325,511)   (362,701)   -0.10%
Lealand Finance Company B.V. Senior Exit LC, 10.069%, 06/30/2024  2/28/2020   (11,892)   (1,534,304)   -0.44%
Light Commercial Funding LP, 11.153% (1-Month Term SOFR+600 basis points), 10/31/2026  2/28/2023   1,295,370    1,291,300    0.37%
McDermott International, Ltd.  7/1/2020   2,014,777    533,787    0.15%
McDermott International, Ltd., 8.000%  12/31/2020   64,152    227,119    0.06%
McDermott LC, 9.247%, 12/31/2025  11/12/2019   699,151    216,573    0.06%
McDermott Tanks Escrow LC, 9.997%, 12/31/2026  2/28/2020   228,546    125,781    0.04%
McDermott Tanks Secured LC, 10.066%, 12/31/2026  12/31/2020   (4,094)   (263,948)   -0.08%
McDermott Technology Americas, Inc., 8.429% (1-Month Term SOFR+300 basis points), 06/30/2024  7/1/2020   141,925    99,349    0.03%
McDermott Technology Americas, Inc., 9.429% (1-Month Term SOFR+400 basis points), 06/30/2025  7/1/2020   1,889,377    623,328    0.18%
Metro Partners Fund VII LP  5/13/2021   7,408,141    8,627,975    2.48%
MSD Private Credit Opportunities Fund II LP  3/8/2021   1,713,817    2,405,128    0.69%
MSD Real Estate Credit Opportunities Fund  6/11/2020   1,425,662    1,869,233    0.54%
Nebari Natural Resources Credit Fund I LP  8/18/2020   5,424,962    4,976,721    1.43%
PHI Group, Inc., 2.470%  8/19/2019   690,707    1,541,249    0.44%
Piney Lake Opportunities Fund LP  6/30/2021   2,445,288    3,101,700    0.89%
Polaris Newco, LLC Term Loan B, 9.652% (1-Month Term SOFR+400 basis points), 06/04/2028  6/3/2021   1,142,947    1,095,475    0.31%
Post Road Special Opportunity Fund II LP  1/26/2021   1,549,574    1,690,670    0.49%
Project Myrtle, 7.500% (1-Month Term SOFR+317.9 basis points), 06/15/2025  12/21/2022   867,743    888,449    0.25%
Silverpeak Credit Opportunities LP  11/18/2019   1,181,940    1,828,557    0.53%
Silverpeak Special Situations  6/7/2021   4,304,379    4,956,672    1.43%
Vision Solutions, Inc., 9.863% (3-Month Term SOFR+400 basis points), 05/28/2028  12/7/2022   61,933    70,961    0.02%
WH Borrower LLC, Term Loan B, 10.808% (3-Month Term SOFR+550 basis points), 02/15/2027  2/9/2022   1,114,197    1,149,553    0.33%
Windstream Holdings, Inc.  11/16/2020   316,230    92,808    0.03%
Windstream Services LLC, 11.664% (1-Month Term SOFR+625 basis points), 09/21/2027  8/11/2020   239,866    241,373    0.07%
      $75,974,056   $74,801,610    21.51%

   

 

 

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