Guggenheim Credit Income Fund 2019 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	814-01091
Entity Registrant Name	GUGGENHEIM CREDIT INCOME FUND 2019
Entity Central Index Key	0001618696
Entity Tax Identification Number	47-2009064
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	330 Madison Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	(212)
Local Phone Number	739-0700
Entity Current Reporting Status	Yes
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,736,284

STATEMENTS OF ASSETS AND LIABIL

STATEMENTS OF ASSETS AND LIABILITIES - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets
Investment in Guggenheim Credit Income Fund (’‘GCIF’’) (5,046,351 shares purchased at a cost of $9,555,143 and 5,046,351 shares purchased at a cost of $14,809,703, respectively)	$ 6,712,820	$ 12,081,088
Cash	857,113	990,500
Total assets	7,569,933	13,071,588
Liabilities
Payable to related parties	10,759	10,877
Accrued professional services fees	49,698	104,636
Accounts payable, accrued expenses and other liabilities	20,202	30,529
Total liabilities	80,659	146,042
Total net assets	7,489,274	12,925,546
Components of Net Assets:
Common Shares, $0.001 par value, 348,000,000 Common Shares authorized, 1,736,284 and 1,736,284 Common Shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1,737	1,737
Paid-in-capital in excess of par value	11,450,344	16,750,502
Accumulated loss, net of distributions	$ (3,962,807)	$ (3,826,693)
Net asset value per Common Share (NAV)	$ 4.31	$ 7.44

STATEMENTS OF ASSETS AND LIAB_2

STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	348,000,000	348,000,000
Common stock, shares issued	1,736,284	1,736,284
Common stock, shares outstanding	1,736,284	1,736,284

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Income
Dividends from investment in GCIF	$ 60,660	$ 255,183	$ 145,035	$ 686,114
Total investment income	60,660	255,183	145,035	686,114
Operating Expenses (1)
Administrative services	3,669	3,669	7,298	7,298
Related party reimbursements	10,759	32,901	20,646	61,037
Trustees fees	748	748	1,488	1,488
Professional services fees	25,078	32,253	(6,109)	63,514
Transfer agent fees	27,434	26,012	54,185	51,982
Other expenses	3,285	4,657	(9,762)	8,951
Net expenses	70,973	100,240	67,746	194,270
Net investment income (loss)	(10,313)	154,943	77,289	491,844
Realized and unrealized losses:
Net change in unrealized depreciation from investment in GCIF	(108,549)	(632,500)	(113,708)	(571,959)
Net realized and unrealized losses	(108,549)	(632,500)	(113,708)	(571,959)
Net decrease in net assets resulting from operations	$ (118,862)	$ (477,557)	$ (36,419)	$ (80,115)
Per Common Share information:
Net investment income (loss) per Common Share outstanding - basic and diluted	$ (0.01)	$ 0.09	$ 0.04	$ 0.28
Loss per Common Share outstanding - basic	(0.07)	(0.28)	(0.02)	(0.05)
Loss per Common Share outstanding - diluted	$ (0.07)	$ (0.28)	$ (0.02)	$ (0.05)
Weighted average Common Shares outstanding - basic	1,736,284	1,736,284	1,736,284	1,736,284
Weighted average Common Shares outstanding - diluted	1,736,284	1,736,284	1,736,284	1,736,284
Distributions per Common Share outstanding	$ 2.27	$ 2.27	$ 1.98	$ 4.54

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS EQUITY (UNAUDITED) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 1,737	$ 34,554,572	$ (2,373,610)	$ 32,182,699
Beginning balance, shares at Dec. 31, 2021	1,736,284
Net investment income			336,901	336,901
Net change in unrealized depreciation from investment in GCIF			60,541	60,541
Net decrease in net assets resulting from operations			397,442	397,442
Distributions from earnings			(371,657)	(371,657)
Distributions representing a return of capital		(3,569,708)		(3,569,708)
Net decrease in net assets resulting from shareholder distributions		(3,569,708)	(371,657)	(3,941,365)
Net decrease for the period		(3,569,708)	25,785	(3,543,923)
Ending balance, value at Mar. 31, 2022	$ 1,737	30,984,864	(2,347,825)	28,638,776
Ending balance, shares at Mar. 31, 2022	1,736,284
Net investment income			154,943	154,943
Net change in unrealized depreciation from investment in GCIF			(632,500)	(632,500)
Net decrease in net assets resulting from operations			(477,557)	(477,557)
Distributions from earnings			(297,310)	(297,310)
Distributions representing a return of capital		(3,644,055)		(3,644,055)
Net decrease in net assets resulting from shareholder distributions		(3,644,055)	(297,310)	(3,941,365)
Net decrease for the period		(3,644,055)	(774,867)	(4,418,922)
Ending balance, value at Jun. 30, 2022	$ 1,737	27,340,809	(3,122,692)	24,219,854
Ending balance, shares at Jun. 30, 2022	1,736,284
Beginning balance, value at Dec. 31, 2022	$ 1,737	16,750,502	(3,826,693)	12,925,546
Beginning balance, shares at Dec. 31, 2022	1,736,284
Net investment income			87,603	87,603
Net change in unrealized depreciation from investment in GCIF			(5,159)	(5,159)
Net decrease in net assets resulting from operations			82,444	82,444
Distributions from earnings			(99,947)	(99,947)
Distributions representing a return of capital		(3,337,906)		(3,337,906)
Net decrease in net assets resulting from shareholder distributions		(3,337,906)	(99,947)	(3,437,853)
Net decrease for the period		(3,337,906)	(17,503)	(3,355,409)
Ending balance, value at Mar. 31, 2023	$ 1,737	13,412,596	(3,844,196)	9,570,137
Ending balance, shares at Mar. 31, 2023	1,736,284
Net investment income			(10,313)	(10,313)
Net change in unrealized depreciation from investment in GCIF			(108,549)	(108,549)
Net decrease in net assets resulting from operations			(118,862)	(118,862)
Distributions from earnings			251	251
Distributions representing a return of capital		(1,962,252)		(1,962,252)
Net decrease in net assets resulting from shareholder distributions		(1,962,252)	251	(1,962,001)
Net decrease for the period		(1,962,252)	(118,611)	(2,080,863)
Ending balance, value at Jun. 30, 2023	$ 1,737	$ 11,450,344	$ (3,962,807)	$ 7,489,274
Ending balance, shares at Jun. 30, 2023	1,736,284

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net decrease in net assets resulting from operations	$ (36,419)	$ (80,115)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Proceeds from liquidation distributions	5,254,561	7,186,194
Net change in unrealized depreciation from investment in GCIF	113,708	571,959
(Increase) decrease in operating liabilities:
Payable to related parties	(118)	1,926
Accrued professional services fees	(54,938)	1,161
Accounts payable, accrued expenses and other liabilities	(10,327)	(5,192)
Net cash provided by operating activities	5,266,467	7,675,933
Financing activities
Distributions paid	(5,399,854)	(7,882,730)
Net cash used in financing activities	(5,399,854)	(7,882,730)
Net decrease in cash	(133,387)	(206,797)
Cash, beginning of period	990,500	1,304,831
Cash, end of period	$ 857,113	$ 1,098,034

Principal Business and Organiza

Principal Business and Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Note 1. Principal Business and Organization Guggenheim Credit Income Fund 2019 (the “Company”) was formed as a Delaware statutory trust on September 5, 2014. The Company’s investment objectives are to provide its shareholders with current income, capital preservation and, to a lesser extent, long-term capital appreciation by investing substantially all of its equity capital in Guggenheim Credit Income Fund (the “Master Fund” or “GCIF”). The Company is a non-diversified closed-end management investment company that elected to be treated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Master Fund elected to be treated as a BDC under the 1940 Act and it has the same investment objectives as the Company. The Master Fund commenced investment operations on April 2, 2015. The Master Fund’s consolidated financial statements are an integral part of the Company’s financial statements and should be read in their entirety. The Master Fund is externally managed by Guggenheim Partners Investment Management, LLC (“Guggenheim” or the “Advisor”), which is responsible for sourcing potential investments, analyzing and conducting due diligence on prospective investment opportunities, structuring investments and ongoing monitoring of the Master Fund’s investment portfolio. The Company was selling its common shares (“Shares” or “Common Shares”) pursuant to a registration statement on Form N-2 (the “Initial Registration Statement”) covering its continuous public offering of up to $1.0 billion (the “Initial Public Offering”). The Company suspended its Initial Public Offering of Common Shares, effective August 23, 2017, in connection with (i) the transition of the Master Fund’s investment advisory function to Guggenheim and (ii) a concurrent change in the Initial Public Offering’s dealer manager. On March 29, 2018 the Company filed a new registration statement on Form N-2 (the “Registration Statement”) covering a continuous public offering of up to $ 958.6 50 In accordance with the offering documents and the intention of Guggenheim Credit Income Fund 2016 T (“GCIF 2016T”) and the Company (together, the “Feeder Funds”) to provide substantial shareholder liquidity, the Boards of Trustees of the Master Fund and the Feeder Funds approved respective Plans of Liquidation for each company on March 30, 2021 (each, a “Liquidation Plan”). In accordance with the Liquidation Plans, the Board has declared multiple liquidating distributions. These distributions have been substantially composed of return of capital and have decreased the net asset value of the Master Fund and Feeder Funds. As such, the value on shareholder’s investment statements has decreased as liquidating distributions have been paid. In accordance with the Liquidation Plan, the Master Fund and the Feeder Funds will remain registered as a BDC and intend to maintain their qualifications, as regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As of June 30, 2023, the Company owned 19.72%

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation Management has determined that the Company meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies The Company’s interim financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements stipulated in Articles 6 and 10 of Regulation S-X, and therefore do not necessarily include all information and notes necessary for a fair statement of financial position and results of operations in accordance with accounting principles generally accepted in the U.S. (“GAAP”). In the opinion of management, the unaudited financial information for the interim period presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The Company’s unaudited financial statements should be read in conjunction with the Master Fund’s unaudited consolidated financial statements; the Master Fund’s quarterly report on Form 10-Q is incorporated by reference and filed as an exhibit to this Report. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates under different assumptions and conditions. Cash Cash consists of demand deposits held at a major U.S. financial institution and the amount recorded on the statements of assets and liabilities may exceed the Federal Deposit Insurance Corporation insured limit. Management believes the credit risk related to its demand deposits is minimal. Valuation of Investments The Company invests substantially all of its equity capital in the purchase of the Master Fund’s common shares and its primary investment position is common shares of the Master Fund. The Company determines the fair value of the Master Fund’s common shares as the Master Fund’s net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares owned by the Company. The Company has implemented Accounting Standards Update (“ASU”) 2015-07, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. Transactions with the Master Fund Distributions received from the Master Fund are recorded on the record date. Distributions received from the Master Fund are generally recognized as dividend income or return of capital in the current period, a portion of which may be subject to a change in characterization in future periods, including the potential for reclassification between dividend income and return of capital. The Company’s transactions with the Master Fund are recorded on the effective date of the subscription in, or the redemption of, Master Fund shares. Realized gains and losses resulting from the Company’s share repurchase transactions with the Master Fund are calculated on the specific share identification basis. Offering Expenses Continuous offering expenses are capitalized monthly on the Company’s statements of assets and liabilities as deferred offering costs and thereafter expensed to the Company’s statements of operations over a 12-month period on a straight-line basis commencing at the later of (i) when the expense was incurred or (ii) when operations began. Distributions to the Company’s Shareholders Declared distributions to the Company’s shareholders are recorded as a liability as of the record date. Federal Income Taxes The Company has elected to be treated for federal income tax purposes, and intends to maintain its qualification, as a RIC under the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes dividends in a timely manner out of assets legally available for distributions to its shareholders of an amount generally at least equal to 90% The Company is generally subject to nondeductible federal excise taxes if it does not distribute dividends to its shareholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% 98.2% i.e. st 4% The Company follows ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other expenses in the statements of operations. Management has reviewed all open tax years and concluded that there is no effect to the Company’s financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. During this period, the Company did not incur any material interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2023, open U.S. Federal and state income tax years include the tax years ended September 30, 2019 through September 30, 2022. The Company has no examinations in progress. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Investments	Note 3. Investments Below is a summary of the Company’s investment in the Master Fund, a related party: Schedule of investments End of Period Weighted Average Shares Owned Period Ended No. of Shares Quarter to Date Year to Date Cost Fair Value % of Net Assets June 30, 2023 5,046,351 5,046,351 5,046,351 $ 9,555,143 $ 6,712,820 89.6 % December 31, 2022 5,046,351 5,046,351 5,046,351 $ 14,809,703 $ 12,081,088 93.5 % Restricted Securities The Master Fund does not currently intend to list its common shares on any securities exchange, and it does not expect a secondary market to develop for its issued and outstanding common shares. As a result, the Company’s ability to sell its Master Fund common shares is limited. Because the Master Fund common shares are being acquired in one or more transactions not involving a public offering, they are “restricted securities” and may be required to be held indefinitely. Master Fund common shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Master Fund’s consent is granted and (ii) the Master Fund common shares are registered under applicable securities laws or specifically exempted from registration (in which case the Master Fund’s shareholder may, at the Master Fund’s option, be required to provide the Master Fund with a legal opinion, in form and substance satisfactory to the Master Fund, that registration is not required). Accordingly, a shareholder in the Master Fund, including the Company, must be willing to bear the economic risk of investing in the Master Fund common shares. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Master Fund’s common shares may be made except by registration of the transfer on the Master Fund’s books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Master Fund common shares and to execute such other instruments or certifications as are reasonably required by the Master Fund. From October 15, 2015 through August 11, 2020, the Company acquired its investment in the Master Fund at prices ranging from $ 7.06 8.59 Share Repurchase Program The Master Fund has implemented a share repurchase program, whereby it conducts tender offers each calendar quarter. In accordance with the Liquidation Plan, the Master Fund’s share repurchase program has been suspended effective March 30, 2021.

Related Party Agreements and Tr

Related Party Agreements and Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Agreements and Transactions	Related Party Agreements and Transactions The Company has entered into agreements with Guggenheim whereby the Company agrees to (i) receive expense support payments, (ii) reimburse certain expenses of, and to pay for, administrative, expense support, organization and offerings costs incurred by Guggenheim on the Company’s behalf and (iii) compensate Guggenheim Funds Distributors, LLC (“GFD”), an affiliate of Guggenheim, for capital market services in connection with the marketing and distribution of the Company’s Shares. The memberships of the Company’s Board of Trustees (the “Company’s Board” or the “Board of Trustees”) and the Master Fund’s Board are identical and consequently the Company and the Master Fund are related parties. All of the Company’s executive officers also serve as executive officers of the Master Fund. One of the Company’s executive officers, Brian Binder, Senior Vice President, serves as an executive officer of Guggenheim. Administrative Services Agreement The Company is party to an administrative services agreement with Guggenheim (the “Administrative Services Agreement”) whereby Guggenheim, serving as the administrator (the “Administrator”), has agreed to provide administrative services, including office facilities and equipment and clerical, bookkeeping and record-keeping services. More specifically, the Administrator performs and oversees the Company’s required administrative services, which include financial and corporate record-keeping, preparing and disseminating the Company’s reports to its shareholders and filing reports with the SEC. In addition, the Administrator assists in determining net asset value, overseeing the preparation and filing of tax returns, overseeing the payment of expenses and distributions and overseeing the performance of administrative and professional services rendered by others. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administrative Services Agreement. To the extent that the Administrator outsources any of its functions, the Company may pay the fees associated with such functions on a direct basis, without incremental profit to the Administrator. The Administrative Services Agreement may be terminated at any time, without the payment of any penalty: (i) by the Company upon 60 days’ written notice to Guggenheim upon the vote of the Company’s independent trustees or (ii) by Guggenheim upon not less than 120 days’ written notice to the Company. Unless earlier terminated, the Administrative Services Agreement will remain in effect for two years, and thereafter shall continue automatically for successive one-year periods if approved annually by a majority of the Board of Trustees and the Master Fund’s independent trustees. Dealer Manager Agreement The Company is party to a dealer manager agreement with GFD (the “Dealer Manager Agreement”). Under the terms of the Dealer Manager Agreement, GFD is to act on a best efforts basis as the exclusive dealer manager for (i) the Company’s Public Offering and (ii) the public offering of common shares for future feeder funds affiliated with the Master Fund. The Company, not the Master Fund, is responsible for the compensation of GFD pursuant to the terms of the Dealer Manager Agreement. The Dealer Manager Agreement may be terminated by the Company or GFD upon 60 calendar days’ written notice to the other party. In the event that the Company or GFD terminates the Dealer Manager Agreement with respect to the Company, the Dealer Manager Agreement will continue with respect to any other feeder fund. Organization and Offering Expense Reimbursement Agreement The Company is party to an organization and offering expense reimbursement agreement (the “O&O Agreement”) with Guggenheim. Under the O&O Agreement, the Company is to reimburse Guggenheim for organization and offering expenses incurred on the Company’s behalf, including, but not limited to, legal services, audit services, printer services and the registration of securities under the Securities Act. The reimbursement of organization and offering expenses is conditional on the Company’s receipt of equity capital from the sale of its Common Shares. Any such reimbursement would not exceed actual expenses incurred by Guggenheim and its affiliates. Guggenheim is responsible for the payment of the Company’s cumulative organization and offering expenses to the extent they exceeded 1.5% Any costs incurred by Guggenheim related to the Initial Public Offering are no longer eligible for reimbursement. Any offering costs incurred by Guggenheim on behalf of the Company associated with the Public Offering are subject to reimbursement under the terms and conditions of the O&O Agreement. Under the terms of the O&O Agreement, the Company is not obligated to reimburse Guggenheim for any unreimbursed offering expenses after the close of the Company’s Public Offering on December 31, 2020. Expense Support and Conditional Reimbursement Agreement The Company entered into an expense support and conditional reimbursement agreement with Guggenheim whereby Guggenheim agreed to reimburse the Company monthly for expenses in an amount equal to the difference between the Company’s cumulative distributions paid to its shareholders in each month less the sum of the Company’s estimated investment company taxable income and net capital gains in each month. The Expense Support Agreement will automatically terminate if (i) the Master Fund terminates the Investment Advisory Agreement with Guggenheim or (ii) the Company’s Board of Trustees makes a determination to dissolve or liquidate the Company. The Board of Trustees’ approval of a Liquidation Plan on March 30, 2021 is deemed a liquidity event and therefore, the Expense Support Agreement is deemed terminated. Upon termination of the Expense Support Agreement, Guggenheim is required to fund any amounts accrued thereunder as of the date of termination. Similarly, the conditional obligation of the Company to reimburse Guggenheim pursuant to the terms of the Expense Support Agreement shall survive the termination of the Expense Support Agreement. Pursuant to the Expense Support Agreement, the Company has a conditional obligation to reimburse Guggenheim for any amounts funded by Guggenheim under this arrangement or the Prior Expense Support Agreement if (and only to the extent that), during any month occurring within three years of the date on which Guggenheim funded such amount, the sum of the Company’s estimated investment company taxable income and net capital gains exceeds the ordinary cash distributions paid by the Company to its shareholders; provided, however, that (i) the Company will only reimburse Guggenheim for expense payments made by Guggenheim to the extent that the payment of such reimbursement (together with any other reimbursement paid during such fiscal year) does not cause “other operating expenses” (as defined below) (on an annualized basis and net of any expense support reimbursement payments received by the Company during such fiscal year) to exceed the lesser of (A) 1.75% As of the Board of Trustees’ approval of the Liquidation Plan, the total amount of expense support received from Guggenheim that is still eligible for reimbursement is $ 967,781 Summary of Related Party Transactions The following table presents the related party fees, expenses and transactions, excluding related transactions between the Company and the Master Fund in connection with Common Shares purchases, sales and distributions, for the three and six months ended June 30, 2023 and June 30, 2022: Schedule of related party fees, expenses and transactions Three Months Ended June 30, Six Months Ended June 30, Related Party Source Agreement & Description 2023 2022 2023 2022 Related Party Expense: Guggenheim Administrative Services Agreement - expense reimbursement $ 10,759 $ 32,901 $ 20,646 $ 61,037 Indemnification The Administrative Services Agreement provides certain indemnification to Guggenheim, its directors, officers, persons associated with Guggenheim and its affiliates. In addition, the Company’s Declaration of Trust, as amended, provides certain indemnifications to its officers, trustees, agents and certain other persons. The Dealer Manager Agreement provides for certain indemnifications from the Company (with respect to the primary offering of its Common Shares) to GFD, any selected dealers and their respective officers, directors, employees, members, affiliates, agents, representatives and, if any, each person who controls such person or entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act. Such indemnifications are subject to certain limitations as provided for in the Company’s Declaration of Trust and the North American Securities Administrators Association Guidelines and are considered customary by management. As of June 30, 2023, management believes that the risk of incurring any losses for such indemnification is remote.

Common Shares

Common Shares	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Common Shares	Note 5. Common Shares The Company’s Initial Registration Statement pertaining to its Initial Public Offering was declared effective on July 31, 2015. The following table summarizes the total Common Shares issued and proceeds received in connection with the Company’s Public Offerings and reinvestment of distributions for (i) the six months ended June 30, 2023 and (ii) the period commencing on July 31, 2015 (inception) through June 30, 2023, including the event that the Initial Public Offering was suspended on August 23, 2017: Schedule of total common shares issued and proceeds received Six Months Ended June 30, 2023 Inception through June 30, 2023 Shares Amount Shares Amount Gross proceeds from Public Offerings — $ — 1,959,348 $ 50,158,691 Dealer Manager fees and commissions — — — (890,172 ) Net proceeds to the Company from Public Offerings — — 1,959,348 49,268,519 Reinvestment of shareholders’ distributions — — 278,752 6,762,060 Net proceeds from all issuance of Common Shares — $ — 2,238,100 $ 56,030,579 Average net proceeds per Common Share $ — $25.03 Repurchase of Common Shares The following table is a summary of the quarterly tender offers, completed pursuant to the share repurchase program, during the two years ended June 30, 2023: Schedule of quarterly tender offers, completed pursuant to the share repurchase Tender Offer Termination Date Total Number of Shares Offered to Repurchase Total Number of Shares Repurchased Total Consideration Price Paid per Share No. of Shares Repurchased / Total Offer No. of Shares Repurchased / Weighted Average Shares (1) 2021: March 8, 2021 (2) 45,564 81,704 $ 1,902,868 $ 23.29 179.3 % 4.48 % Total 45,564 81,704 $ 1,902,868 179.3 % Notes to Financial Statements (Unaudited) (1) Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters. (2) The Company filed a tender offer to purchase up to 45,564 Shares on February 1, 2021. In accordance with Rule 13e-4(f), the Company determined to accept for purchase up to an additional 2.0% of our then outstanding Shares, increasing the offer to 81,704 Shares. The Company repurchased 81,704 Shares which represents approximately 59% of all Shares that were validly tendered. In accordance with the Liquidation Plan, the Company’s share repurchase program and distribution reinvestment plan have been suspended effective March 30, 2021.

Distributions

Distributions	6 Months Ended
	Jun. 30, 2023
Distributions
Distributions	Note 6. Distributions The following table summarizes the distributions that the Company declared on its Common Shares during the three and six months ended June 30, 2023 and June 30, 2022: Schedule of distributions Record Date Payment Date Distribution per Share at Record Date Distribution per Share at Payment Date Distribution Amount For Fiscal Year 2023 March 22 March 23 $ 1.98000 $ 1.98000 $ 3,437,853 June 23 June 26 1.13000 1.13000 1,962,001 $ 3.11000 $ 5,399,854 For Fiscal Year 2022 February 3 February 7 $ 2.27000 $ 2.27000 $ 3,941,365 May 23 May 25 2.27000 2.27000 3,941,365 $ 4.54000 $ 7,882,730

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2023
Investment Company [Abstract]
Financial Highlights	Note 7. Financial Highlights The following per Common Share data and financial ratios have been derived from information provided in the financial statements. The following is a schedule of financial highlights during the six months ended June 30, 2023 and June 30, 2022: Schedule of financial highlights Six Months Ended June 30, 2023 2022 PER COMMON SHARE OPERATING PERFORMANCE Net asset value, beginning of period $ 7.44 $ 18.54 Net investment income (loss) (1) 0.04 0.28 Net unrealized appreciation (depreciation) from investment in GCIF (2) (0.06 ) (0.33 ) Net decrease resulting from operations (0.02 ) (0.05 ) Distributions to common shareholders Distributions from net investment income (3) (0.06 ) (0.39 ) Distributions representing return of capital (3) (3.05 ) (4.15 ) Net decrease resulting from distributions (3.11 ) (4.54 ) Net asset value, end of period $ 4.31 $ 13.95 INVESTMENT RETURNS Total investment return-net asset value (4) (0.61 )% (0.63 )% RATIOS/SUPPLEMENTAL DATA Net assets, end of period $ 7,489,274 $ 24,219,854 Average net assets (5) $ 10,700,957 $ 28,484,265 Common Shares outstanding, end of period 1,736,284 1,736,284 Weighted average Common Shares outstanding 1,736,284 1,736,284 Ratios-to-average net assets: (5) (6) Total operating expenses 0.63 % 0.68 % Net expenses 0.63 % 0.68 % Net investment income 0.72 % 1.73 % (1) The per Common Share data was derived by using the weighted average Common Shares outstanding during the period presented. (2) The amounts shown at this caption are the balancing figures derived from the other figures in the schedule. The amounts shown at this caption for a Common Share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s Common Shares in relation to fluctuating market values for the portfolio. (3) The per Common Share data for distributions is the actual amount of distributions paid or payable per Common Share outstanding during the entire period; distributions per Common Share are rounded to the nearest $0.01. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital or a combination thereof, based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. The tax character of distribution shown above is an estimate since the exact amount cannot be determined at this point. As of June 30, 2023, the Company estimated distributions to be composed mostly of net investment income. The final determination of the tax character of distributions will not be made until we file our tax return. (4) Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s Common Shares at the beginning and end of the period, including distributions declared during the period. Total investment return-net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, plus any shares issued in connection with the reinvestment of monthly distributions and (iii) distributions payable relating to the ownership of shares, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Company’s distribution reinvestment plan, net of sales load, on each monthly distribution payment date. Because there is no public market for the Company’s shares, the terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s Common Shares. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. (5) The computation of average net assets during the period is based on averaging the amount on the first day of the first month of the period and the last day of each month during the period. (6) The ratios-to-average net assets do not include any proportionate allocation of income and expenses incurred at the Master Fund. The Master Fund’s total expenses-to-average net assets for the six months ended June 30, 2023 and June 30, 2022, were 2.23% and 1.61%, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 8. Subsequent Events Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Management has determined that the Company meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies The Company’s interim financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements stipulated in Articles 6 and 10 of Regulation S-X, and therefore do not necessarily include all information and notes necessary for a fair statement of financial position and results of operations in accordance with accounting principles generally accepted in the U.S. (“GAAP”). In the opinion of management, the unaudited financial information for the interim period presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The Company’s unaudited financial statements should be read in conjunction with the Master Fund’s unaudited consolidated financial statements; the Master Fund’s quarterly report on Form 10-Q is incorporated by reference and filed as an exhibit to this Report.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates under different assumptions and conditions.
Cash	Cash Cash consists of demand deposits held at a major U.S. financial institution and the amount recorded on the statements of assets and liabilities may exceed the Federal Deposit Insurance Corporation insured limit. Management believes the credit risk related to its demand deposits is minimal.
Valuation of Investments	Valuation of Investments The Company invests substantially all of its equity capital in the purchase of the Master Fund’s common shares and its primary investment position is common shares of the Master Fund. The Company determines the fair value of the Master Fund’s common shares as the Master Fund’s net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares owned by the Company. The Company has implemented Accounting Standards Update (“ASU”) 2015-07, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment.
Transactions with the Master Fund	Transactions with the Master Fund Distributions received from the Master Fund are recorded on the record date. Distributions received from the Master Fund are generally recognized as dividend income or return of capital in the current period, a portion of which may be subject to a change in characterization in future periods, including the potential for reclassification between dividend income and return of capital. The Company’s transactions with the Master Fund are recorded on the effective date of the subscription in, or the redemption of, Master Fund shares. Realized gains and losses resulting from the Company’s share repurchase transactions with the Master Fund are calculated on the specific share identification basis.
Offering Expenses	Offering Expenses Continuous offering expenses are capitalized monthly on the Company’s statements of assets and liabilities as deferred offering costs and thereafter expensed to the Company’s statements of operations over a 12-month period on a straight-line basis commencing at the later of (i) when the expense was incurred or (ii) when operations began.
Distributions to the Company’s Shareholders	Distributions to the Company’s Shareholders Declared distributions to the Company’s shareholders are recorded as a liability as of the record date.
Federal Income Taxes	Federal Income Taxes The Company has elected to be treated for federal income tax purposes, and intends to maintain its qualification, as a RIC under the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes dividends in a timely manner out of assets legally available for distributions to its shareholders of an amount generally at least equal to 90% The Company is generally subject to nondeductible federal excise taxes if it does not distribute dividends to its shareholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% 98.2% i.e. st 4% The Company follows ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other expenses in the statements of operations. Management has reviewed all open tax years and concluded that there is no effect to the Company’s financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. During this period, the Company did not incur any material interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2023, open U.S. Federal and state income tax years include the tax years ended September 30, 2019 through September 30, 2022. The Company has no examinations in progress. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Schedule of investments	Schedule of investments End of Period Weighted Average Shares Owned Period Ended No. of Shares Quarter to Date Year to Date Cost Fair Value % of Net Assets June 30, 2023 5,046,351 5,046,351 5,046,351 $ 9,555,143 $ 6,712,820 89.6 % December 31, 2022 5,046,351 5,046,351 5,046,351 $ 14,809,703 $ 12,081,088 93.5 %

Related Party Agreements and _2

Related Party Agreements and Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of related party fees, expenses and transactions	Schedule of related party fees, expenses and transactions Three Months Ended June 30, Six Months Ended June 30, Related Party Source Agreement & Description 2023 2022 2023 2022 Related Party Expense: Guggenheim Administrative Services Agreement - expense reimbursement $ 10,759 $ 32,901 $ 20,646 $ 61,037

Common Shares (Tables)

Common Shares (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of total common shares issued and proceeds received	Schedule of total common shares issued and proceeds received Six Months Ended June 30, 2023 Inception through June 30, 2023 Shares Amount Shares Amount Gross proceeds from Public Offerings — $ — 1,959,348 $ 50,158,691 Dealer Manager fees and commissions — — — (890,172 ) Net proceeds to the Company from Public Offerings — — 1,959,348 49,268,519 Reinvestment of shareholders’ distributions — — 278,752 6,762,060 Net proceeds from all issuance of Common Shares — $ — 2,238,100 $ 56,030,579 Average net proceeds per Common Share $ — $25.03
Schedule of quarterly tender offers, completed pursuant to the share repurchase	Schedule of quarterly tender offers, completed pursuant to the share repurchase Tender Offer Termination Date Total Number of Shares Offered to Repurchase Total Number of Shares Repurchased Total Consideration Price Paid per Share No. of Shares Repurchased / Total Offer No. of Shares Repurchased / Weighted Average Shares (1) 2021: March 8, 2021 (2) 45,564 81,704 $ 1,902,868 $ 23.29 179.3 % 4.48 % Total 45,564 81,704 $ 1,902,868 179.3 % Notes to Financial Statements (Unaudited) (1) Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters. (2) The Company filed a tender offer to purchase up to 45,564 Shares on February 1, 2021. In accordance with Rule 13e-4(f), the Company determined to accept for purchase up to an additional 2.0% of our then outstanding Shares, increasing the offer to 81,704 Shares. The Company repurchased 81,704 Shares which represents approximately 59% of all Shares that were validly tendered.

Distributions (Tables)

Distributions (Tables)	6 Months Ended
	Jun. 30, 2023
Distributions
Schedule of distributions	Schedule of distributions Record Date Payment Date Distribution per Share at Record Date Distribution per Share at Payment Date Distribution Amount For Fiscal Year 2023 March 22 March 23 $ 1.98000 $ 1.98000 $ 3,437,853 June 23 June 26 1.13000 1.13000 1,962,001 $ 3.11000 $ 5,399,854 For Fiscal Year 2022 February 3 February 7 $ 2.27000 $ 2.27000 $ 3,941,365 May 23 May 25 2.27000 2.27000 3,941,365 $ 4.54000 $ 7,882,730

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2023
Investment Company [Abstract]
Schedule of financial highlights	Schedule of financial highlights Six Months Ended June 30, 2023 2022 PER COMMON SHARE OPERATING PERFORMANCE Net asset value, beginning of period $ 7.44 $ 18.54 Net investment income (loss) (1) 0.04 0.28 Net unrealized appreciation (depreciation) from investment in GCIF (2) (0.06 ) (0.33 ) Net decrease resulting from operations (0.02 ) (0.05 ) Distributions to common shareholders Distributions from net investment income (3) (0.06 ) (0.39 ) Distributions representing return of capital (3) (3.05 ) (4.15 ) Net decrease resulting from distributions (3.11 ) (4.54 ) Net asset value, end of period $ 4.31 $ 13.95 INVESTMENT RETURNS Total investment return-net asset value (4) (0.61 )% (0.63 )% RATIOS/SUPPLEMENTAL DATA Net assets, end of period $ 7,489,274 $ 24,219,854 Average net assets (5) $ 10,700,957 $ 28,484,265 Common Shares outstanding, end of period 1,736,284 1,736,284 Weighted average Common Shares outstanding 1,736,284 1,736,284 Ratios-to-average net assets: (5) (6) Total operating expenses 0.63 % 0.68 % Net expenses 0.63 % 0.68 % Net investment income 0.72 % 1.73 %

Principal Business and Organi_2

Principal Business and Organization (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 29, 2018	Dec. 31, 2020	Jun. 30, 2023
Subsidiary, Sale of Stock [Line Items]
Covering a continuous public offering	$ 958,600
Outstanding common shares percentage			19.72%
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Gross capital raise amount		$ 50,000

Significant Accounting Polici_3

Significant Accounting Policies (Details Narrative)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Investment company taxable income percentage	90%
Net ordinary income percentage	98%
Capital gain net income percentage	98.20%
Nondeductible federal excise tax percentage	4%

Investments (Details)

Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Number of shares	5,046,351	5,046,351
Weighted average shares owned quarter	5,046,351	5,046,351
Investment weighted average shares owned year	5,046,351	5,046,351
Cost	$ 9,555,143	$ 14,809,703
Fair Value	$ 6,712,820	$ 12,081,088
% of Net Assets	89.60%	93.50%

Investments (Details Narrative)

Investments (Details Narrative)	58 Months Ended
	Aug. 11, 2020 $ / shares
Minimum [Member]
Acquired investment prices range	$ 7.06
Maximum [Member]
Acquired investment prices range	$ 8.59

Related Party Agreements and _3

Related Party Agreements and Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Guggenheim [Member]
Related Party Transaction [Line Items]
Administrative Services Agreement - expense reimbursement	$ 10,759	$ 32,901	$ 20,646	$ 61,037

Related Party Agreements and _4

Related Party Agreements and Transactions (Details Narrative)	6 Months Ended
	Jun. 30, 2023 USD ($)
Related Party Transactions [Abstract]
Organization and offering expenses percentage	1.50%
Average net assets attributable to its common shares	1.75%
Total amount of expense support received for reimbursement	$ 967,781

Common Shares (Details)

Common Shares (Details) - USD ($)	6 Months Ended	95 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Equity [Abstract]
Gross proceeds from Public Offerings, Sharesh		1,959,348
Gross proceeds from Public Offerings		$ 50,158,691
Dealer Manager fees and commissions, shares
Insurance and commission		$ (890,172)
Net proceeds to the Company from Public Offerings, Shares		1,959,348
Net proceeds to the Company from Public Offerings		$ 49,268,519
Reinvestment of shareholders' distributions, shares		278,752
Reinvestment of shareholders' distributions		$ 6,762,060
Net proceeds from all issuance of Common Shares, Shares		2,238,100
Net proceeds from all issuance of Common Shares		$ 56,030,579
Average net proceeds per Common Share		$ 25.03

Common Shares (Details 1)

Common Shares (Details 1)	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total Number of Shares Offered to Repurchase	45,564
Total Number of Shares Repurchased	81,704
Total Consideration | $	$ 1,902,868
Number of Shares Repurchased Total Offer	179.30%
March 8, 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Tender Offer Termination Date	March 8, 2021	[1]
Total Number of Shares Offered to Repurchase	45,564	[1]
Total Number of Shares Repurchased	81,704	[1]
Total Consideration | $	$ 1,902,868	[1]
Repurchase of Common Shares Price Paid per Share | $ / shares	$ 23.29	[1]
Number of Shares Repurchased Total Offer	179.30%	[1]
Number of Shares Repurchased or Weighted Average Shares	4.48%	[1],[2]
[1]The Company filed a tender offer to purchase up to 45,564 Shares on February 1, 2021. In accordance with Rule 13e-4(f), the Company determined to accept for purchase up to an additional 2.0% of our then outstanding Shares, increasing the offer to 81,704 Shares. The Company repurchased 81,704 Shares which represents approximately 59% of all Shares that were validly tendered.[2]Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters.

Distributions (Details)

Distributions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Distribution per Share at Payment Date	$ 3.11000	$ 4.54000
Distribution Amount	$ 5,399,854	$ 7,882,730
March 22, 2023 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Record Date	March 22
Payment Date	March 23
Distribution per Share at Record Date	$ 1.98000
Distribution per Share at Payment Date	$ 1.98000
Distribution Amount	$ 3,437,853
June 23, 2023 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Record Date	June 23
Payment Date	June 26
Distribution per Share at Record Date	$ 1.13000
Distribution per Share at Payment Date	$ 1.13000
Distribution Amount	$ 1,962,001
February 3, 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Record Date		February 3
Payment Date		February 7
Distribution per Share at Record Date		$ 2.27000
Distribution per Share at Payment Date		$ 2.27000
Distribution Amount		$ 3,941,365
May 23, 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Record Date		May 23
Payment Date		May 25
Distribution per Share at Record Date		$ 2.27000
Distribution per Share at Payment Date		$ 2.27000
Distribution Amount		$ 3,941,365

Financial Highlights (Details)

Financial Highlights (Details) - USD ($)		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investment Company [Abstract]
Net asset value, beginning of period		$ 7.44	$ 18.54
Net investment income (loss) (1)	[1]	0.04	0.28
Net unrealized appreciation (depreciation) from investment in GCIF	[2]	(0.06)	(0.33)
Net decrease resulting from operations		(0.02)	(0.05)
Distributions from net investment income	[3]	(0.06)	(0.39)
Distributions representing return of capital	[3]	(3.05)	(4.15)
Net decrease resulting from distributions		(3.11)	(4.54)
Net asset value, end of period		$ 4.31	$ 13.95
Total investment return-net asset value	[4]	(0.61%)	(0.63%)
Net assets, end of period		$ 7,489,274	$ 24,219,854	$ 12,925,546
Average net assets	[5]	$ 10,700,957	$ 28,484,265
Common Shares outstanding, end of period		1,736,284	1,736,284	1,736,284
Weighted average Common Shares outstanding		1,736,284	1,736,284
Total operating expenses	[5],[6]	0.63%	0.68%
Net expenses	[5],[6]	0.63%	0.68%
Net investment income	[5],[6]	0.72%	1.73%
[1]The per Common Share data was derived by using the weighted average Common Shares outstanding during the period presented.[2]The amounts shown at this caption are the balancing figures derived from the other figures in the schedule. The amounts shown at this caption for a Common Share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s Common Shares in relation to fluctuating market values for the portfolio.[3]The per Common Share data for distributions is the actual amount of distributions paid or payable per Common Share outstanding during the entire period; distributions per Common Share are rounded to the nearest $0.01. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital or a combination thereof, based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. The tax character of distribution shown above is an estimate since the exact amount cannot be determined at this point. As of June 30, 2023, the Company estimated distributions to be composed mostly of net investment income. The final determination of the tax character of distributions will not be made until we file our tax return.[4]Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s Common Shares at the beginning and end of the period, including distributions declared during the period. Total investment return-net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, plus any shares issued in connection with the reinvestment of monthly distributions and (iii) distributions payable relating to the ownership of shares, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Company’s distribution reinvestment plan, net of sales load, on each monthly distribution payment date. Because there is no public market for the Company’s shares, the terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s Common Shares. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results.[5]The computation of average net assets during the period is based on averaging the amount on the first day of the first month of the period and the last day of each month during the period.[6]The ratios-to-average net assets do not include any proportionate allocation of income and expenses incurred at the Master Fund. The Master Fund’s total expenses-to-average net assets for the six months ended June 30, 2023 and June 30, 2022, were 2.23% and 1.61%, respectively.