MA Specialty Credit Income Fund
Data through 2026-06-30 · latest filing N-CSRS filed 2026-09-04
Sponsored by MA Asset Management. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- Net assets
- $172.4M
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-09-04 · period 2026-06-30
Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
“Consolidated Statement of Assets and Liabilities June 30, 2026 (Unaudited) Assets: Investments in securities, at value (cost $179,149,558) $ 176,871,707 Investments in short-term investments, at value (cost $14,713,017) 14,713,017 Cash 1,947,066 Interest receivable 1,895,193 Fund shares sold 110,251 Prepaid expenses 136,951 Other assets 18,622 Total Assets $ 195,692,807 Liabilities: Secured credit facility (net of deferred financing fees of $116,623) (see note 7) $ 22,583,377 Payable to Adviser 105,661 Interest on secured credit facility 162,883 Accounting and administrative fees 25,321 Transfer agent fees and expenses 7,900 Professional fees 129,619 Custody fees 3,859 Chief compliance officer fees 772 Deferred loan revenue 117,680 Other accrued expenses 112,367 Total Liabilities 23,249,439 Net assets $ 172,443,368”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-06-30 - NAV / share
- Not yet compiled Not yet compiled
- Net flows, last qtr
- +6.2% qtr ended 2026-03-31
- Distribution coverage (NII)
- Not yet compiled Not yet compiled
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- +9.20% SEC-filed fiscal year return 2025-01-01 to 2025-12-31 · Fund · SEC source 0001213900-26-097478
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
ABL REV IHC F 63026 REVOLVER 06/30/26 was newly flagged defaulted in the March 31, 2026 N-PORT: 2.42% of portfolio value ($4,013,975). (2026-03-31)
ABL REV IHC F 63026 REVOLVER 06/30/26 was newly flagged defaulted in the March 31, 2026 N-PORT: 2.42% of portfolio value ($4,013,975). The December 31, 2025 report carried no flag.
Why it matters and what changed
The fund's own filing flags a portfolio investment as in default or non-accrual. This is a named credit failure inside the book, and the disclosed size tells you whether it dents NAV or merely trims income.
Position size in the filing: 2.42% of portfolio value.
Source: nport-diff:2026-03-31:flag:abl rev ihc f 63026 revolver 06/30/26 /
D1 crossed its monitoring threshold for the period ended 2026-03-31.
D1 crossed its monitoring threshold for the period ended 2026-03-31.
Why it matters and what changed
New defaults and write-downs across the current and prior reporting period add up to 1% or more of the portfolio, whatever any single position's size.
current level $2.42 (no prior-period value stored)
Source: nport-diff:2026-03-31:flag:abl rev ihc f 63026 revolver 06/30/26 /
The fund's expense cap of 1.50% of net assets has applied and expires May 1, 2027.
The fund's expense cap of 1.50% of net assets has applied and expires May 1, 2027.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/2015849/000110465926051548/tm2612619d1_486bpos.htm | Fund Expenses - Expense Limitation Agreement, pp46-47; the Expense Cap excludes interest and other costs of credit, taxes, brokerage, co-investment expenses, litigation and extraordinary expenses, Incentive Fees and distribution or shareholder servicing fees
Historical findings (2)
New share sales fell 70% from the prior period ($11.4M -> $3.5M, period ended 2025-05-31).
Redemption demand reached 80% of the fund's stated cap in the offer that expired 2024-11-12; pressure is building short of the gate.
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2026-01-01 to 2026-06-30 | Fund | basis not stated in the filed row | +3.91% | SEC source 0001213900-26-097478 |
| 2025-01-01 to 2025-12-31 | Fund | basis not stated in the filed row | +9.20% | SEC source 0001213900-26-097478 |
| 2024-05-28 to 2024-12-31 | Fund | basis not stated in the filed row | +5.50% | SEC source 0001213900-26-097478 |
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-03-31 | ABL REV IHC F 63026 REVOLVER 06/30/26 was newly flagged defaulted in the March 31, 2026 N-PORT: 2.42% of portfolio value ($4,013,975). The December 31, 2025 report carried no flag. |
| 2026-03-31 | BCRED BSL CLO 2021-1, LTD (1.2% of portfolio value in the 2025-12-31 report, $1,848,523) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | xcal 2019-il-1 mortgage trust (2.6% of portfolio value in the 2025-12-31 report, $3,986,740) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | New position BCRED CLO LTD: 1.1% of portfolio value ($1,852,478) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position XCAL Mortgage Trust: 2.4% of portfolio value ($3,962,388) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | ABL REV IHC F 63027 REVOLVER 06/30/27 / (1.7% of portfolio value in the 2025-09-30 report, $2,270,267) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | ABL REV RF F 4/15/26 REVOLVER 5/28/24 / (7.3% of portfolio value in the 2025-09-30 report, $9,623,827) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | BCRED CLO LLC (1.4% of portfolio value in the 2025-09-30 report, $1,851,850) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | X-Caliber Funding LLC (3.1% of portfolio value in the 2025-09-30 report, $4,164,704) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | New position ABL REV IHC F 63026 REVOLVER 06/30/26 /: 2.8% of portfolio value ($4,302,048) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position ABL REV RF F 4/15/28 REVOLVER 4/15/2028 /: 6.2% of portfolio value ($9,721,002) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position BCRED BSL CLO 2021-1, LTD: 1.2% of portfolio value ($1,848,523) as of 2025-12-31; absent from the 2025-09-30 report. |
Where exit demand met the cap.
Every one of the 4 disclosed periods was filled in full. Early Withdrawal Charge on Shares Repurchased Within 365 Days of Purchase ( as a percentage of proceeds ) None None Maximum contingent deferred sales charge None None
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-05-13 | - | 100% | 39% | filled |
| 2026-02-09 | - | 100% | 27% | filled |
| 2025-11-12 | - | 100% | 22% | filled |
| 2025-08-12 | - | - | 0% | Not yet compiled |
| 2025-05-12 | - | - | 0% | Not yet compiled |
| 2025-02-07 | - | - | 0% | Not yet compiled |
| 2024-11-12 | - | 100% | 80% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2026-04-29.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class F | Servicing-fee class for brokerage or platform distribution. | 0.00% | 50 bps | $2,500 | - |
| Class S | No-load, high-minimum class; terms indicate advisory or large-account access. | 0.00% | 0 bps | $1,000,000 | - |
Management fee: 0.95% of average daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001104659-26-051548.
Filed fee conditions
The Management Fee is calculated and payable monthly in arrears at the annual rate of 0.95% of the average daily value of the Fund’s Net Assets. The Management Fees incurred during the fiscal period ended December 31, 2025
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class S | 0.95% | 15% of income, 6% hurdle
*
Incentive Fee: 15.00% of pre-incentive fee net investment income; Quarterly hurdle rate of 1.50%, printed as an annualized 6.00%, with a catch-up running to 2.1429% per quarter, printed as 8.57% annualized. SEC source 0001104659-26-051548 |
0.00% | 0 bps | - | - |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Performance · Incentive Fee | 15.00% | pre-incentive fee net investment income | Quarterly hurdle rate of 1.50%, printed as an annualized 6.00%, with a catch-up running to 2.1429% per quarter, printed as 8.57% annualized.* |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (7)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The Management Fee is calculated and payable monthly in arrears at the annual rate of 0.95% of the average daily value of the Fund’s Net Assets. The Management Fees incurred during the fiscal period ended December 31, 2025 | 0.95 pct annual of average daily net assets | - |
| expense_limitation | of credit, taxes, brokerage costs, the Fund’s proportionate share of expenses related to co-investments, litigation and extraordinary expenses, (ii) Incentive Fees and (iii) any distribution and/or shareholder servicing fees) exceed 1.50% of the average NAV of such class (the “Expense Cap”). In consideration of the Adviser’s agreement to waive its Management Fee and/or reimburse the Fund’s operating expenses, the Fund has agreed to repay the Adviser in the amount of any waived Management Fees and Fund expenses reimbursed in respect of each of Class S Shares and Class F Shares subject to the limitation that a reimbursement (an “Adviser Recoupment”) will be made only if and to the extent that: (i) it is payable not more than three years from the date on which the applicable waiver or expen The Expense Limitation Agreement will remain in effect until May 1, 2027, unless and until the Board approves its modification or termination. | 1.5 pct of average nav of the class excluding specified expenses | - |
| fee_waiver | Pursuant to a Management Fee Waiver Agreement between the Fund and the Adviser, the Adviser has contractually agreed, through the first year after the date on which the Fund’s Net Assets equal $250 million, but in no instance sooner than May 1, 2027, to waive (i) the Management Fee it is entitled to receive from the Fund pursuant to the Investment Advisory Agreement to the extent necessary to limit its Management Fee to 0.70% of the average daily value of the Fund’s Net Assets and (ii) the catch-up feature related to the Incentive Fee, with the effect that the Incentive Fee will equal 15% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the hurdle rate. The Adviser may not seek reimbursement from the Fund with respect to the Management Fee and Incentive Fee waived pursuant to the Management Fee Waiver Agreement. | 0.7 pct annual of average daily net assets management fee limit under waiver | - |
| incentive_fee_schedule | Incentive Fee The Incentive Fee is calculated and payable quarterly in arrears based upon the Fund’s “pre-incentive fee net investment income” for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund’s Net Assets equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a “catch-up” feature. For this purpose, “pre-incentive fee net investment income” means interest income, dividend income, and any other income earned or accrued during the calendar quarter, minus the Fund’s operating expenses (which, for this purpose shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or Incentive Fee) for the quarter. For purposes of the Incentive Fee, Net Assets are calculated for the relevant quarter as the weighted average of the NAV of the Fund as of the first business day of each month therein. The weighted average NAV shall be calculated for each month by multiplying the NAV as of the beginning of the first business day of the month times the number of days in that month, divided by the number of days in the applicable calendar quarter. The calculation of the Incentive Fee for each calendar quarter is as follows: ● No Incentive Fee is payable to the Adviser if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the Fund’s Net Assets in respect of the relevant calendar quarter, does not exceed the quarterly hurdle rate of 1.50%; ● 50% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the hurdle rate but is less than or equal to 2.1429% (the “catch-up”) is payable to the Adviser if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the Fund’s Net Assets in respect of the relevant calendar quarter, exceeds the hurdle rate but is less than or equal to 2.1429% (8.57% annualized). The “catch-up” provision is intended to provide the Adviser with an incentive fee of 15% on all of the Fund’s pre-incentive fee net investment income when the Fund’s pre-incentive fee net investment income reaches 2.1429% of Net Assets; and 48 ● 15% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the “catch-up” is payable to the Adviser if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the Fund’s Net Assets in respect of the relevant calendar quarter, exceeds 2.1429% (8.57% annualized). As a result, once the hurdle rate is reached and the catch-up is achieved, 15% of all the Fund’s pre-incentive fee net investment income thereafter is allocated to the Adviser. | 15.0 pct of pre incentive fee net investment income above catch up | - |
| leverage_ceiling | Subject to prevailing market conditions, the Fund may obtain financial leverage on a secured or unsecured basis if, immediately after such borrowing, it would have asset coverage (as defined in the 1940 Act) of 300% or more (for leverage obtained through debt) or 200% or more (for leverage obtained through preferred stock). Any leverage or investment capital obtained by or provided to the Fund may be secured by any or all assets of the Fund. For example, if the Fund has $100 in Net Assets (as defined below), it may utilize leverage through obtaining debt of up to $50, resulting in $150 in total assets (or 300% asset coverage). In addition, if the Fund has $100 in Net Assets, it may issue $100 in preferred stock, resulting in $200 in total assets (or 200% asset coverage). | 300.0 asset coverage | - |
| lockup_or_early_repurchase_fee | Early Withdrawal Charge on Shares Repurchased Within 365 Days of Purchase ( as a percentage of proceeds ) None None Maximum contingent deferred sales charge None None | 0.0 pct of proceeds on shares repurchased within 365 days | - |
| repurchase_program_terms | The Fund is an “interval fund,” a type of fund which, to provide some liquidity to Shareholders, makes quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares. Quarterly repurchases will occur in the months of February, May, August and November. | 5.0 pct of outstanding shares per quarter expected minimum | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-09-04 | N-CSRS | 0001213900-26-097478 |
| 2026-07-08 | N-23C3A | 0001213900-26-076237 |
| 2026-05-27 | NPORT-P | 0001193125-26-242080 |
| 2026-04-29 | 486BPOS | 0001104659-26-051548 |
| 2026-04-08 | N-23C3A | 0001213900-26-041334 |
| 2026-03-05 | N-CSR | 0001213900-26-023978 |
| 2026-02-19 | NPORT-P | 0001193125-26-059540 |
| 2026-01-05 | N-23C3A | 0001213900-26-000829 |
| 2025-11-25 | NPORT-P | 0001193125-25-297300 |
| 2025-10-08 | N-23C3A | 0001213900-25-097258 |
| 2025-09-04 | N-CSRS | 0001104659-25-087502 |
| 2025-08-26 | NPORT-P | 0001145549-25-053951 |
| 2025-07-08 | N-23C3A | 0001104659-25-066323 |
| 2025-05-30 | NPORT-P | 0001145549-25-037949 |
| 2025-04-07 | N-23C3A | 0001104659-25-032513 |