Altaba Inc.
Consolidated Schedule of Investments
As of September 30, 2019 (unaudited)
($ in thousands)
| Description | Principal $ /Shares / Units | Fair Value $ | ||||||||||||||||
| Affiliated Investments at Fair Value — 7.0% |
||||||||||||||||||
| Online Services and e-Commerce |
||||||||||||||||||
| Common shares - 7.0% |
||||||||||||||||||
| Alibaba Group Holding Limited (1)(2) |
|
5,000,000 | 836,150 | |||||||||||||||
| Total Affiliated Investments at Fair Value |
|
836,150 | ||||||||||||||||
| Unaffiliated Investments at Fair Value — 0.0% |
||||||||||||||||||
| Internet Software & Services |
||||||||||||||||||
| Common shares - 0.0% |
||||||||||||||||||
| SeatGeek, Inc. (1)(3) |
47,463 | 185 | ||||||||||||||||
| Total Common Shares (Cost — $9) |
185 | |||||||||||||||||
| Fixed Income Securities | Rate % (4) | Final Maturity (5) |
Principal $ | Fair Value $ | ||||||||||||||
| Money Market Funds — 27.0% |
||||||||||||||||||
| Fidelity Government Portfolio - Class I |
|
1.86 | 1,816,791 | 1,816,791 | ||||||||||||||
| Federated Government Obligations Fund - Institutional Class |
|
1.89 | 1,403,253 | 1,403,253 | ||||||||||||||
| JP Morgan U.S. Government Money Market Fund - Capital Class |
|
1.82 | 11,860 | 11,860 | ||||||||||||||
| Total Money Market Investments |
|
3,231,904 | 3,231,904 | |||||||||||||||
| Rate Type | Rate % (6) | Final Maturity |
Principal $ | Fair Value $ | ||||||||||||||
| Short Term |
||||||||||||||||||
| Corporate Debt — 1.3% |
||||||||||||||||||
| Financial — 0.3% |
||||||||||||||||||
| Berkshire Hathaway Finance Corp. |
Floating | 2.66 (3 month LIBOR USD + 0.32) | 1/10/2020 | 2,500 | 2,502 | |||||||||||||
| Branch Banking and Trust Co. |
Floating | 2.75 (3 month LIBOR USD + 0.45) | 1/15/2020 | 4,000 | 4,003 | |||||||||||||
| Mass Mutual Global Funding II |
Fixed | 1.95 | 9/22/2020 | 20,000 | 19,986 | |||||||||||||
| Protective Life Global Funding |
Fixed | 2.16 | 9/25/2020 | 7,000 | 7,011 | |||||||||||||
| Total |
33,500 | 33,502 | ||||||||||||||||
| Industrial — 1.0% |
||||||||||||||||||
| American Honda Finance Corp |
Fixed | 2.45 | 9/24/2020 | 20,000 | 20,096 | |||||||||||||
| Apple Inc. |
Floating | 2.41 (3 month LIBOR USD + 0.20) | 2/7/2020 | 13,506 | 13,511 | |||||||||||||
| Apple Inc. |
Floating | 2.25 (3 month LIBOR USD + 0.07) | 5/11/2020 | 7,000 | 6,995 | |||||||||||||
| Chevron Corp |
Floating | 2.35 (3 month LIBOR USD + 0.21) | 3/3/2020 | 12,000 | 12,008 | |||||||||||||
| Daimler Finance North America LLC |
Fixed | 2.30 | 1/6/2020 | 18,543 | 18,545 | |||||||||||||
| Honeywell International Inc. |
Floating | 2.55 (3 month LIBOR USD + 0.28) | 10/30/2019 | 3,563 | 3,564 | |||||||||||||
| Intel Corp |
Floating | 2.26 (3 month LIBOR USD + 0.08) | 5/11/2020 | 11,000 | 11,006 | |||||||||||||
| John Deere Capital Corporation |
Floating | 2.43 (3 month LIBOR USD + 0.30) | 3/13/2020 | 8,140 | 8,149 | |||||||||||||
| Siemens Financieringsmaatschappij NV |
Floating | 2.46 (3 month LIBOR USD + 0.34) | 3/16/2020 | 15,000 | 15,019 | |||||||||||||
| Toyota Motor Credit Corporation |
Floating | 2.56 (3 month LIBOR USD + 0.26) | 4/17/2020 | 12,000 | 12,011 | |||||||||||||
| Total |
120,752 | 120,904 | ||||||||||||||||
| Total Corporate Debt (Cost — $154,011) |
154,252 | 154,406 | ||||||||||||||||
| Rate % (7) | ||||||||||||||||||
| Commercial Paper — 97.0% |
||||||||||||||||||
| ABN Amro Funding USA LLC |
|
Zero Coupon |
|
2.44 | 12/12/2019 | 40,000 | 39,802 | |||||||||||
| ABN Amro Funding USA LLC |
|
Zero Coupon |
|
2.44 | 12/2/2019 | 70,000 | 69,701 | |||||||||||
| Allianz Finance Corp |
|
Zero Coupon |
|
2.13 | 10/18/2019 | 30,000 | 29,968 | |||||||||||
| Allianz Finance Corp |
|
Zero Coupon |
|
2.05 | 11/12/2019 | 28,000 | 27,931 | |||||||||||
| Archer-Daniels-Midland Company |
|
Zero Coupon |
|
— | 10/1/2019 | 100,000 | 100,000 | |||||||||||
| Australia and New Zealand Banking Group Limited |
|
Zero Coupon |
|
1.98 | 3/26/2020 | 100,000 | 99,022 | |||||||||||
| Australia and New Zealand Banking Group Limited |
|
Zero Coupon |
|
1.98 | 4/2/2020 | 75,000 | 74,237 | |||||||||||
| Automatic Data Processing, Inc. |
|
Zero Coupon |
|
0.98 | 10/2/2019 | 425,000 | 424,977 | |||||||||||
| Canadian Imperial Bank of Commerce |
|
Zero Coupon |
|
1.99 | 3/26/2020 | 50,000 | 49,508 | |||||||||||
| Canadian Imperial Bank of Commerce |
|
Zero Coupon |
|
1.98 | 4/1/2020 | 150,000 | 148,483 | |||||||||||
| Canadian Imperial Bank of Commerce |
|
Zero Coupon |
|
1.97 | 4/3/2020 | 50,000 | 49,491 | |||||||||||
| Canadian Imperial Bank of Commerce |
|
Zero Coupon |
|
1.98 | 4/28/2020 | 75,000 | 74,132 | |||||||||||
| Cargill, Inc |
|
Zero Coupon |
|
— | 10/1/2019 | 50,000 | 50,000 | |||||||||||
| Cargill, Inc |
|
Zero Coupon |
|
1.63 | 10/7/2019 | 100,000 | 99,968 | |||||||||||
| CDP Financial Inc |
|
Zero Coupon |
|
1.95 | 1/16/2020 | 75,000 | 74,561 | |||||||||||
| Credit Suisse AG |
|
Zero Coupon |
|
2.02 | 1/31/2020 | 26,495 | 26,312 | |||||||||||
| Credit Suisse AG |
|
Zero Coupon |
|
2.17 | 12/12/2019 | 50,000 | 49,780 | |||||||||||
| Cummins Inc. |
|
Zero Coupon |
|
1.89 | 10/15/2019 | 25,000 | 24,980 | |||||||||||
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank |
|
Zero Coupon |
|
2.06 | 11/12/2019 | 50,000 | 49,877 | |||||||||||
| Emerson Electric Co. |
|
Zero Coupon |
|
1.29 | 10/3/2019 | 30,000 | 29,997 | |||||||||||
| Exxon Mobil Corporation |
|
Zero Coupon |
|
1.85 | 10/10/2019 | 95,000 | 94,951 | |||||||||||
| Exxon Mobil Corporation |
|
Zero Coupon |
|
1.93 | 1/24/2020 | 75,000 | 74,533 | |||||||||||
| Exxon Mobil Corporation |
|
Zero Coupon |
|
1.52 | 10/4/2019 | 100,000 | 99,983 | |||||||||||
| Exxon Mobil Corporation |
|
Zero Coupon |
|
1.78 | 10/8/2019 | 30,000 | 29,988 | |||||||||||
| Exxon Mobil Corporation |
|
Zero Coupon |
|
2.11 | 10/15/2019 | 25,000 | 24,978 | |||||||||||
| Exxon Mobil Corporation |
|
Zero Coupon |
|
2.12 | 10/25/2019 | 125,000 | 124,816 | |||||||||||
| Exxon Mobil Corporation |
|
Zero Coupon |
|
1.81 | 10/7/2019 | 200,000 | 199,930 | |||||||||||
| Exxon Mobil Corporation |
|
Zero Coupon |
|
1.97 | 10/18/2019 | 170,000 | 169,832 | |||||||||||
| Rate % (7) | ||||||||||||||||
| Fédération des caisses Desjardins du Québec |
Zero Coupon |
2.10 | 10/15/2019 | 90,000 | 89,921 | |||||||||||
| Fédération des caisses Desjardins du Québec |
Zero Coupon |
2.15 | 10/17/2019 | 90,000 | 89,909 | |||||||||||
| Fédération des caisses Desjardins du Québec |
Zero Coupon |
2.15 | 10/24/2019 | 25,000 | 24,964 | |||||||||||
| General Dynamics Corporation |
Zero Coupon |
1.39 | 10/3/2019 | 118,000 | 117,986 | |||||||||||
| Groupe BPCE |
Zero Coupon |
2.00 | 1/15/2020 | 100,000 | 99,405 | |||||||||||
| Henkel Corporation |
Zero Coupon |
2.13 | 4/6/2020 | 90,000 | 88,994 | |||||||||||
| Henkel Corporation |
Zero Coupon |
2.10 | 10/18/2019 | 90,000 | 89,906 | |||||||||||
| Henkel Corporation |
Zero Coupon |
2.15 | 1/8/2020 | 52,000 | 51,690 | |||||||||||
| Henkel Corporation |
Zero Coupon |
2.15 | 1/10/2020 | 45,000 | 44,726 | |||||||||||
| Henkel Corporation |
Zero Coupon |
1.97 | 10/8/2019 | 50,000 | 49,978 | |||||||||||
| Henkel Corporation |
Zero Coupon |
2.09 | 10/17/2019 | 95,000 | 94,906 | |||||||||||
| Henkel Corporation |
Zero Coupon |
2.07 | 11/12/2019 | 50,000 | 49,876 | |||||||||||
| Henkel Corporation |
Zero Coupon |
2.03 | 11/13/2019 | 30,000 | 29,925 | |||||||||||
| Henkel Corporation |
Zero Coupon |
2.03 | 11/15/2019 | 100,000 | 99,740 | |||||||||||
| Henkel Corporation |
Zero Coupon |
2.03 | 11/19/2019 | 65,000 | 64,817 | |||||||||||
| Kimberly-Clark Corporation |
Zero Coupon |
1.75 | 10/10/2019 | 67,900 | 67,867 | |||||||||||
| Kimberly-Clark Corporation |
Zero Coupon |
1.65 | 10/7/2019 | 50,000 | 49,984 | |||||||||||
| Kimberly-Clark Corporation |
Zero Coupon |
1.70 | 10/8/2019 | 50,000 | 49,981 | |||||||||||
| Kimberly-Clark Corporation |
Zero Coupon |
1.73 | 10/9/2019 | 25,000 | 24,989 | |||||||||||
| Kimberly-Clark Corporation |
Zero Coupon |
1.76 | 10/11/2019 | 40,000 | 39,978 | |||||||||||
| Koch Industries, Inc. |
Zero Coupon |
1.78 | 10/10/2019 | 50,000 | 49,975 | |||||||||||
| Koch Industries, Inc. |
Zero Coupon |
1.80 | 10/11/2019 | 212,000 | 211,883 | |||||||||||
| Koch Industries, Inc. |
Zero Coupon |
1.86 | 10/15/2019 | 60,000 | 59,954 | |||||||||||
| Koch Industries, Inc. |
Zero Coupon |
1.96 | 10/18/2019 | 120,000 | 119,883 | |||||||||||
| Merck & Co., Inc. |
Zero Coupon |
1.77 | 10/15/2019 | 25,000 | 24,982 | |||||||||||
| Merck & Co., Inc. |
Zero Coupon |
1.82 | 10/23/2019 | 50,000 | 49,942 | |||||||||||
| Merck & Co., Inc. |
Zero Coupon |
1.82 | 10/25/2019 | 50,000 | 49,937 | |||||||||||
| Merck & Co., Inc. |
Zero Coupon |
1.84 | 11/1/2019 | 50,000 | 49,918 | |||||||||||
| Rate % (7) | ||||||||||||||||
| Mizuho Bank |
Zero Coupon |
2.16 | 1/13/2020 | 50,000 | 49,684 | |||||||||||
| National Australia Bank Limited |
Zero Coupon |
2.10 | 3/2/2020 | 40,000 | 39,641 | |||||||||||
| National Australia Bank Limited |
Zero Coupon |
2.12 | 10/28/2019 | 150,000 | 149,753 | |||||||||||
| National Rural Utilities Cooperative Finance Corp |
Zero Coupon |
1.46 | 10/4/2019 | 21,215 | 21,212 | |||||||||||
| National Securities Clearing Corporation |
Zero Coupon |
2.11 | 1/21/2020 | 50,000 | 49,669 | |||||||||||
| National Securities Clearing Corporation |
Zero Coupon |
2.08 | 1/9/2020 | 50,000 | 49,708 | |||||||||||
| National Securities Clearing Corporation |
Zero Coupon |
1.98 | 10/17/2019 | 65,000 | 64,939 | |||||||||||
| National Securities Clearing Corporation |
Zero Coupon |
1.95 | 10/21/2019 | 40,000 | 39,954 | |||||||||||
| National Securities Clearing Corporation |
Zero Coupon |
1.97 | 10/25/2019 | 50,000 | 49,932 | |||||||||||
| National Securities Clearing Corporation |
Zero Coupon |
1.98 | 10/28/2019 | 50,000 | 49,923 | |||||||||||
| Nationwide Building Society |
Zero Coupon |
2.39 | 10/21/2019 | 50,000 | 49,930 | |||||||||||
| Nederlandse Waterschapsbank N.V. |
Zero Coupon |
2.02 | 11/27/2019 | 62,000 | 61,798 | |||||||||||
| Nestle Capital Corporation |
Zero Coupon |
1.86 | 10/11/2019 | 100,000 | 99,943 | |||||||||||
| Nestle Capital Corporation |
Zero Coupon |
2.00 | 10/17/2019 | 50,000 | 49,953 | |||||||||||
| Nestle Capital Corporation |
Zero Coupon |
1.96 | 12/10/2019 | 220,000 | 219,149 | |||||||||||
| Nestle Capital Corporation |
Zero Coupon |
2.37 | 12/12/2019 | 45,000 | 44,784 | |||||||||||
| NIKE, Inc. |
Zero Coupon |
1.71 | 10/8/2019 | 96,000 | 95,964 | |||||||||||
| NIKE, Inc. |
Zero Coupon |
1.76 | 10/10/2019 | 30,000 | 29,985 | |||||||||||
| PACCAR Financial Corp. |
Zero Coupon |
1.02 | 10/2/2019 | 25,100 | 25,099 | |||||||||||
| PACCAR Financial Corp. |
Zero Coupon |
1.74 | 10/7/2019 | 22,500 | 22,492 | |||||||||||
| PACCAR Financial Corp. |
Zero Coupon |
1.93 | 10/28/2019 | 14,426 | 14,404 | |||||||||||
| PACCAR Financial Corp. |
Zero Coupon |
1.92 | 10/31/2019 | 29,750 | 29,701 | |||||||||||
| PACCAR Financial Corp. |
Zero Coupon |
1.92 | 11/1/2019 | 61,000 | 60,896 | |||||||||||
| PACCAR Financial Corp. |
Zero Coupon |
2.02 | 11/21/2019 | 8,925 | 8,899 | |||||||||||
| Pricoa Short Term Funding, LLC |
Zero Coupon |
2.40 | 11/15/2019 | 30,000 | 29,908 | |||||||||||
| Province of Alberta |
Zero Coupon |
1.95 | 1/14/2020 | 100,000 | 99,425 | |||||||||||
| Province of Alberta |
Zero Coupon |
1.97 | 2/6/2020 | 75,000 | 74,469 | |||||||||||
| Province of Alberta |
Zero Coupon |
2.28 | 10/30/2019 | 25,000 | 24,952 | |||||||||||
| Rate % (7) | ||||||||||||||||
| Province of Alberta |
Zero Coupon |
2.31 | 12/5/2019 | 29,000 | 28,877 | |||||||||||
| Province of British Columbia |
Zero Coupon |
1.99 | 11/13/2019 | 24,500 | 24,440 | |||||||||||
| Province of Quebec |
Zero Coupon |
1.98 | 11/18/2019 | 75,000 | 74,798 | |||||||||||
| PSP Capital Inc. |
Zero Coupon |
1.93 | 10/7/2019 | 92,000 | 91,965 | |||||||||||
| Royal Bank of Canada |
Zero Coupon |
1.94 | 3/18/2020 | 175,000 | 173,398 | |||||||||||
| Royal Bank of Canada |
Zero Coupon |
2.10 | 2/18/2020 | 75,000 | 74,382 | |||||||||||
| Santander UK plc |
Zero Coupon |
2.04 | 1/31/2020 | 63,781 | 63,336 | |||||||||||
| Simon Property Group, L.P. |
Zero Coupon |
1.07 | 10/2/2019 | 100,000 | 99,994 | |||||||||||
| Simon Property Group, L.P. |
Zero Coupon |
1.60 | 10/4/2019 | 118,000 | 117,979 | |||||||||||
| Simon Property Group, L.P. |
Zero Coupon |
1.92 | 10/11/2019 | 65,000 | 64,962 | |||||||||||
| Simon Property Group, L.P. |
Zero Coupon |
2.05 | 11/14/2019 | 30,000 | 29,923 | |||||||||||
| Simon Property Group, L.P. |
Zero Coupon |
2.05 | 11/21/2019 | 49,000 | 48,855 | |||||||||||
| Simon Property Group, L.P. |
Zero Coupon |
2.02 | 12/4/2019 | 40,000 | 39,854 | |||||||||||
| Simon Property Group, L.P. |
Zero Coupon |
2.07 | 11/5/2019 | 25,000 | 24,948 | |||||||||||
| Skandinaviska Enskilda Banken AB |
Zero Coupon |
2.18 | 12/10/2019 | 125,000 | 124,462 | |||||||||||
| Skandinaviska Enskilda Banken AB |
Zero Coupon |
2.02 | 12/20/2019 | 100,000 | 99,544 | |||||||||||
| Société Générale Société anonyme |
Zero Coupon |
2.04 | 11/26/2019 | 75,000 | 74,757 | |||||||||||
| Société Générale Société anonyme |
Zero Coupon |
2.05 | 10/15/2019 | 31,460 | 31,433 | |||||||||||
| St Engineering NA Inc. |
Zero Coupon |
2.08 | 1/13/2020 | 16,900 | 16,797 | |||||||||||
| St Engineering North America, Inc. |
Zero Coupon |
2.02 | 11/29/2019 | 30,000 | 29,899 | |||||||||||
| Sumitomo Mitsui Banking Corporation |
Zero Coupon |
2.01 | 1/14/2020 | 125,000 | 124,260 | |||||||||||
| Sumitomo Mitsui Banking Corporation |
Zero Coupon |
2.01 | 2/4/2020 | 50,000 | 49,645 | |||||||||||
| Sumitomo Mitsui Banking Corporation |
Zero Coupon |
2.37 | 11/14/2019 | 165,000 | 164,512 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd. |
Zero Coupon |
2.18 | 1/7/2020 | 200,000 | 198,802 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd. |
Zero Coupon |
2.18 | 1/16/2020 | 30,000 | 29,804 | |||||||||||
| The Bank of Nova Scotia |
Zero Coupon |
— | 10/1/2019 | 53,400 | 53,400 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.12 | 10/30/2019 | 25,000 | 24,956 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.12 | 11/1/2019 | 50,000 | 49,906 | |||||||||||
| Rate % (7) | ||||||||||||||||
| The Coca-Cola Company |
Zero Coupon |
1.13 | 10/2/2019 | 150,000 | 149,991 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
1.49 | 10/3/2019 | 150,000 | 149,981 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
1.68 | 10/4/2019 | 50,000 | 49,991 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
1.99 | 10/9/2019 | 25,000 | 24,988 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.13 | 1/21/2020 | 115,000 | 114,231 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.18 | 1/22/2020 | 48,000 | 47,669 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.13 | 1/23/2020 | 100,000 | 99,319 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.13 | 1/24/2020 | 50,000 | 49,657 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.08 | 2/24/2020 | 100,000 | 99,152 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.19 | 3/19/2020 | 70,000 | 69,273 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.36 | 11/14/2019 | 14,000 | 13,959 | |||||||||||
| The Coca-Cola Company |
Zero Coupon |
2.39 | 11/15/2019 | 45,000 | 44,863 | |||||||||||
| The Hershey Company |
Zero Coupon |
1.40 | 10/3/2019 | 50,000 | 49,994 | |||||||||||
| The Hershey Company |
Zero Coupon |
1.82 | 10/10/2019 | 20,000 | 19,990 | |||||||||||
| The Hershey Company |
Zero Coupon |
1.85 | 10/11/2019 | 50,000 | 49,972 | |||||||||||
| The Hershey Company |
Zero Coupon |
1.89 | 10/24/2019 | 50,000 | 49,937 | |||||||||||
| The Hershey Company |
Zero Coupon |
1.91 | 10/31/2019 | 41,000 | 40,933 | |||||||||||
| The Hershey Company |
Zero Coupon |
1.58 | 10/4/2019 | 25,000 | 24,996 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.11 | 2/18/2020 | 50,000 | 49,586 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.03 | 1/6/2020 | 69,525 | 69,141 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.20 | 1/10/2020 | 80,000 | 79,502 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.01 | 1/15/2020 | 20,200 | 20,079 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
1.97 | 3/3/2020 | 50,000 | 49,576 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.21 | 12/9/2019 | 100,000 | 99,571 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.01 | 1/9/2020 | 30,000 | 29,831 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.16 | 2/3/2020 | 20,000 | 19,849 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.10 | 2/6/2020 | 20,000 | 19,849 | |||||||||||
| Rate % (7) | ||||||||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.16 | 2/10/2020 | 75,000 | 74,401 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.00 | 4/24/2020 | 100,000 | 98,850 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
1.99 | 5/5/2020 | 40,000 | 39,518 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
1.99 | 6/26/2020 | 60,000 | 59,103 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
— | 10/1/2019 | 20,000 | 20,000 | |||||||||||
| The Toronto-Dominion Bank |
Zero Coupon |
2.32 | 10/18/2019 | 30,000 | 29,965 | |||||||||||
| Total Capital Canada Ltd. |
Zero Coupon |
1.13 | 10/2/2019 | 50,000 | 49,997 | |||||||||||
| Total Capital Canada Ltd. |
Zero Coupon |
1.51 | 10/3/2019 | 95,000 | 94,988 | |||||||||||
| Total Capital Canada Ltd. |
Zero Coupon |
1.93 | 10/8/2019 | 100,000 | 99,957 | |||||||||||
| Total Capital Canada Ltd. |
Zero Coupon |
2.08 | 10/18/2019 | 125,000 | 124,870 | |||||||||||
| Toyota Motor Credit Corporation |
Zero Coupon |
2.11 | 1/13/2020 | 100,000 | 99,385 | |||||||||||
| Toyota Motor Credit Corporation |
Zero Coupon |
2.11 | 1/14/2020 | 100,000 | 99,379 | |||||||||||
| Toyota Motor Credit Corporation |
Zero Coupon |
1.81 | 10/7/2019 | 120,000 | 119,958 | |||||||||||
| Toyota Motor Credit Corporation |
Zero Coupon |
1.88 | 10/9/2019 | 50,000 | 49,977 | |||||||||||
| Toyota Motor Credit Corporation |
Zero Coupon |
1.89 | 10/10/2019 | 200,000 | 199,895 | |||||||||||
| Toyota Motor Credit Corporation |
Zero Coupon |
1.91 | 10/16/2019 | 100,000 | 99,915 | |||||||||||
| Toyota Motor Credit Corporation |
Zero Coupon |
1.98 | 11/6/2019 | 150,000 | 149,695 | |||||||||||
| Toyota Motor Credit Corporation |
Zero Coupon |
2.39 | 11/25/2019 | 15,000 | 14,944 | |||||||||||
| Toyota Motor Credit Corporation |
Zero Coupon |
2.37 | 11/26/2019 | 50,000 | 49,813 | |||||||||||
| Unilever Capital Corporation |
Zero Coupon |
2.17 | 10/21/2019 | 21,000 | 20,973 | |||||||||||
| Unilever Capital Corporation |
Zero Coupon |
2.19 | 10/24/2019 | 55,000 | 54,920 | |||||||||||
| Unilever Capital Corporation |
Zero Coupon |
2.01 | 11/4/2019 | 38,000 | 37,926 | |||||||||||
| Walmart Inc. |
Zero Coupon |
1.65 | 10/7/2019 | 105,000 | 104,966 | |||||||||||
| Walmart Inc. |
Zero Coupon |
1.86 | 11/8/2019 | 21,805 | 21,761 | |||||||||||
| Walmart Inc. |
Zero Coupon |
1.86 | 11/18/2019 | 60,000 | 59,848 | |||||||||||
| Walmart Inc. |
Zero Coupon |
1.87 | 11/19/2019 | 41,850 | 41,741 | |||||||||||
| Walmart Inc. |
Zero Coupon |
1.68 | 10/8/2019 | 145,000 | 144,946 | |||||||||||
| Total Commercial Paper (Cost — $11,631,230) |
11,668,732 | 11,631,379 | ||||||||||||||
| Rate % (6) | ||||||||||||||||||
| Certificates of Deposits — 14.1% |
||||||||||||||||||
| Bank of Montreal |
Fixed | 2.10 | 1/2/2020 | 75,000 | 75,000 | |||||||||||||
| Bank of Montreal |
Fixed | 2.28 | 10/2/2019 | 55,000 | 55,000 | |||||||||||||
| Bank of Montreal |
Fixed | 2.34 | 10/9/2019 | 30,000 | 30,000 | |||||||||||||
| Bank of Montreal |
Fixed | 2.26 | 10/11/2019 | 60,000 | 60,000 | |||||||||||||
| Bank of Montreal |
Fixed | 2.00 | 12/27/2019 | 100,000 | 100,000 | |||||||||||||
| Bank of Montreal |
Floating | 2.39 (3 month LIBOR USD + 0.06) | 4/3/2020 | 65,000 | 64,997 | |||||||||||||
| Bank of Nova Scotia |
Floating | 2.23 (1 month LIBOR USD + 0.14) | 4/2/2020 | 200,000 | 200,000 | |||||||||||||
| Bank of Nova Scotia |
Floating | 2.20 (1 month LIBOR USD + 0.16) | 4/9/2020 | 150,000 | 150,000 | |||||||||||||
| Bank of Nova Scotia |
Floating | 2.66 (daily LIBOR USD + 0.26) | 4/16/2020 | 150,000 | 150,000 | |||||||||||||
| BNP Paribas |
Floating | 2.19 (1 month LIBOR USD + 0.15) | 3/9/2020 | 50,000 | 50,000 | |||||||||||||
| BNP Paribas |
Floating | 2.23 (1 month LIBOR USD + 0.19) | 3/9/2020 | 50,000 | 50,000 | |||||||||||||
| BNP Paribas |
Fixed | 2.25 | 10/1/2019 | 70,000 | 70,000 | |||||||||||||
| BNP Paribas |
Fixed | 2.26 | 12/11/2019 | 70,000 | 70,000 | |||||||||||||
| BNP Paribas |
Fixed | 1.94 | 2/14/2020 | 50,000 | 50,000 | |||||||||||||
| BNP Paribas |
Fixed | 2.20 | 12/18/2019 | 100,000 | 100,000 | |||||||||||||
| Credit Suisse AG |
Fixed | 2.67 | 2/7/2020 | 54,900 | 54,958 | |||||||||||||
| Mizuho Bank |
Fixed | 2.30 | 10/18/2019 | 25,000 | 25,000 | |||||||||||||
| Mizuho Bank |
Fixed | 2.08 | 2/7/2020 | 25,000 | 25,000 | |||||||||||||
| Norinchukin Bank |
Fixed | 2.20 | 1/10/2020 | 40,000 | 39,997 | |||||||||||||
| Norinchukin Bank |
Fixed | 2.20 | 1/16/2020 | 150,000 | 150,000 | |||||||||||||
| Sumitomo Mitsui Trust Bank Ltd. |
Fixed | 2.25 | 1/8/2020 | 97,000 | 97,003 | |||||||||||||
| Sumitomo Mitsui Trust Bank Ltd. |
Fixed | 2.25 | 1/9/2020 | 25,000 | 25,000 | |||||||||||||
| Total Certificates of Deposits (Cost — $1,691,954) |
1,691,900 | 1,691,955 | ||||||||||||||||
| Rate % (7) | ||||||||||||||||||
| Agency Notes — 8.2% |
||||||||||||||||||
| Federal Home Loan Banks |
|
Zero Coupon |
|
1.86 | 1/3/2020 | 100,000 | 99,517 | |||||||||||
| Federal Home Loan Banks |
|
Zero Coupon |
|
1.48 | 10/4/2019 | 167,100 | 167,073 | |||||||||||
| Federal Home Loan Banks |
|
Zero Coupon |
|
1.76 | 10/9/2019 | 70,000 | 69,970 | |||||||||||
| Federal Home Loan Banks |
|
Zero Coupon |
|
1.78 | 10/10/2019 | 50,000 | 49,976 | |||||||||||
| Federal Home Loan Banks |
|
Zero Coupon |
|
1.89 | 10/23/2019 | 338,350 | 337,947 | |||||||||||
| Federal Home Loan Banks |
|
Zero Coupon |
|
1.91 | 11/22/2019 | 16,000 | 15,955 | |||||||||||
| Federal Home Loan Banks |
|
Zero Coupon |
|
1.91 | 12/20/2019 | 50,000 | 49,789 | |||||||||||
| Tennessee Valley Authority |
|
Zero Coupon |
|
1.83 | 10/9/2019 | 199,000 | 198,910 | |||||||||||
| Total Agency Notes (Cost — $989,053) |
990,450 | 989,137 | ||||||||||||||||
| Rate % (6) (7) | ||||||||||||||||||
| U.S. Government Debt — 2.5% |
||||||||||||||||||
| United States Treasury |
|
Zero Coupon |
|
1.80 | 12/12/2019 | 150,000 | 149,464 | |||||||||||
| United States Treasury |
|
Zero Coupon |
|
1.75 | 12/19/2019 | 150,000 | 149,429 | |||||||||||
| Rate % (6) (7) | ||||||||||||||||||
| Total U.S. Government Debt (Cost — $298,722) |
300,000 | 298,893 | ||||||||||||||||
| Total Short Term Fixed Income Securities (Cost — $14,764,970) — 123.2% |
14,805,334 | 14,765,770 | ||||||||||||||||
| Long Term |
||||||||||||||||||
| Corporate Debt — 0.7% |
||||||||||||||||||
| Financial — 0.5% |
||||||||||||||||||
| US Bank |
Fixed | 2.05 | 10/23/2020 | 25,000 | 25,018 | |||||||||||||
| Wells Fargo Bank |
Fixed | 2.60 | 1/15/2021 | 35,000 | 35,258 | |||||||||||||
| Total |
60,000 | 60,276 | ||||||||||||||||
| Industrial — 0.2% |
||||||||||||||||||
| American Honda Finance Corp |
Fixed | 2.65 | 2/12/2021 | 12,500 | 12,623 | |||||||||||||
| American Honda Finance Corp |
Floating | 2.39 (3 month LIBOR USD + 0.21) | 2/12/2021 | 12,500 | 12,496 | |||||||||||||
| Total |
25,000 | 25,119 | ||||||||||||||||
| Total Corporate Debt (Cost — $84,768) |
85,000 | 85,395 | ||||||||||||||||
| Total Long Term Fixed Income Securities |
|
85,000 | 85,395 | |||||||||||||||
| Total Unaffiliated Investments |
|
18,122,238 | 18,083,254 | |||||||||||||||
| Units | Fair Value $ | |||||||||||||||||
| Investment in Controlled Affiliate |
||||||||||||||||||
| Internet Software & Services |
||||||||||||||||||
| Excalibur IP, LLC (1)(3) |
3,420 | 223,000 | ||||||||||||||||
| Total Investment in Controlled Affiliate |
223,000 | |||||||||||||||||
|
|
|
|||||||||||||||||
| Total Investments — 159.7% |
|
19,142,404 | ||||||||||||||||
| Other Liabilities/Other Assets — (59.7)% |
|
(7,153,269 | ) | |||||||||||||||
|
|
|
|||||||||||||||||
| Net Assets Applicable to Common Shares — 100% |
|
$ | 11,989,135 | |||||||||||||||
|
|
|
|||||||||||||||||
| (1) | Non-income producing securities. |
| (2) | The Fund is a party to a registration rights agreement with respect to its Alibaba Shares. The registration rights agreement contains provisions restricting the ability to sell the Alibaba Shares in certain circumstances. For a further description see the Fund’s Registration Statement on Form N-2. |
| (3) | Fair-value investment. Represents fair value measured in good faith under procedures approved by the Board of Directors, aggregate holdings equal to less than 1% of the net assets of the Fund. |
| (4) | Presented rate represents the Money Market Fund’s average 7-day % yield. |
| (5) | Money Market Funds do not have a set maturity date. |
| (6) | For fixed and floating rate bonds, the rate presented is the coupon rate as of September 30, 2019. LIBOR stands for London Interbank Offered Rate. |
| (7) | For zero coupon bonds, the rate presented is Yield as of September 30, 2019. |
At September 30, 2019, the tax cost basis of the Fund’s investments (in thousands) was $18,287,465 and the unrealized appreciation and depreciation were $854,939 and $0, respectively, with a net unrealized appreciation of $854,939.
Hierarchy of Fair Value Inputs
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2—Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
Level 3—Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing management’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following table reflects the valuation level used in the consolidated schedule of investments as of September 30, 2019 for the Fund’s assets (in thousands):
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Affiliated investments |
$ | 836,150 | $ | — | $ | — | $ | 836,150 | ||||||||
| Unaffiliated investments: |
||||||||||||||||
| Common shares |
— | — | 185 | 185 | ||||||||||||
| Money market funds |
3,231,904 | — | — | 3,231,904 | ||||||||||||
| Fixed income securities: |
||||||||||||||||
| Corporate debt - short and long term |
— | 239,801 | — | 239,801 | ||||||||||||
| Commercial paper |
— | 11,631,379 | — | 11,631,379 | ||||||||||||
| Certificates of deposits |
— | 1,691,955 | — | 1,691,955 | ||||||||||||
| U.S. government debt |
— | 1,288,030 | — | 1,288,030 | ||||||||||||
| Investment in controlled affiliate: |
||||||||||||||||
| Excalibur (1) |
— | — | 223,000 | 223,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total financial assets at fair value |
$ | 4,068,054 | $ | 14,851,165 | $ | 223,185 | $ | 19,142,404 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Excalibur assets relates to the Fund’s patent portfolio. |
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value (in thousands):
| Assets | Liabilities | |||||||||||||||
| Total Investments in Securities |
Unaffiliated Investments |
Investment in Controlled Affiliate |
Written Warrants |
|||||||||||||
| Balance as of January 1, 2019 |
$ | 250,185 | $ | 185 | $ | 250,000 | $ | (23,974) | ||||||||
| Purchases |
— | — | — | 101,594 | ||||||||||||
| Sales |
(27,006 | ) | — | (27,006 | ) | — | ||||||||||
| Change in unrealized appreciation (depreciation) |
(27,000 | ) | — | (27,000 | ) | (67,536 | ) | |||||||||
| Realized gain (loss) |
27,006 | — | 27,006 | (10,084 | ) | |||||||||||
| Transfers out of Level 3 |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Balance as of September 30, 2019 |
$ | 223,185 | $ | 185 | $ | 223,000 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The change in unrealized appreciation (depreciation) attributable to assets owned on September 30, 2019, which were valued using significant unobservable inputs (Level 3) amounted to $(27,000).
The fair values of Altaba’s Level 1 financial assets and liabilities are based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. The fair values of Altaba’s Level 2 financial assets and liabilities are obtained using quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices (e.g., interest rates and yield curves). Altaba utilizes a pricing service to assist in obtaining fair value pricing for the marketable debt securities.
| Type of investment |
Fair Value at September 30, 2019 (in thousands) |
Valuation Technique | Unobservable Inputs | |||||||||
| Unaffiliated investments - common shares |
$ | 185 | Transaction price | Price per share | $3.90 | |||||||
| Investment in controlled affiliate - Excalibur |
$ | 223,000 | Income approach | Number of patents plus applications pending |
3,420 | |||||||
| Discount rate | 12.5% | |||||||||||
Investments in Affiliates
If the Fund’s holding represents ownership of 5% or more of voting securities of a company, the company is deemed to be an affiliate as defined in the 1940 Act. The Fund had the following transactions during the period ended September 30, 2019 with affiliated companies(1):
| Alibaba Group Holding Limited |
||||
| Balance of shares held at January 1, 2019 |
283,315,416 | |||
| Purchases |
— | |||
| Sales |
(278,315,416 | ) | ||
| Balance of shares held at September 30, 2019 |
5,000,000 | |||
| Fair value as of September 30, 2019(2) |
$ | 836,150 | ||
| Change in unrealized appreciation (depreciation)(2) |
$ | (36,022,364 | ) | |
| Distributions |
$ | — | ||
| Net realized gain (loss)(2) |
$ | 44,017,327 | ||
| Excalibur IP, LLC |
||||
| Balance of patents held and applications pending at January 1, 2019 |
3,420 | |||
| Change in patents held |
— | |||
| Balance of patents held and applications pending at September 30, 2019 |
3,420 | |||
| Fair value as of September 30, 2019(2) |
$ | 223,000 | ||
| Change in unrealized appreciation (depreciation)(2) |
$ | (27,000 | ) | |
| Distributions |
$ | — | ||
| Net realized gain (loss)(2) |
$ | 27,006 | ||
| (1) | Affiliated issuer, as defined in the Investment Company Act of 1940, as amended. |
| (2) | In thousands. |