N-Q 1 d643374dnq.htm INSIGHT SELECT INCOME FUND Insight Select Income Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number            811-02201                               

                             Insight Select Income Fund                                    

(Exact name of registrant as specified in charter)

200 Park Avenue, 7th Floor

                             New York, NY 10166                                 

(Address of principal executive offices) (Zip code)

Clifford D. Corso

200 Park Avenue, 7th Floor

                             New York, NY 10166                                

(Name and address of agent for service)

Registrant’s telephone number, including area code:         212-527-1800          

Date of fiscal year end: March 31 

Date of reporting period: December 31, 2018

Item 1. Schedule of Investments.

The Schedule of Investments is attached herewith.

SCHEDULE OF INVESTMENTS  (Unaudited)    December 31, 2018

 

    Moody’s/
Standard &
  Poor’s Rating(a)  		   Principal
Amount (000’s)		    

Value  

  (Note 1)

  

CORPORATE DEBT SECURITIES (77.29%)

 

AUTOMOTIVE (2.60%)

 

Ford Holdings LLC, Co. Gty., 9.30%, 03/01/30   Baa3/BBB   $                     1,000                   $ 1,170,100  
Ford Motor Co., Sr. Unsec. Notes, 8.90%, 01/15/32   Baa3/BBB     500                   562,363  
Ford Motor Credit Co. LLC, Sr. Unsec. Notes, 2.343%, 11/02/20   Baa3/BBB     1,719                   1,653,820  
General Motors Financial Co. Inc., Sr. Unsec. Notes, (3M LIBOR +1.10%), 3.692%, 11/06/21(e)   Baa3/BBB     2,115                   2,058,597  
     

 

 

  
     

 

 

 

        5,444,880

 

 

     

 

 

  

CHEMICALS (1.32%)

 

Celgene Corp., Sr. Unsec. Notes, 5.00%, 08/15/45(b)   Baa2/BBB+     60                   55,481  
OLIN Corp., Sr. Unsec. Notes, 5.00%, 02/01/30(b)   Ba1/BB+     379                   332,099  
Union Carbide Corp., Sr. Unsec. Notes, 7.75%, 10/01/96   Baa2/BBB     2,000                   2,365,493  
     

 

 

  
     

 

 

 

2,753,073

 

 

     

 

 

  

COMMERCIAL SERVICES (0.25%)

 

Global Partners LP, Co. Gty., Class Global Partners LP, 6.25%, 07/15/22(b)   B2/B+     555                   524,475  
     

 

 

  

DIVERSIFIED FINANCIAL SERVICES (11.06%)

 

Bank of America Corp., Sr. Unsec. Notes, (3M LIBOR +0.79%), 3.004%, 12/20/23(b),(c)   A3/A-     758                   736,782  
Bank of America Corp., Sr. Unsec. Notes, (3M LIBOR +0.81%), 3.366%, 01/23/26(b),(c)   A3/A-     559                   534,455  
Bank of Nova Scotia, Jr. Sub. Notes, (3M LIBOR +2.648%), 4.65%, 10/12/22(b),(c),(d)   Baa3/BBB-     586                   507,989  
Barclays Bank PLC, Sr. Unsec. Notes, (3M LIBOR +0.46%), 2.88%, 01/11/21(b),(e)   A2/A     1,233                   1,215,109  
Barclays PLC, Sub. Notes, 4.836%, 05/09/28(b)   Ba1/BB+     906                   831,772  
CDP Financial, Inc., Co. Gty., 4.40%, 11/25/19, 144A   Aaa/AAA     400                   405,729  
Citigroup, Inc., Sr. Unsec. Notes, (3M LIBOR +1.563%), 3.887%, 01/10/28(b),(c)   Baa1/BBB+     1,100                   1,061,400  
Citigroup, Inc., Sr. Unsec. Notes, 8.125%, 07/15/39   Baa1/BBB+     70                   97,115  
Citigroup, Inc., Sr. Unsec. Notes, 4.65%, 07/23/48(b)   Baa1/BBB+     812                   793,580  
Citigroup, Inc., Sub. Notes, 4.60%, 03/09/26   Baa3/BBB     988                   975,097  
Citigroup, Inc., Sub. Notes, 5.30%, 05/06/44   Baa3/BBB     926                   922,837  
Credit Agricole SA, Sub. Notes, (5Yr Swap +1.644%), 4.00%, 01/10/33, 144A(b),(c)   Baa2/BBB+     1,025                   938,638  
Discover Financial Services, Sr. Unsec. Notes, 10.25%, 07/15/19   Baa3/BBB-     200                   206,769  
GE Capital International Funding, Co. Gty., 4.418%, 11/15/35   Baa1/BBB+     588                   492,489  
General Electric Co., Sr. Unsec. Notes, 6.875%, 01/10/39   Baa1/BBB+     287                   300,060  
Goldman Sachs Group, Inc., Sr. Unsec. Notes, 3.50%, 11/16/26(b)   A3/BBB+     1,040                   960,597  
Goldman Sachs Group, Inc., Sr. Unsec. Notes, (3M LIBOR +1.75%), 4.259%, 10/28/27(b),(e)   A3/BBB+     550                   528,362  
HSBC Capital Funding LP, Co. Gty., (3M LIBOR +4.98%), 10.176%, 06/30/30, 144A(b),(c),(d)   Baa2/BBB-     2,180                   3,128,300  
JPMorgan Chase & Co., Jr. Sub. Notes, (3M LIBOR +3.47%), 5.99%, 04/30/19(b),(c),(d)   Baa2/BBB-     1,435                   1,415,269  
JPMorgan Chase & Co., Jr. Sub. Notes, (3M LIBOR +2.58%), 4.625%, 11/01/22(b),(c),(d)   Baa2/BBB-     1,159                   982,137  
Lincoln Finance, Ltd., Sr. Sec. Notes, 7.375%, 04/15/21, 144A(b)   B1/BB+     225                   227,813  
Nuveen LLC, Co. Gty., 4.00%, 11/01/28, 144A(b)   Aa2/AA     642                   661,534  
PNC Financial Services Group, Inc., Jr. Sub. Notes, (3M LIBOR +3.30%), 5.00%, 11/01/26(b),(c),(d)   Baa2/BBB-     1,587                   1,460,040  
Santander UK PLC, Sr. Unsec. Notes, (3M LIBOR +0.30%), 2.882%, 11/03/20(e)   Aa3/A     1,623                   1,611,382  

The accompanying notes are an integral part of these schedule of investments.

SCHEDULE OF INVESTMENTS  (Unaudited) — continued

 

    Moody’s/
Standard &
  Poor’s Rating(a)  		   Principal
Amount (000’s)		    

Value  

  (Note 1)

  

CORPORATE DEBT SECURITIES (Continued)

 

DIVERSIFIED FINANCIAL SERVICES (Continued)

 

UBS AG, Sub. Notes, 7.625%, 08/17/22   NR/BBB+   $                     2,000                   $ 2,130,000  
     

 

 

  
     

 

 

 

23,125,255

 

 

     

 

 

  

ENERGY (12.16%)

 

Andeavor Logistics LP, Co. Gty., 4.25%, 12/01/27(b)   Ba1/BBB-     901                   850,549  
Cimarex Energy Co., Sr. Unsec. Notes, 3.90%, 05/15/27(b)   Baa3/BBB-     413                   383,239  
CITGO Petroleum Corp., Sr. Sec. Notes, 6.25%, 08/15/22, 144A(b)   B3/B+     3,633                   3,514,927  
Enbridge, Inc., Sr. Unsec. Notes, 5.50%, 12/01/46(b)   Baa3/BBB+     1,496                   1,596,617  
Enbridge, Inc., Sub. Notes, (3M LIBOR +3.89%), 6.00%, 01/15/77(b),(c)   Ba2/BBB-     750                   673,485  
EnLink Midstream Partners LP, Jr. Sub. Notes, (3M LIBOR +4.11%), 6.00%, 12/15/22(b),(c),(d)   Ba3/B+     641                   465,937  
Enterprise Products Operating LLC, Co. Gty., (3M LIBOR +2.57%), 5.375%, 02/15/78(b),(c)   Baa2/BBB-     342                   282,778  
Exterran Energy Solutions LP, Co. Gty., 8.125%, 05/01/25(b)   NA/B+     214                   205,440  
Florida Gas Transmission Co. LLC, Sr. Unsec. Notes, 9.19%, 11/01/24, 144A   Baa2/BBB+     60                   66,306  
Hilcorp Energy I LP, Sr. Unsec. Notes, 6.25%, 11/01/28, 144A(b)   Ba2/BB+     114                   100,320  
Kinder Morgan, Inc., Co. Gty., 8.05%, 10/15/30   Baa2/BBB-     1,000                   1,171,376  
Kinder Morgan, Inc., Co. Gty., 5.55%, 06/01/45(b)   Baa2/BBB-     1,755                   1,738,098  
Marathon Petroleum Corp., Sr. Unsec. Notes, 4.75%, 09/15/44(b)   Baa2/BBB     1,266                   1,116,429  
Marathon Petroleum Corp., Sr. Unsec. Notes, 5.85%, 12/15/45(b)   Baa2/BBB     500                   493,651  
MPLX LP, Sr. Unsec. Notes, 5.20%, 03/01/47(b)   Baa3/BBB     641                   590,039  
MPLX LP, Sr. Unsec. Notes, 5.50%, 02/15/49(b)   Baa3/BBB     694                   675,063  
MPLX LP, Sr. Unsec. Notes, 4.90%, 04/15/58(b)   Baa3/BBB     561                   468,608  
NGPL PipeCo PLC, Sr. Unsec. Notes, 7.768%, 12/15/37, 144A   Ba1/BBB-     505                   575,700  
Panhandle Eastern Pipe Line Co. LP, Sr. Unsec. Notes, 7.00%, 07/15/29   Baa3/BBB-     1,000                   1,049,136  
Parkland Fuel Corp., Sr. Unsec. Notes, 6.00%, 04/01/26, 144A(b)   B1/BB     225                   210,938  
PBF Holding Co. LLC, Co. Gty., 7.25%, 06/15/25(b)   B1/BB     2,484                   2,334,960  
Petroleos Mexicanos, Co. Gty., 6.50%, 01/23/29   Baa3/BBB+     419                   390,717  
Petroleos Mexicanos, Co. Gty., 8.00%, 05/03/19   Baa3/BBB+     250                   252,750  
Petroleos Mexicanos, Co. Gty., 6.00%, 03/05/20   Baa3/BBB+     478                   486,724  
Petroleos Mexicanos, Co. Gty., 6.75%, 09/21/47   Baa3/BBB+     1,415                   1,170,049  
Spectra Energy Partners LP, Sr. Unsec. Notes, 3.375%, 10/15/26(b)   Baa2/BBB+     803                   751,120  
Sunoco LP, Co. Gty., 5.50%, 02/15/26(b)   B1/BB-     700                   663,250  
Valero Energy Corp., Co. Gty., 8.75%, 06/15/30   Baa2/BBB     1,000                   1,301,142  
Valero Energy Corp., Sr. Unsec. Notes, 10.50%, 03/15/39   Baa2/BBB     500                   764,071  
Williams Cos., Inc., Sr. Unsec. Notes, 7.50%, 01/15/31   Baa3/BBB     911                   1,087,474  
     

 

 

  
     

 

 

 

        25,430,893

 

 

     

 

 

  

FOOD AND BEVERAGE (1.24%)

 

Anheuser-Busch InBev Worldwide, Inc., Co. Gty., 4.70%, 02/01/36, 144A(b)   Baa1/A-     645                   598,171  
Anheuser-Busch InBev Worldwide, Inc., Co. Gty., 4.90%, 02/01/46, 144A(b)   Baa1/A-     256                   237,411  
Anheuser-Busch InBev Worldwide, Inc., Co. Gty., 8.20%, 01/15/39   Baa1/A-     27                   34,716  
Campbell Soup Co., Sr. Unsec. Notes, 4.15%, 03/15/28(b)   Baa2/BBB-     551                   512,976  
General Mills, Inc., Sr. Unsec. Notes, 3.20%, 04/16/21   Baa2/BBB     220                   218,792  
Grupo Bimbo SAB de CV, Sub. Notes, (H15T5Y +3.280%), 5.95%, 04/17/23, 144A(b),(c),(d)   Ba1/BB+     1,020                   989,808  
     

 

 

  
     

 

 

 

2,591,874

 

 

     

 

 

  

GAMING, LODGING & LEISURE (0.94%)

 

Wyndham Destinations, Inc., Sr. Sec. Notes, 5.75%, 04/01/27(b)   Ba2/BB-     2,140                   1,963,450  
     

 

 

  

HEALTHCARE (0.58%)

 

Halfmoon Parent, Inc., Co. Gty., 4.90%, 12/15/48, 144A(b)   Baa2/A-     702                   686,835  

 

The accompanying notes are an integral part of these schedule of investments.

SCHEDULE OF INVESTMENTS  (Unaudited) — continued

 

    Moody’s/
Standard &
  Poor’s Rating(a)  		   Principal
Amount (000’s)		    

Value  

  (Note 1)

  

CORPORATE DEBT SECURITIES (Continued)

 

HEALTHCARE (Continued)

 

HCA, Inc., Co. Gty., 5.375%, 09/01/26(b)   Ba2/BB-   $ 171                   $ 166,298  
Mylan NV, Co. Gty., 3.95%, 06/15/26(b)   Baa3/BBB-                             397                    361,831  
     

 

 

  
     

 

 

 

1,214,964

 

 

     

 

 

  

INDUSTRIAL (2.26%)

 

Elanco Animal Health, Inc., Sr. Unsec. Notes, 4.272%, 08/28/23, 144A(b)   Baa3/BB+     717                   716,393  
General Dynamics Corp. Co. Gty., 2.875%, 05/11/20   A2/A+     1,217                   1,217,836  
Heathrow Funding, Ltd., Sr. Sec. Notes, 4.875%, 07/15/23, 144A   NA/A-     200                   205,109  
Northrop Grumman Space & Mission Systems Corp., Co. Gty., 7.75%, 06/01/29   Baa1/BBB     500                   629,478  
Sydney Airport Finance Co. Property, Ltd., Sr. Sec. Notes, 3.375%, 04/30/25, 144A(b)   Baa1/BBB+     400                   383,904  
United Rentals North America, Inc., Co. Gty., 6.50%, 12/15/26(b)   Ba3/BB     638                   628,430  
United Technologies Corp., Sr. Unsec. Notes, 3.75%, 11/01/46(b)   Baa1/BBB+     700                   590,411  
United Technologies Corp., Sr. Unsec. Notes, 4.625%, 11/16/48(b)   Baa1/BBB+     379                   365,995  
     

 

 

  
     

 

 

 

4,737,556

 

 

     

 

 

  

INSURANCE (10.21%)

 

Allstate Corp., Jr. Sub. Notes, (3M LIBOR +2.12%), 6.50%, 05/15/67(b),(c)   Baa1/BBB     2,200                   2,288,000  
American International Group, Inc., Jr. Sub. Notes, (3M LIBOR +4.195%), 8.175%, 05/15/68(b),(c)   Baa2/BBB-     2,500                   2,850,000  
Berkshire Hathaway Finance Corp., Co. Gty., 4.20%, 08/15/48(b)   Aa2/AA     1,104                   1,094,657  
Farmers Exchange Capital, Sub. Notes, 7.20%, 07/15/48, 144A   Baa2/BBB+     2,250                   2,688,933  
Guardian Life Insurance Co. of America, Sub. Notes, 4.85%, 01/24/77, 144A   A1/AA-     148                   145,645  
Liberty Mutual Group, Inc., Co. Gty., (3M LIBOR +2.905%), 5.693%, 03/07/67, 144A(b),(c)   Baa3/BB+     1,530                   1,422,900  
Liberty Mutual Group, Inc., Co. Gty., 7.00%, 03/15/34, 144A   Baa2/BBB     250                   306,368  
Liberty Mutual Group, Inc., Co. Gty., (3M LIBOR +7.12%), 10.75%, 06/15/88, 144A(b),(c)   Baa3/BB+     1,000                   1,430,000  
Lincoln National Corp., Sr. Unsec. Notes, 3.80%, 03/01/28(b)   Baa1/A-     250                   242,467  
Massachusetts Mutual Life Insurance Co., Sub. Notes, 4.90%, 04/01/77, 144A   A1/AA-     980                   977,269  
Massachusetts Mutual Life Insurance Co., Sub. Notes, 8.875%, 06/01/39, 144A   A1/AA-     151                   226,339  
MetLife, Inc., Jr. Sub. Notes, 9.25%, 04/08/68, 144A(b)   Baa2/BBB     500                   630,000  
MetLife, Inc., Jr. Sub. Notes, 6.40%, 12/15/66(b)   Baa2/BBB     637                   647,103  
MetLife, Inc., Jr. Sub. Notes, 10.75%, 08/01/69(b)   Baa2/BBB     1,000                   1,460,000  
Nationwide Mutual Insurance Co., Sub. Notes, 8.25%, 12/01/31, 144A   A3/A-     500                   690,322  
Nationwide Mutual Insurance Co., Sub. Notes, 9.375%, 08/15/39, 144A   A3/A-     215                   325,718  
New York Life Insurance Co., Sub. Notes, 6.75%, 11/15/39, 144A   Aa2/AA-     103                   135,106  
Pricoa Global Funding, Inc., Sec. Notes, 2.45%, 09/21/22, 144A   A1/AA-     608                   587,614  
Prudential Financial, Inc., Jr. Sub. Notes, (3M LIBOR +2.665%), 5.70%, 09/15/48(b),(c)   Baa2/BBB+     1,241                   1,154,130  
SAFG Retirement Services, Inc., Sr. Unsec. Notes, 8.125%, 04/28/23   Baa1/BBB+     1,800                   2,059,523  
     

 

 

  
     

 

 

 

        21,362,094

 

 

     

 

 

  

MEDIA (9.01%)

 

21st Century Fox America, Inc., Co. Gty., 7.90%, 12/01/95   Baa1/BBB+     1,400                   2,232,632  
Altice France SA, Sr. Sec. Notes, 6.25%, 05/15/24, 144A(b)   B2/B     1,780                   1,659,850  
Comcast Corp., Co. Gty., 3.70%, 04/15/24(b)   A3/A-     1,080                   1,086,593  
Comcast Corp., Co. Gty., 4.15%, 10/15/28(b)   A3/A-     255                   258,935  
Comcast Corp., Co. Gty., 4.70%, 10/15/48(b)   A3/A-     297                   300,232  
Comcast Corp., Co. Gty., 7.05%, 03/15/33   A3/A-     2,000                   2,484,633  
Cox Communications, Inc., Sr. Unsec. Notes, 6.80%, 08/01/28   Baa2/BBB     1,500                   1,693,393  
Cox Enterprises, Inc., Sr. Unsec. Notes, 7.375%, 07/15/27, 144A   Baa2/BBB-     500                   585,694  

 

The accompanying notes are an integral part of these schedule of investments.

SCHEDULE OF INVESTMENTS  (Unaudited) — continued

 

    Moody’s/
Standard &
  Poor’s Rating(a)  		     Principal
Amount (000’s)		    

Value  

  (Note 1)

  

CORPORATE DEBT SECURITIES (Continued)

 

MEDIA (Continued)

 

Discovery Communications LLC, Co. Gty., 5.00%, 09/20/37(b)     Baa3/BBB-     $ 374                   $ 346,912  
Grupo Televisa SAB, Sr. Unsec. Notes, 5.00%, 05/13/45(b)     Baa1/BBB+       557                   486,407  
Grupo Televisa SAB, Sr. Unsec. Notes, 6.625%, 01/15/40     Baa1/BBB+       159                   170,357  
RELX, Inc., Sr. Unsec. Notes, 8.875%, 06/01/22     WR/BBB+       2,000                   2,270,920  
Sirius XM Radio, Inc., Co. Gty., 5.00%, 08/01/27, 144A(b)     Ba3/BB       518                   473,323  
Time Warner Entertainment Co. LP, Sr. Sec. Notes, 8.375%, 07/15/33     Ba1/BBB-       1,360                   1,658,003  
Viacom, Inc., Sr. Unsec. Notes, 6.875%, 04/30/36     Baa3/BBB-       894                   959,408  
VTR Finance BV, Sr. Sec. Notes, 6.875%, 01/15/24, 144A(b)     B1/B+       2,176                   2,176,000  
     

 

 

  
     

 

 

 

        18,843,292

 

 

     

 

 

  

MINING (3.17%)

 

BHP Billiton Finance USA, Ltd. Co. Gty., (5Yr Swap +5.093%), 6.75%, 10/19/75, 144A(b),(c)     Baa1/BBB+                               3,899                    4,043,185  
First Quantum Minerals, Ltd., Co. Gty., 7.25%, 04/01/23, 144A(b)     B3/B       538                   473,440  
Teck Resources, Ltd., Co. Gty., 6.00%, 08/15/40(b)     Ba2/BB+       1,000                   930,000  
Teck Resources, Ltd., Co. Gty., 5.20%, 03/01/42(b)     Ba2/BB+       1,415                   1,188,600  
     

 

 

  
     

 

 

 

6,635,225

 

 

     

 

 

  

PAPER (1.70%)

 

Smurfit Kappa Treasury Funding, Ltd., Co. Gty., 7.50%, 11/20/25     Ba1/BB+       2,000                   2,282,000  
WestRock LLC, Co. Gty., 8.20%, 01/15/30     Baa2/BBB       1,000                   1,269,590  
     

 

 

  
     

 

 

 

3,551,590

 

 

     

 

 

  

TECHNOLOGY (1.27%)

 

NXP Funding LLC, Co. Gty., 3.875%, 09/01/22, 144A     Baa3/BBB-       2,213                   2,124,480  
Pitney Bowes, Inc., Sr. Unsec. Notes, 4.375%, 05/15/22(b),(f)     Ba1/BB+       591                   533,378  
     

 

 

  
     

 

 

 

2,657,858

 

 

     

 

 

  

TELECOMMUNICATIONS (5.69%)

 

AT&T, Inc., Sr. Unsec. Notes, 4.50%, 05/15/35(b)     Baa2/BBB       1,750                   1,571,153  
AT&T, Inc., Sr. Unsec. Notes, 4.75%, 05/15/46(b)     Baa2/BBB       425                   377,355  
Centel Capital Corp., Co. Gty., 9.00%, 10/15/19     Ba2/BBB-       1,000                   1,035,135  
Deutsche Telekom International Finance BV, Co. Gty., 8.75%, 06/15/30(f)     Baa1/BBB+       2,000                   2,608,555  
Sprint Capital Corp., Co. Gty., 6.875%, 11/15/28     B3/B       500                   472,500  
Sprint Capital Corp., Co. Gty., 8.75%, 03/15/32     B3/B       1,000                   1,055,000  
Sprint Spectrum Co. LLC, Sr. Sec. Notes, 4.738%, 09/20/29, 144A     Baa2/NA       1,100                   1,079,375  
Tencent Holdings, Ltd., Sr. Unsec. Notes, 3.595%, 01/19/28, 144A(b)     A1/A+       1,954                   1,835,905  
Verizon Communications, Inc., Sr. Unsec. Notes, 4.812%, 03/15/39     Baa1/BBB+       1,898                   1,858,688  
     

 

 

  
     

 

 

 

11,893,666

 

 

     

 

 

  

TRANSPORTATION (5.04%)

 

American Airlines, Pass Through Certs., Series 2013-2, Class B, 5.60%, 01/15/22, 144A     NA/BBB-       1,579                   1,590,726  
American Airlines, Pass Through Certs., Series 2017-1, Class AA, 3.65%, 08/15/30     Aa3/NA       1,018                   1,001,570  
American Airlines, Pass Through Certs., Series 2017-2, Class AA, 3.35%, 04/15/31     Aa3/NA       1,544                   1,459,083  
BNSF Funding Trust I, Co. Gty., (3M LIBOR +2.35%), 6.613%, 12/15/55(b),(c)     Baa2/A       250                   269,375  
British Airways, Pass Through Certs., Series 2013-1, Class B, 5.625%, 12/20/21, 144A     A3/A-       474                   480,896  
Continental Airlines, Pass Through Certs., Series 2000-1, Class A1, 8.048%, 05/01/22     Baa1/A       283                   292,662  
Continental Airlines, Pass Through Certs., Series 2000-2, Class A1, 7.707%, 10/02/22     Baa1/BBB+       242                   252,343  
ERAC USA Finance LLC, Co. Gty., 7.00%, 10/15/37, 144A     Baa1/A-       1,500                   1,864,908  
JSL Europe SA, Co. Gty., 7.75%, 07/26/24, 144A(b)     NA/BB-       713                   656,858  

 

The accompanying notes are an integral part of these schedule of investments.

SCHEDULE OF INVESTMENTS  (Unaudited) — continued

 

    Moody’s/
Standard &
  Poor’s Rating(a)  		   Principal
Amount (000’s)		    

Value  

  (Note 1)

  

CORPORATE DEBT SECURITIES (Continued)

 

TRANSPORTATION (Continued)

 

Ryder System, Inc., Sr. Unsec. Notes, 3.50%, 06/01/21   Baa1/NA   $                     941                   $ 942,214  
Union Pacific Corp., Sr. Unsec. Notes, 4.50%, 09/10/48(b)   Baa1/A-     503                   495,981  
United Airlines, Pass Through Certs., Series 2013-1, Class B, 5.375%, 02/15/23   NA/BBB     317                   323,745  
United Airlines, Pass Through Certs., Series 2018-1, Class B, 4.60%, 09/01/27   Baa2/NA     901                   901,376  
     

 

 

  
     

 

 

 

10,531,737

 

 

     

 

 

  

UTILITIES (8.79%)

 

Black Hills Corp., Sr. Unsec. Notes, 3.95%, 01/15/26(b)   Baa2/BBB+     1,082                   1,077,831  
Cleveland Electric Illuminating Co., Sr. Unsec. Notes, 3.50%, 04/01/28, 144A(b)   Baa3/BBB     800                   762,115  
Duke Energy Carolinas LLC, 3.95%, 11/15/28(b)   Aa2/A     1,185                   1,215,713  
Duquesne Light Holdings, Inc., Sr. Unsec. Notes, 6.40%, 09/15/20, 144A   Baa3/BBB-     1,000                   1,042,884  
Enel Finance International NV, Co. Gty., 2.75%, 04/06/23, 144A   Baa2/BBB+     1,082                   998,221  
Enel Finance International NV, Co. Gty., 4.625%, 09/14/25, 144A   Baa2/BBB+     1,458                   1,398,920  
Exelon Corp., Sr. Unsec. Notes, 3.40%, 04/15/26(b)   Baa2/BBB-     505                   480,116  
FirstEnergy Corp., Sr. Unsec. Notes, 4.85%, 07/15/47(b)   Baa3/BBB-     1,570                   1,567,506  
Hydro-Quebec, 8.25%, 04/15/26   Aa2/AA-     1,550                   2,040,525  
Kansas City Power & Light Co., Sr. Unsec. Notes, 4.20%, 06/15/47(b)   Baa1/A-     917                   883,569  
MidAmerican Funding LLC, Sr. Sec. Notes, 6.927%, 03/01/29   A2/A-     500                   625,337  
NiSource, Inc., Jr. Sub. Notes, (H15T5Y +2.843%), 5.65%, 06/15/23, 144A(b),(c),(d)   Ba1/BBB-     696                   647,280  
Ohio Power Co., Sr. Unsec. Notes, 5.375%, 10/01/21   A2/A-     1,000                   1,057,560  
South Carolina Electric & Gas, Co., 4.25%, 08/15/28(b)   Baa1/A     619                   641,731  
Southern Co. Gas Capital Corp., Co. Gty., 5.875%, 03/15/41(b)   Baa1/A-     992                   1,121,099  
Southern Co. Gas Capital Corp., Co. Gty., 3.95%, 10/01/46(b)   Baa1/A-     539                   471,825  
Southern Co. Gas Capital Corp., Co. Gty., 4.40%, 05/30/47(b)   Baa1/A-     1,164                   1,088,476  
Toledo Edison Co., 7.25%, 05/01/20   Baa1/A-     80                   84,036  
Transelec SA, Sr. Unsec. Notes, 4.25%, 01/14/25, 144A(b)   Baa1/BBB     750                   725,438  
Transelec SA, Sr. Unsec. Notes, 3.875%, 01/12/29, 144A(b)   Baa1/BBB     490                   444,063  
     

 

 

  
     

 

 

 

18,374,245

 

 

     

 

 

  

TOTAL CORPORATE DEBT SECURITIES (Cost of $157,538,821)

      

 

 

 

        161,636,127

 

 

     

 

 

  

ASSET BACKED SECURITIES (12.01%)

 

Antares Ltd., Series 2017-1A, Class C, (3M LIBOR +3.10%), 5.569%, 07/20/28, 144A(b),(e)   NR/A     1,093                   1,091,759  
Arbor Realty Collateralized Loan Obligation, Ltd., Series 2017-FL3, Class A, (1M LIBOR +0.99%), 3.445%, 12/15/27, 144A(b),(e)   Aaa/NA     759                   757,143  
Arbor Realty Commercial Real Estate Notes, Ltd., Series 2017-FL2, Class A, (1M LIBOR +0.99%), 3.445%, 08/15/27, 144A(b),(e)   Aaa/NA     623                   613,693  
AVIS Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class A, 2.63%, 12/20/21, 144A(b)   Aaa/NA     1,605                   1,587,045  
BCC Funding LLC, Series 2018-1A, Class A2, 2.96%, 06/20/23, 144A(b)   Aa2/NA     644                   641,890  
CLI Funding LLC, Series 2018-1A, Class A, 4.03%, 04/18/43, 144A(b)   NA/A     155                   157,269  
DB Master Finance LLC, Series 2017-1A, Class A2I, 3.629%, 11/20/47, 144A(b)   NA/BBB     333                   321,403  
DRB Prime Student Loan Trust, Series 2016-B, Class A2, 2.89%, 06/25/40, 144A(b)   Aaa/NA     295                   293,461  
DRB Prime Student Loan Trust, Series 2017-A, Class A2B, 2.85%, 05/27/42, 144A(b)   Aaa/NA     2,130                   2,078,422  
DT Auto Owner Trust, Series 2018-2A, Class C, 3.67%, 03/15/24, 144A(b)   NA/A     781                   784,700  
Golub Capital Partners Ltd., Series 2017-19RA, Class B, (3M LIBOR +2.55%), 5.058%, 07/26/29, 144A(b),(e)   A2/NA     1,935                   1,874,616  

 

The accompanying notes are an integral part of these schedule of investments.

SCHEDULE OF INVESTMENTS  (Unaudited) — continued

 

    Moody’s/
Standard &
  Poor’s Rating(a)  		   Principal
Amount (000’s)		    

Value  

  (Note 1)

  

ASSET BACKED SECURITIES (Continued)

 

Golub Capital Partners Ltd., Series 2018-36A, Class C, (3M LIBOR +2.10%), 4.682%, 02/05/31, 144A(b),(e)   NA/A   $                     2,250                 $ 2,042,802  
IVY Hill Middle Market Credit Fund Ltd., Series 12A, Class B, (3M LIBOR +3.00%), 5.469%, 07/20/29, 144A(b),(e)   A3/NR     866                   856,981  
LoanCore Issuer, Ltd., Series 2018-CRE1, Class A, (1M LIBOR +1.13%), 3.585%, 05/15/28, 144A(b),(e)   Aaa/NA     500                   499,250  
Navient Private Education Loan Trust, Series 2017-A, Class A2B, (1M LIBOR+0.900%), 3.355%, 12/16/58, 144A(b),(e)   NA/AAA     782                   781,998  
NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.54%, 04/18/22, 144A(b)   Aaa/AAA     1,460                   1,450,222  
Option One Mortgage Loan Trust, Series 2007-FXD2, Class 2A1, 5.90%, 03/25/37(b),(f)   Ca/AA     32                   31,390  
SCF Equipment Leasing LLC, Series 2017-2A, Class A, 3.41%, 12/20/23, 144A(b)   A2/NA     395                   394,322  
Small Business Administration Participation Certificates, Series 2010-20F, Class 1, 3.88%, 06/01/30   Aaa/AA+     114                   117,757  
SMB Private Education Loan Trust, Series 2017-B, Class A2B, (1M LIBOR+0.750%), 3.205%, 10/15/35, 144A(b),(e)   Aaa/AAA     845                   839,802  
Sofi Consumer Loan Program LLC, Series 2017-3, Class A, 2.77%, 05/25/26, 144A(b)   NA/AA     884                   876,377  
Sofi Consumer Loan Program Trust, Series 2018-1, Class B, 3.65%, 02/25/27, 144A(b)   NA/A     793                   788,316  
Sofi Professional Loan Program Ltd., Series 2017-C, Class B, 3.56%, 07/25/40, 144A(b),(e)   NA/A+     1,099                   1,086,003  
Spirit Master Funding LLC, Series 2014-2A, Class A, 5.76%, 03/20/41, 144A(b)   NA/A+     1,521                   1,569,008  
Tesla Auto Lease Trust, Series 2018-B, Class A, 3.71%, 08/20/21, 144A(b)   Aaa/NA     400                   400,956  
Textainer Marine Containers Ltd., Series 2017-1A, Class A, 3.72%, 05/20/42, 144A(b)   NA/A     604                   602,639  
Triton Container Finance LLC, Series 2017-2A, Class A, 3.62%, 08/20/42, 144A(b)   NA/A     1,085                   1,065,564  
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.75%, 09/15/43, 144A(b),(f)   NA/A     1,471                   1,509,436  
     

 

 

  

TOTAL ASSET BACKED SECURITIES (Cost of $25,510,544)

 

  

 

 

 

        25,114,224

 

 

     

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES (4.33%)

 

Bancorp Commercial Mortgage Trust, Series 2018-CRE4, Class A, (1M LIBOR +0.90%), 3.355%, 09/15/35, 144A(b),(e)   Aaa/NA     122                   121,398  
Bellemeade Re Ltd., Series 2018-2A, Class M1B, (1M LIBOR +1.35%), 3.856%, 08/25/28, 144A(b),(e)   NR/NR     484                   481,706  
CGMS Commercial Mortgage Trust, Series 2017-MDRB, Class A, (1M LIBOR +1.10%), 3.555%, 07/15/30, 144A(e)   NA/AAA     71                   70,888  
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class D, 3.518%, 05/10/35, 144A(e)   Baa1/NA     2,000                   1,947,305  
Citigroup Commercial Mortgage Trust, Series 2016-P6, Class C, 4.285%, 12/10/49(b),(e)   NR/NA     367                   353,004  
FREMF Mortgage Trust, Series 2015-K44, Class B, 3.683%, 01/25/48, 144A(b),(e)   Aaa/AA+     535                   521,333  
FREMF Mortgage Trust, Series 2015-K45, Class B, 3.591%, 04/25/48, 144A(b),(e)   Aaa/AA+     1,270                   1,232,450  
LMREC, Inc., Series 2015-CRE1, Class AR, (1M LIBOR +0.98%), 3.502%, 02/22/32, 144A(b),(e)   Aaa/NA     950                   948,382  
LMREC, Inc., Series 2016-CRE2, Class A, (1M LIBOR +1.70%), 4.204%, 11/24/31, 144A(b),(e)   Aaa/NA     647                   647,311  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-CKSV, Class C, 4.287%, 10/15/30, 144A(e)   NA/A+     2,710                   2,665,529  

 

The accompanying notes are an integral part of these schedule of investments.

SCHEDULE OF INVESTMENTS  (Unaudited) — continued

 

     Moody’s/
Standard &
  Poor’s Rating(a)  		      Principal
Amount (000’s)		     

Value  

  (Note 1)

  

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

 

MSDB Trust, Series 2017-712F, Class C, 3.628%, 07/11/39, 144A(e)

      NA/A-      $                     82                  $ 77,333  
        

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost of $9,145,945)

 

   

 

 

 

9,066,639

 

 

        

 

 

  

RESIDENTIAL MORTGAGE-BACKED SECURITIES (0.21%)

 

FHLMC Pool # A15675, 6.00%, 11/01/33      Aaa/AA+        86                    94,011  
FHLMC Pool # G00182, 9.00%, 09/01/22(g)      Aaa/AA+        —                    46  
FNMA Pool # 754791, 6.50%, 12/01/33      Aaa/AA+        211                    229,500  
FNMA Pool # 763852, 5.50%, 02/01/34      Aaa/AA+        91                    98,060  
GNSF Pool # 194228, 9.50%, 11/15/20      Aaa/AA+        3                    2,983  
GNSF Pool # 307527, 9.00%, 06/15/21      Aaa/AA+        4                    4,379  
GNSF Pool # 417239, 7.00%, 02/15/26      Aaa/AA+        5                    5,488  
GNSF Pool # 780374, 7.50%, 12/15/23      Aaa/AA+        3                    2,791  
        

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost of $373,884)

 

   

 

 

 

437,258

 

 

        

 

 

  

MUNICIPAL BONDS (1.11%)

 

San Francisco City & County Public Utilities Commission, Water Revenue, Build America Bonds, 6.00%, 11/01/40      Aa3/AA-        145                    178,085  
State of California, Build America Bonds, GO, 7.625%, 03/01/40      Aa3/AA-        1,500                    2,135,685  
        

 

 

  

TOTAL MUNICIPAL BONDS (Cost of $1,679,413)

         

 

 

 

2,313,770

 

 

        

 

 

  

U.S. TREASURY SECURITIES (3.63%)

 

United States Treasury Bond, 3.50%, 02/15/39

      Aaa/AA+        458                    500,846  

United States Treasury Bond, 3.125%, 05/15/48

      Aaa/AA+        333                    339,322  

United States Treasury Floating Rate Note, (US Treasury +0.043%), 2.473%, 07/31/20(e)

      Aaa/AA+        1,500                    1,499,223  

United States Treasury Note, 2.875%, 08/15/28

      Aaa/AA+        4,763                    4,836,678  

United States Treasury Note, 3.125%, 11/15/28

      Aaa/AA+        410                    425,279  
        

 

 

  

TOTAL U.S. TREASURY SECURITIES (Cost of $7,427,446)

 

   

 

 

 

7,601,348

 

 

        

 

 

  
        
        Shares     
     

 

 

     

COMMON STOCK (0.00%)

 

MEDIA (0.00%)

 

Quad/Graphics, Inc.

        89                  $ 1,096  
        

 

 

  

TOTAL COMMON STOCK (Cost of $2,044)

 

   

 

 

 

1,096

 

 

        

 

 

  

PREFERRED STOCK (1.19%)

 

CoBank ACB, Series F, 6.250%, (3M LIBOR +4.557%) (b),(c),(d)                

         20,000                    2,021,200  

US BANCORP, Series A, 3.500%, (3M LIBOR +1.02%) (b),(e)                

         615                    458,175  
        

 

 

  

TOTAL PREFERRED STOCK (Cost of $2,521,650)

 

   

 

 

 

2,479,375

 

 

        

 

 

  

TOTAL INVESTMENTS (99.77%)

 

(Cost $204,199,747)

            208,649,837  
        

 

 

  

OTHER ASSETS AND LIABILITIES (0.23%)

         

 

 

 

476,627

 

 

        

 

 

  

NET ASSETS (100.00%)

         

 

$

 

209,126,464

 

 

        

 

 

  

At December 31, 2018, the Fund had the following open futures contracts:

 

Long Futures Outstanding    Expiration
Month		    Number of
Contracts		      Notional
Amount		     Value     Unrealized        
Appreciation        
(Depreciation)         		  

U.S. Treasury 5-Year Notes

    03/19                              28      $                     3,157,438     $             3,211,250       $ 53,812    

U.S. Treasury Ultra 10-Year Notes

    03/19      14        1,762,250       1,821,094       58,844    

U.S. Treasury Ultra Bonds

    03/19      13        1,978,336       2,088,531       110,195    
            

 

 

  
            

 

 

 

222,851  

 

 

            

 

 

  

Short Futures Outstanding                            

             

U.S. Treasury 10-Year Notes

    03/19      32        (3,997,500 )      (3,904,500 )      (93,000)   
            

 

 

  

Net unrealized appreciation on open futures contracts

             $                 129,851    
         

 

 

  

 

(a) 

Ratings for debt securities are unaudited. All ratings are as of December 31, 2018 and may have changed subsequently.

 

(b) 

This security is callable.

 

(c) 

Fixed to floating rate security. Fixed rate indicated is rate effective at December 31, 2018. Security will convert at a future date to a floating rate of reference rate and spread in the description above.

 

(d) 

Security is perpetual. Date shown is next call date.

 

(e) 

Variable rate security. Rate indicated is rate effective at December 31, 2018.

 

The accompanying notes are an integral part of these schedule of investments.

SCHEDULE OF INVESTMENTS  (Unaudited) — continued

 

(f) 

Multi-Step Coupon. Rate disclosed is as of December 31, 2018.

 

(g) 

Principal amount less than $1,000.

 

144A

Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At December 31, 2018, these securities amounted to $81,956,323 or 39.19% of net assets.

 

Legend

Certs. - Certificates

Co. Gty. - Company Guaranty

FHLMC - Federal Home Loan Mortgage Corp.

FNMA - Federal National Mortgage Association

FREMF - Freddie Multi-Family

GNSF - Government National Mortgage Association (Single Family)

GO - General Obligation

H15T5Y - US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

Jr. - Junior

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

Sec. - Secured

Sr. - Senior

Sub. - Subordinated

Unsec. - Unsecured

 

The accompanying notes are an integral part of these schedule of investments.

INSIGHT SELECT INCOME FUND

Notes to the Quarterly Schedule of Investments

December 31, 2018

(unaudited)

A. Security Valuation – In valuing the Insight Select Income Fund’s (the “Fund”) net assets, all securities for which representative market quotations are available will be valued at the last quoted sales price on the security’s principal exchange on the day of valuation. If there are no sales of the relevant security on such day, the security will be valued at the bid price at the time of computation. For securities traded in the over-the-counter market, including listed debt and preferred securities, whose primary market is believed to be over-the-counter, the Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser - and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources.

In the event that market quotations are not readily available, or when such quotations are deemed not to reflect current market value, the securities will be valued at their respective fair value as determined in good faith by the Adviser pursuant to certain procedures and reporting requirements established by the Board of Trustees. The Adviser considers all relevant facts that are reasonably available when determining the fair value of a security, including but not limited to the last sale price or initial purchase price (if a when issued security) and subsequently adjusting the value based on changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves are utilized. At December 31, 2018, there were no securities valued using fair value procedures.

Fair Value Measurements – The Fund has adopted authoritative fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed 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 relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets measured at fair value on a recurring basis as of December 31, 2018.

INSIGHT SELECT INCOME FUND

Notes to the Quarterly Schedule of Investments

December 31, 2018 (concluded)

(unaudited)

 

      Total Market
Value at    
12/31/18    		     

Level 1  
Quoted  

Price    

     

Level 2    
Significant  

Observable  
Inputs     

      Level 3    
Significant  
Unobservable
Inputs     		  

ASSETS:

 

                                    

CORPORATE DEBT SECURITIES

    $   161,636,127          $ —        $   161,636,127         $    

ASSET BACKED SECURITIES

      25,114,224            —          25,114,224           —      

COMMERCIAL MORTGAGE-BACKED SECURITIES

      9,066,639            —          9,066,639           —      

RESIDENTIAL MORTGAGE-BACKED SECURITIES

      437,258            —          437,258           —      

MUNICIPAL BONDS

      2,313,770            —          2,313,770           —      

U.S. TREASURY SECURITIES

      7,601,348            —          7,601,348           —      

COMMON STOCK

      1,096            1,096          —           —      

PREFERRED STOCK

      2,479,375            2,479,375          —           —      

FUTURES CONTRACTS

      222,851            222,851          —           —      

TOTAL ASSETS

    $ 208,872,688          $     2,703,322        $ 206,169,366         $                 —      

LIABILITIES:

                                    

FUTURES CONTRACTS

    $ (93,000)          $ (93,000)        $ —         $ —      

At the end of each calendar quarter, management evaluates the Level 1, 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities. Pursuant to Fund policy, transfers between levels are considered to have occurred at the beginning of the reporting period. As of December 31, 2018, there were no transfers between Level 1, Level 2 and Level 3 for the Fund.

Level 3 investments are categorized as Level 3 with values derived utilizing prices from prior transactions or third party pricing information without adjustment (broker quotes, pricing services and net asset values). A significant change in third party pricing information could result in a significantly lower or higher value in such Level 3 investments. As of December 31, 2018, the Fund did not hold any Level 3 securities.

For more information with regards to significant accounting policies, see the most recent semi or annual report filed with the Securities and Exchange Commission.

Item 2. Controls and Procedures.

 

  (a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  (b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                      Insight Select Income Fund                                         

By (Signature and Title)*        /s/ Clifford D. Corso                                             

                                                  Clifford D. Corso, President

                                                  (Principal Executive Officer)

Date                         February 22, 2019                                                                  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*        /s/ Clifford D. Corso                                             

                                                  Clifford D. Corso, President

                                                  (Principal Executive Officer)

Date                         February 22, 2019                                                                  

By (Signature and Title)*        /s/ Thomas E. Stabile                                            

                                                  Thomas E. Stabile, Treasurer

                                                  (Principal Financial Officer)

Date                         February 22, 2019