High Income Securities Fund
|
|||||||
Portfolio of Investments
|
|||||||
November 30, 2022 (Unaudited)
|
|||||||
Shares
|
Value
|
||||||
INVESTMENT COMPANIES - 61.27%
|
|
|
|
||||
Closed-End Funds - 40.85%
|
|
|
|
||||
Aberdeen Asia-Pacific Income Fund, Inc.
|
410,433
|
|
$ |
1,075,334
|
|||
Apollo Tactical Income Fund, Inc.
|
147,041
|
|
1,823,308
|
||||
BlackRock California Municipal Income Trust
|
234,521
|
|
2,582,076
|
||||
Blackrock ESG Capital Allocation Trust
|
201,455
|
|
2,888,865
|
||||
Blackstone Strategic Credit Fund
|
28,361
|
|
312,538
|
||||
Center Coast Brookfield MLP & Energy Infrastructure Fund
|
73,100
|
|
1,324,572
|
||||
Cushing MLP & Infrastructure Total Return Fund
|
51,062
|
|
1,799,425
|
||||
Delaware Enhanced Global Dividend & Income Fund
|
335,349
|
|
2,592,248
|
||||
Delaware Investments National Municipal Income Fund
|
11,870
|
|
136,268
|
||||
Delaware Ivy High Income Opportunities Fund
|
27,784
|
|
308,958
|
||||
Destra Multi-Alternative Fund
|
127,141
|
|
869,644
|
||||
DoubleLine Yield Opportunities Fund
|
22,948
|
|
322,649
|
||||
DWS Municipal Income Trust
|
5,782
|
|
51,633
|
||||
Eaton Vance New York Municipal Bond Fund
|
210,345
|
|
1,924,657
|
||||
Ellsworth Growth and Income Fund Ltd.
|
73,378
|
|
614,908
|
||||
First Trust Dynamic Europe Equity Income Fund
|
263,803
|
|
2,999,440
|
||||
First Trust High Income Long/Short Fund
|
7,124
|
|
83,422
|
||||
Highland Income Fund
|
450,286
|
|
5,196,300
|
||||
MFS High Yield Municipal Trust
|
226,941
|
|
726,211
|
||||
MFS Investment Grade Municipal Trust
|
45,387
|
|
331,098
|
||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
|
200,315
|
|
1,330,092
|
||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
|
19,182
|
|
85,360
|
||||
Neuberger Berman California Municipal Fund, Inc.
|
70,983
|
|
782,943
|
||||
Neuberger Berman Next Generation Connectivity Fund, Inc.
|
314,620 |
|
3,146,200
|
||||
Neuberger Berman New York Municipal Fund, Inc.
|
61,737
|
|
612,431
|
||||
New America High Income Fund, Inc.
|
123,071
|
|
881,188
|
||||
Nuveen Emerging Markets Debt 2022 Target Term Fund
|
400
|
|
2,652
|
||||
Nuveen Multi-Asset Income Fund
|
20,588
|
|
254,262
|
||||
Nuveen Short Duration Credit Opportunities Fund
|
302,479
|
|
3,732,591
|
||||
NXG NextGen Infrastructure Income Fund
|
12,312
|
|
523,629
|
||||
PGIM Global High Yield Fund, Inc.
|
176,072
|
|
1,994,896
|
||||
Saba Capital Income & Opportunities Fund
|
559,551
|
|
4,605,105
|
||||
Templeton Global Income Fund
|
740,030
|
|
3,137,727
|
||||
Vertical Capital Income Fund
|
310,942
|
|
2,855,878
|
||||
Virtus Total Return Fund, Inc.
|
266,388
|
|
1,851,397
|
||||
53,759,905
|
|||||||
Business Development Companies - 20.42%
|
|
|
|
||||
Barings BDC, Inc.
|
186,369
|
|
1,712,731
|
||||
CION Investment Corp.
|
571,482
|
|
5,771,968
|
||||
Crescent Capital BDC, Inc.
|
174,885
|
|
2,444,892
|
||||
First Eagle Alternative Capital BDC, Inc.
|
281,770
|
|
1,245,424
|
||||
FS KKR Capital Corp.
|
374,220
|
|
7,432,009
|
||||
Logan Ridge Finance Corp. (a)
|
81,300
|
|
1,710,552
|
||||
PhenixFIN Corp.
|
19,193
|
|
657,360
|
||||
Portman Ridge Finance Corp.
|
186,047
|
|
4,132,104
|
||||
Runway Growth Finance Corp.
|
146,811
|
|
1,764,668
|
||||
26,871,708
|
|||||||
Total Investment Companies (Cost $87,133,280)
|
|
|
80,631,613
|
||||
OTHER COMMON STOCKS - 2.30%
|
|
|
|
||||
Real Estate Investment Trusts - 2.30%
|
|
|
|
||||
Lument Finance Trust, Inc.
|
311,488
|
|
607,402
|
||||
NexPoint Diversified Real Estate Trust
|
173,018
|
|
2,425,712
|
||||
Total Other Common Stocks (Cost $3,607,558)
|
|
|
3,033,114
|
||||
LIQUIDATING TRUSTS - 0.15%
|
|
|
|
||||
Copper Property CTL Pass Through Trust
|
15,380
|
|
200,709
|
||||
Total Liquidating Trusts (Cost $204,245)
|
|
|
200,709
|
||||
NOTES - 2.11%
|
|||||||
Fossil Group, Inc., 7.000%
|
84,000
|
|
1,410,360
|
||||
iMedia Brands, Inc., 8.500%
|
56,073
|
|
552,470
|
||||
Synchronoss Technologies, Inc., 8.375%
|
46,470
|
|
816,943
|
||||
Total Notes (Cost $3,261,750)
|
|
2,779,773
|
|||||
PREFERRED STOCKS - 13.45%
|
|
|
|
||||
Closed-End Funds - 6.14%
|
|
|
|
||||
OFS Credit Co, Inc. - Series E, 5.250%
|
60,000
|
|
1,284,000
|
||||
SuRo Capital Corp., 6.000%
|
200,000
|
|
4,780,000
|
||||
XAI Octagon Floating Rate Alternative Income Term Trust, 6.500%
|
80,000
|
|
2,013,000
|
||||
|
|
|
|
|
8,077,000
|
||
Metal Processors & Fabrication - 4.48%
|
|
|
|
||||
Steel Partners Holdings LP - Series A, 6.000%
|
258,172
|
|
5,899,230
|
||||
Real Estate Investment Trusts - 2.10%
|
|
|
|
||||
Brookfield DTLA Fund Office Trust Investor, Inc. - Series A, 8.000%
|
1,615
|
|
9,448
|
||||
Cedar Realty Trust, Inc. - Series B, 7.250%
|
5,080
|
|
72,644
|
||||
Cedar Realty Trust, Inc. - Series C, 6.500%
|
101,456
|
|
1,141,380
|
||||
NexPoint Diversified Real Estate Trust - Series A, 5.500%
|
94,082
|
|
1,538,240
|
||||
|
|
|
|
|
2,761,712
|
||
Real Estate Operations and Development - 0.73%
|
|
|
|
||||
Harbor Custom Development, Inc. - Series A, 8.000%
|
131,166
|
|
955,557
|
||||
Total Preferred Stocks (Cost $21,865,224)
|
|
|
17,693,499
|
||||
|
|
|
Shares/Units
|
|
|
||
SPECIAL PURPOSE ACQUISITION VEHICLES - 18.11% (a)
|
|
|
|
||||
AltC Acquisition Corp.
|
50,000
|
|
493,000
|
||||
Andretti Acquisition Corp. Units (e)
|
50,000
|
|
510,500
|
||||
Ares Acquisition Corp. (e)
|
50,000
|
|
501,000
|
||||
B Riley Principal 250 Merger Corp.
|
49,998
|
|
493,980
|
||||
Cartesian Growth Corp. II (e)
|
99,999
|
|
1,017,990
|
||||
Churchill Capital Corp. VI
|
34,700
|
|
345,959
|
||||
Churchill Capital Corp. VII
|
58,805
|
|
587,462
|
||||
Colombier Acquisition Corp.
|
40,500
|
|
398,520
|
||||
Concord Acquisition Corp II
|
16,612
|
|
163,628
|
||||
dMY Technology Group Inc VI
|
56,773
|
|
564,891
|
||||
Edify Acquisition Corp.
|
50,000
|
|
501,500
|
||||
Elliott Opportunity II Corp. (e)
|
49,395
|
|
492,962
|
||||
ExcelFin Acquisition Corp. Units
|
50,000
|
|
505,000
|
||||
Fifth Wall Acquisition Corp. III (e)
|
46,100
|
|
461,000
|
||||
Figure Acquisition Corp. I
|
7,500
|
|
75,300
|
||||
FinTech Acquisition Corp. VI
|
25,000
|
|
251,250
|
||||
Forbion European Acquisition Corp. Units (e)
|
100,000
|
|
1,022,000
|
||||
Gores Holdings VII, Inc.
|
15,000
|
|
149,400
|
||||
GX Acquisition Corp. II
|
60,000
|
|
594,600
|
||||
FTAC Hera Acquisition Corp. (e)
|
61,000
|
|
611,830
|
||||
HNR Acquisition Corp.
|
37,000
|
|
375,920
|
||||
Iris Acquisition Corp.
|
37,720
|
|
377,955
|
||||
Juniper II Corp.
|
142,689
|
|
1,452,574
|
||||
Kensington Capital Acquisition Corp. V (e)
|
13,160
|
|
133,442
|
||||
Lakeshore Acquisition II Corp. (e)
|
59,500
|
|
602,735
|
||||
LAMF Global Ventures Corp. I (e)
|
50,000
|
|
510,000
|
||||
Landcadia Holdings IV, Inc.
|
150,000
|
|
1,503,945
|
||||
Leo Holdings Corp.A160 II (e)
|
21,000
|
|
210,525
|
||||
LIV Capital Acquisition Corp. II (e)
|
55,500
|
|
566,100
|
||||
Longview Acquisition Corp. II
|
39,584
|
|
397,424
|
||||
M3-Brigade Acquisition III Corp.
|
100,332
|
|
1,009,340
|
||||
Marlin Technology Corp. (e)
|
49,998
|
|
503,980
|
||||
Motive Capital Corp. II (e)
|
99,999
|
|
1,013,990
|
||||
Murphy Canyon Acquisition Corp.
|
55,500
|
|
563,325
|
||||
OPY Acquisition Corp. I
|
100,000
|
|
999,000
|
||||
Periphas Capital Partnering Corp.
|
20,000
|
|
501,000
|
||||
Relativity Acquisition Corp.
|
21,700
|
|
221,557
|
||||
ROC Energy Acquisition Corp.
|
18,000
|
|
182,700
|
||||
Screaming Eagle Acquisition Corp. (e)
|
99,999
|
|
983,990
|
||||
Seaport Global Acquisition II Corp.
|
100,000
|
|
1,012,000
|
||||
Swiftmerge Acquisition Corp. (e)
|
37,100
|
|
373,968
|
||||
Z-Work Acquisition Corp.
|
30,999
|
|
311,075
|
||||
Zimmer Energy Transition Acquisition Corp.
|
28,387
|
|
281,599
|
||||
Total Special Purpose Acquisition Vehicles (Cost $23,408,095)
|
|
|
23,829,916
|
||||
|
|
|
Principal
Amount
|
|
|
||
CORPORATE OBLIGATIONS - 0.26%
|
|
|
|
||||
Lamington Road DAC (b)(d)(e)
|
|
|
|
||||
9.750%, 04/07/2121
|
$ |
491,953
|
|
346,827
|
|||
Total Convertible Bonds (Cost $346,852)
|
|
|
346,827
|
||||
Shares
|
|||||||
RIGHTS - 0.01% (a)
|
|
|
|
||||
Lakeshore Acquisition II Corp. (Expiration: November 18, 2026) (e)
|
59,500
|
|
7,140
|
||||
Nocturne Acquisition Corp. (Expiration: December 26, 2025) (e)
|
40,000
|
|
2,400
|
||||
ROC Energy Acquisition Corp. (Expiration: November 30, 2028)
|
18,000
|
|
911
|
||||
Total Rights (Cost $30,158)
|
|
|
10,451
|
||||
WARRANTS - 0.06% (a)
|
|
|
|
||||
AGBA Group Holding Ltd.
|
|||||||
Expiration: March 2027
|
|||||||
Exercise Price: $11.50
|
36,750
|
|
2,940
|
||||
Arbor Rapha Capital Bioholdings Corp. I
|
|||||||
Expiration: October 2028
|
|||||||
Exercise Price: $11.50
|
22,400
|
|
403
|
||||
Ares Acquisition Corp.
|
|||||||
Expiration: December 2027
|
|||||||
Exercise Price: $11.50 (e)
|
10,000
|
|
751
|
||||
Ault Disruptive Technologies Corp.
|
|||||||
Expiration: June 2023
|
|||||||
Exercise Price: $11.50
|
48,000
|
|
720
|
||||
B Riley Principal 250 Merger Corp.
|
|||||||
Expiration: April 2028
|
|||||||
Exercise Price: $11.50
|
16,666
|
|
83
|
||||
BioPlus Acquisition Corp.
|
|||||||
Expiration: December 2026
|
|||||||
Exercise Price: $11.50 (e)
|
37,500
|
|
2,085
|
||||
Biote Corp.
|
|||||||
Expiration: May 2027
|
|||||||
Exercise Price: $11.50
|
11,366
|
|
2,614
|
||||
Cartesian Growth Corp. II
|
|||||||
Expiration: July 2028
|
|||||||
Exercise Price: $11.50 (e)
|
33,333
|
|
3,667
|
||||
Churchill Capital Corp. VI
|
|||||||
Expiration: February 2026
|
|||||||
Exercise Price: $11.50
|
6,940
|
|
196
|
||||
Churchill Capital Corp. VII
|
|||||||
Expiration: February 2028
|
|||||||
Exercise Price: $11.50
|
11,761
|
|
353
|
||||
Clarim Acquisition Corp.
|
|||||||
Expiration: January 2026
|
|||||||
Exercise Price: $11.50
|
3,333
|
|
1
|
||||
Colombier Acquisition Corp.
|
|||||||
Expiration: December 2028
|
|||||||
Exercise Price: $11.50
|
13,500
|
|
756
|
||||
Digital Health Acquisition Corp.
|
|||||||
Expiration: November 2026
|
|||||||
Exercise Price: $11.50
|
84,000
|
|
7,703
|
||||
FAST Acquisition Corp. II
|
|||||||
Expiration: March 2026
|
|||||||
Exercise Price: $11.50
|
7,500
|
|
5,035
|
||||
Figure Acquisition Corp. I
|
|||||||
Expiration: March 2028
|
|||||||
Exercise Price: $11.50
|
1,875
|
|
37
|
||||
FinTech Acquisition Corp. VI
|
|||||||
Expiration: March 2026
|
|||||||
Exercise Price: $11.50
|
6,250
|
|
2
|
||||
Fortress Value Acquisition Corp. IV
|
|||||||
Expiration: March 2028
|
|||||||
Exercise Price: $11.50
|
3,125
|
|
–
|
||||
FTAC Hera Acquisition Corp.
|
|||||||
Expiration: February 2026
|
|||||||
Exercise Price: $11.50 (e)
|
15,250
|
|
820
|
||||
Global Systems Dynamics, Inc.
|
|||||||
Expiration: April 2026
|
|||||||
Exercise Price: $11.50
|
25,200
|
|
252
|
||||
Gores Holdings VII, Inc.
|
|||||||
Expiration: February 2028
|
|||||||
Exercise Price: $11.50
|
1,875
|
|
9
|
||||
GX Acquisition Corp. II
|
|||||||
Expiration: March 2026
|
|||||||
Exercise Price: $11.50
|
20,000
|
|
16,000
|
||||
HNR Acquisition Corp.
|
|||||||
Expiration: February 2026
|
|||||||
Exercise Price: $11.50
|
37,000
|
|
740
|
||||
IG Acquisition Corp.
|
|||||||
Expiration: October 2027
|
|||||||
Exercise Price: $11.50
|
25,000
|
|
2,813
|
||||
Industrial Human Capital, Inc.
|
|||||||
Expiration: November 2026
|
|||||||
Exercise Price: $11.50
|
47,700
|
|
–
|
||||
Lakeshore Acquisition II Corp.
|
|||||||
Expiration: November 2026
|
|||||||
Exercise Price: $11.50 (e)
|
29,750
|
|
2,083
|
||||
LAMF Global Ventures Corp. I
|
|||||||
Expiration: November 2026
|
|||||||
Exercise Price: $11.50 (e)
|
25,000
|
|
1,500
|
||||
Landcadia Holdings IV, Inc.
|
|||||||
Expiration: March 2028
|
|||||||
Exercise Price: $11.50
|
12,500
|
|
1,625
|
||||
Leo Holdings Corp II
|
|||||||
Expiration: January 2028
|
|||||||
Exercise Price: $11.50 (e)
|
5,250
|
|
5
|
||||
LIV Capital Acquisition Corp II
|
|||||||
Expiration: February 2027
|
|||||||
Exercise Price: $11.50 (e)
|
41,625
|
|
2,914
|
||||
Longview Acquisition Corp. II
|
|||||||
Expiration: May 2026
|
|||||||
Exercise Price: $11.50
|
10,000
|
|
800
|
||||
M3-Brigade Acquisition III Corp.
|
|||||||
Expiration: July 2028
|
|||||||
Exercise Price: $11.50
|
33,444
|
|
1,672
|
||||
Marlin Technology Corp.
|
|||||||
Expiration: January 2026
|
|||||||
Exercise Price: $11.50 (e)
|
16,666
|
|
167
|
||||
Medicus Sciences Acquisition Corp.
|
|||||||
Expiration: February 2026
|
|||||||
Exercise Price: $11.50 (e)
|
1,112
|
|
11
|
||||
Motive Capital Corp. II
|
|||||||
Expiration: May 2023
|
|||||||
Exercise Price: $11.50 (e)
|
33,333
|
|
1,667
|
||||
Murphy Canyon Acquisition Corp.
|
|||||||
Expiration: January 2027
|
|||||||
Exercise Price: $11.50
|
55,500
|
|
2,775
|
||||
Northern Star Investment Corp. III
|
|||||||
Expiration: February 2028
|
|||||||
Exercise Price: $11.50
|
7,666
|
|
84
|
||||
OPY Acquisition Corp I
|
|||||||
Expiration: September 2026
|
|||||||
Exercise Price: $11.50
|
50,000
|
|
4,670
|
||||
Periphas Capital Partnering Corp.
|
|||||||
Expiration: December 2028
|
|||||||
Exercise Price: $28.75
|
5,000
|
|
1
|
||||
PWP Forward Acquisition Corp. I
|
|||||||
Expiration: March 2026
|
|||||||
Exercise Price: $11.50
|
21,000
|
|
–
|
||||
Quantum FinTech Acquisition Corp.
|
|||||||
Expiration: January 2026
|
|||||||
Exercise Price: $11.50
|
33,000
|
|
660
|
||||
Relativity Acquisition Corp.
|
|||||||
Expiration: December 2029
|
|||||||
Exercise Price: $11.50
|
21,700
|
|
760
|
||||
Screaming Eagle Acquisition Corp.
|
|||||||
Expiration: January 2027
|
|||||||
Exercise Price: $11.50 (e)
|
33,333
|
|
9,000
|
||||
Seaport Global Acquisition II Corp.
|
|||||||
Expiration: November 2026
|
|||||||
Exercise Price: $11.50
|
50,000
|
|
400
|
||||
Signa Sports United NV
|
|||||||
Expiration: July 2023
|
|||||||
Exercise Price: $11.50 (e)
|
10,731
|
|
1,610
|
||||
Target Global Acquisition I Corp.
|
|||||||
Expiration: December 2026
|
|||||||
Exercise Price: $11.50 (e)
|
23,633
|
|
1,182
|
||||
TG Venture Acquisition Corp.
|
|||||||
Expiration: August 2028
|
|||||||
Exercise Price: $11.50
|
74,000
|
|
748
|
||||
Z-Work Acquisition Corp.
|
|||||||
Expiration: January 2026
|
|||||||
Exercise Price: $11.50
|
10,333
|
|
8
|
||||
Total Warrants (Cost $464,045)
|
|
|
82,322
|
||||
MONEY MARKET FUNDS - 2.30%
|
|
|
|
||||
Fidelity Investments Money Market Funds - Government Portfolio, 3.560% (c)
|
1,515,165
|
|
1,515,165
|
||||
STIT - Treasury Portfolio, 3.754% (c)
|
1,515,164
|
|
1,515,164
|
||||
Total Money Market Funds (Cost $3,030,329)
|
|
|
3,030,329
|
||||
|
|
|
|
|
|
||
Total Investments (Cost $143,351,536) - 100.02%
|
|
131,638,553
|
|||||
Liabilities in Excess of Other Assets - (0.02)%
|
|
(26,184)
|
|||||
TOTAL NET ASSETS- 100.00%
|
|
|
$ |
131,612,369
|
Percentages are stated as a percent of net assets.
|
(a)
|
Non-income producing security.
|
|||
(b)
|
Fair valued securities. The total market value of these securities was $346,827, representing 0.26% of net assets. Value determined using significant unobservable inputs.
|
|||
(c)
|
The rate shown represents the seven-day yield at November 30, 2022.
|
|||
(d)
|
The coupon rate shown represents the rate at November 30, 2022.
|
|||
(e)
|
Foreign-issued security.
|
|||
Abbreviations:
|
||||
BDC
|
Business Development Company.
|
|||
Ltd.
|
Limited Liability Company.
|
The accompanying notes are an integral part of these schedule of investments.
|
Security valuation - Portfolio securities and other investments are valued using policies and procedures adopted by the Trustees. The Trustees have formed a Valuation
|
||||||
Committee to oversee the implementation of these procedures.
|
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||
|
|
|
|
|
|
|
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and
|
||||||
are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some
|
||||||
securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
|
|
|
||||
|
|
|
|
|
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|
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset
|
||||||
value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
|
||||||
|
|
|
|
|
|
|
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other
|
||||||
investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees. Such services or dealers determine
|
||||||
valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally
|
||||||
recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized
|
||||||
as Level 2.
|
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|
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such
|
||||||
markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days,
|
||||||
the Fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons
|
||||||
to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities,
|
||||||
will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity
|
||||||
and it is possible that fair value prices will be used by the Fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current
|
||||||
exchange rate.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To the extent a pricing service or dealer is unable to value a security, the security will be valued at fair value in accordance with policies and procedures approved by the Trustees.
|
||||||
Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations
|
||||||
consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S.
|
||||||
Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or
|
||||||
as Level 3 depending on the priority of the significant inputs.
|
|
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|
||
|
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|
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|
|
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all
|
||||||
relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the
|
||||||
amount that the Fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith
|
||||||
estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
|
|
|
||||
|
|
|
|
|
|
|
The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
||||||
additional disclosures about the various input and valuation techniques used in measuring fair value. Fair value 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.
|
|
|
|
|
The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the Fund's investments:
|
|
|
|
Quoted Prices in Active
|
Significant Other
|
||||||||||||||
|
Markets for Identical
|
Observable Inputs
|
Unobservable Inputs
|
|||||||||||||
|
Investments (Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Investment Companies
|
||||||||||||||||
Closed-End Funds
|
$
|
53,759,905
|
$
|
-
|
$
|
-
|
$
|
53,759,905
|
||||||||
Business Development Companies
|
26,871,708
|
-
|
-
|
26,871,708
|
||||||||||||
Preferred Stocks
|
16,208,790
|
1,484,709
|
17,693,499
|
|||||||||||||
Other Common Stock
|
3,033,114
|
3,033,114
|
||||||||||||||
Liquidating Trusts
|
200,709
|
200,709
|
||||||||||||||
Notes
|
2,779,773
|
-
|
-
|
2,779,773
|
||||||||||||
Special Purpose Acquisition Vehicles
|
17,125,279
|
6,704,637
|
-
|
23,829,916
|
||||||||||||
Corporate Bonds
|
-
|
346,827
|
346,827
|
|||||||||||||
Rights
|
911
|
9,540
|
-
|
10,451
|
||||||||||||
Warrants
|
71,184
|
11,138
|
-
|
82,322
|
||||||||||||
Money Market Funds
|
3,030,329
|
-
|
-
|
3,030,329
|
||||||||||||
Total
|
$
|
123,081,702
|
$
|
8,210,024
|
$
|
346,827
|
$
|
131,638,553
|
||||||||
|
||||||||||||||||
|
||||||||||||||||
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund’s net assets and were not considered a significant portion of the
|
||||||||||||||||
fund’s portfolio.
|
||||||||||||||||
|
||||||||||||||||
The fair value of derivative instruments as reported within the Schedule of Investments as of November 30, 2022:
|
||||||||||||||||
|
||||||||||||||||
Derivatives not accounted for as hedging
instruments
|
Statement of Assets & Liabilities Location
|
Value
|
||||||||||||||
Equity Contracts - Warrants
|
Investments, at value
|
$
|
82,322
|
|||||||||||||
|
||||||||||||||||
The effect of derivative instruments on the Statement of Operations for the period ended November 30, 2022:
|
||||||||||||||||
|
||||||||||||||||
|
Amount of Realized Gain on Derivatives Recognized in Income
|
|||||||||||||||
Derivatives not accounted for as hedging
instruments
|
Statement of Operations Location
|
Value
|
||||||||||||||
Equity Contracts - Warrants
|
Net Realized Gain
|
$
|
7,864
|
|||||||||||||
|
on Investments
|
|||||||||||||||
|
||||||||||||||||
|
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
|
|||||||||||||||
Derivatives not accounted for as hedging
instruments
|
Statement of Operations Location
|
Total
|
||||||||||||||
Equity Contracts - Warrants
|
Net change in unrealized
|
$
|
(41,018
|
)
|
||||||||||||
|
depreciation of investments
|
|||||||||||||||
|
||||||||||||||||
|