Greenspring Income Opportunities Fund | ||||||||
Schedule of Investments | ||||||||
as of December 31, 2023 (Unaudited) | ||||||||
CORPORATE BONDS - 87.8% | Par | Value | ||||||
COMMUNICATIONS - 4.5% | ||||||||
Cable & Satellite - 1.7% | ||||||||
CCO Holdings LLC | ||||||||
5.50%, 05/01/2026 (a) | $ | 600,000 | $ | 596,379 | ||||
5.13%, 05/01/2027 (a) | 554,000 | 535,604 | ||||||
Videotron Ltd., 5.38%, 06/15/2024 (a) | 2,674,000 | 2,662,408 | ||||||
3,794,391 | ||||||||
Media & Entertainment - 2.3% | ||||||||
Belo Corp. 7.75%, 06/01/2027 | 920,000 | 932,643 | ||||||
Cinemark USA, Inc. 8.75%, 05/01/2025 (a) | 2,312,000 | 2,331,305 | ||||||
Nexstar Media, Inc. 5.63%, 07/15/2027 (a) | 1,734,000 | 1,678,141 | ||||||
TEGNA, Inc. 4.63%, 03/15/2028 | 404,000 | 377,869 | ||||||
5,319,958 | ||||||||
Transportation - 0.5% | ||||||||
Uber Technologies, Inc. 8.00%, 11/01/2026 (a) | 1,078,000 | 1,098,747 | ||||||
Wireless Telecommunication Services - 0.0%(b) | ||||||||
T-Mobile U.S., Inc. 7.13%, 06/15/2024 | 100,000 | 100,501 | ||||||
Total COMMUNICATIONS | 10,313,597 | |||||||
CONSUMER DESCRETIONARY - 27.0%(c) | ||||||||
Auto Components - 2.2% | ||||||||
Adient Global Holdings Ltd. 7.00%, 04/15/2028 (a) | 1,600,000 | 1,654,819 | ||||||
Dana Financing Luxembourg 5.75%, 04/15/2025 (a) | 2,045,000 | 2,041,835 | ||||||
Dana, Inc. 5.63%, 06/15/2028 | 100,000 | 98,683 | ||||||
Goodyear Tire & Rubber Co. 9.50%, 05/31/2025 | 1,166,000 | 1,183,892 | ||||||
4,979,229 | ||||||||
Automobiles - 0.8% | ||||||||
Jaguar Land Rover Automotive PLC 7.75%, 10/15/2025 (a) | 1,812,000 | 1,833,822 | ||||||
Automobiles Wholesalers - 0.3% | ||||||||
Openlane, Inc. 5.13%, 06/01/2025 (a) | 648,000 | 639,401 | ||||||
Building Products - 2.1% | ||||||||
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027 (a) | 1,624,000 | 1,568,760 | ||||||
Griffon Corp. 5.75%, 03/01/2028 | 1,378,000 | 1,355,656 | ||||||
JELD-WEN, Inc. 4.63%, 12/15/2025 (a) | 1,819,000 | 1,761,755 | ||||||
4,686,171 | ||||||||
Casinos & Gaming - 4.1% | ||||||||
Boyd Gaming Corp. 4.75%, 12/01/2027 | 675,000 | 650,684 | ||||||
Caesars Entertainment, Inc. 6.25%, 07/01/2025 (a) | 2,173,000 | 2,180,549 | ||||||
International Game Technology PLC 6.50%, 02/15/2025 (a) | 1,500,000 | 1,502,493 | ||||||
Las Vegas Sands Corp. 3.20%, 08/08/2024 | 2,763,000 | 2,711,089 | ||||||
MGM Resorts International 6.75%, 05/01/2025 | 2,080,000 | 2,087,804 | ||||||
9,132,619 | ||||||||
Commercial Services & Supplies - 2.4% | ||||||||
Matthews International Corp. 5.25%, 12/01/2025 (a) | 2,256,000 | 2,199,965 | ||||||
Ritchie Bros Holdings, Inc. 6.75%, 03/15/2028 (a) | 1,432,000 | 1,476,138 | ||||||
Stericycle, Inc. 5.38%, 07/15/2024 (a) | 1,753,000 | 1,748,775 | ||||||
5,424,878 | ||||||||
Consumer Products - 1.0% | ||||||||
American Greetings Corp. 8.75%, 04/15/2025 (a) | 2,383,000 | 2,381,689 | ||||||
Consumer Services - 1.5% | ||||||||
Graham Holdings Co. 5.75%, 06/01/2026 (a) | 1,910,000 | 1,900,067 | ||||||
Prime Security Services Borrower LLC | ||||||||
5.25%, 04/15/2024 (a) | 246,000 | 244,630 | ||||||
6.25%, 01/15/2028 (a) | 1,200,000 | 1,193,938 | ||||||
3,338,635 | ||||||||
Homebuilding - 0.7% | ||||||||
Beazer Homes USA, Inc. 6.75%, 03/15/2025 | 1,000,000 | 998,570 | ||||||
Century Communities, Inc. 6.75%, 06/01/2027 | 685,000 | 693,179 | ||||||
1,691,749 | ||||||||
Household Durables - 0.7% | ||||||||
Newell Brands, Inc. | ||||||||
4.88%, 06/01/2025 | 950,000 | 935,152 | ||||||
5.20%, 04/01/2026 | 500,000 | 493,450 | ||||||
6.38%, 09/15/2027 | 250,000 | 248,992 | ||||||
1,677,594 | ||||||||
Leisure - 2.8% | ||||||||
Cedar Fair LP | ||||||||
5.50%, 05/01/2025 (a) | 1,500,000 | 1,493,398 | ||||||
5.38%, 04/15/2027 | 750,000 | 735,052 | ||||||
6.50%, 10/01/2028 | 335,000 | 332,962 | ||||||
Life Time, Inc. 5.75%, 01/15/2026 (a) | 2,250,000 | 2,235,228 | ||||||
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025 (a) | 750,000 | 753,968 | ||||||
Vail Resorts, Inc. 6.25%, 05/15/2025 (a) | 740,000 | 737,018 | ||||||
6,287,626 | ||||||||
Lodging - 2.3% | ||||||||
Arrow Bidco LLC 10.75%, 06/15/2025 (a) | 2,135,000 | 2,220,399 | ||||||
Hilton Domestic Operating Co., Inc. 5.38%, 05/01/2025 (a) | 375,000 | 374,849 | ||||||
Hilton Worldwide Finance LLC 4.88%, 04/01/2027 | 125,000 | 123,212 | ||||||
Marriott Ownership Resorts, Inc. 4.75%, 01/15/2028 | 137,000 | 125,967 | ||||||
Travel & Leisure Co. | ||||||||
5.65%, 04/01/2024 | 1,150,000 | 1,149,483 | ||||||
6.63%, 07/31/2026 (a) | 1,300,000 | 1,312,605 | ||||||
5,306,515 | ||||||||
Restaurants - 2.2% | ||||||||
Brinker International, Inc. 5.00%, 10/01/2024 (a) | 1,887,000 | 1,872,338 | ||||||
Dave & Buster's, Inc. 7.63%, 11/01/2025 (a) | 2,245,000 | 2,275,420 | ||||||
New Red Finance, Inc. 5.75%, 04/15/2025 (a) | 1,000,000 | 997,361 | ||||||
5,145,119 | ||||||||
Retail - 3.9% | ||||||||
Academy Ltd. 6.00%, 11/15/2027 (a) | 2,000,000 | 1,966,383 | ||||||
NMG Holding Co., Inc. 7.13%, 04/01/2026 (a) | 1,600,000 | 1,538,803 | ||||||
Nordstrom, Inc. 2.30%, 04/08/2024 | 1,544,000 | 1,528,298 | ||||||
Sally Holdings LLC 5.63%, 12/01/2025 | 952,000 | 952,832 | ||||||
Signet UK Finance PLC 4.70%, 06/15/2024 | 3,067,000 | 3,041,467 | ||||||
9,027,783 | ||||||||
TOTAL CONSUMER DESCRETIONARY | 61,552,830 | |||||||
CONSUMER STAPLES - 3.1% | ||||||||
Food & Beverage - 0.2% | ||||||||
Darling Ingredients, Inc. 5.25%, 04/15/2027 (a) | 518,000 | 510,842 | ||||||
Food & Staples Retailing - 0.7% | ||||||||
Albertsons Cos., Inc. | ||||||||
7.50%, 03/15/2026 (a) | 700,000 | 713,442 | ||||||
5.88%, 02/15/2028 (a) | 808,000 | 809,047 | ||||||
1,522,489 | ||||||||
Household & Personal Products - 2.2% | ||||||||
Coty, Inc. | ||||||||
5.00%, 04/15/2026 (a) | 1,700,000 | 1,674,206 | ||||||
6.50%, 04/15/2026 (a) | 1,558,000 | 1,557,270 | ||||||
Spectrum Brands, Inc. 5.00%, 10/01/2029 (a) | 1,980,000 | 1,891,367 | ||||||
5,122,843 | ||||||||
TOTAL CONSUMER STAPLES | 7,156,174 | |||||||
ENERGY - 6.6% | ||||||||
Energy Equipment & Services - 0.9% | ||||||||
TechnipFMC PLC 6.50%, 02/01/2026 (a) | 2,000,000 | 1,995,773 | ||||||
Energy Midstream - 4.0% | ||||||||
Antero Midstream Partners LP 7.88%, 05/15/2026 (a) | 1,450,000 | 1,487,419 | ||||||
EnLink Midstream Partners LP 4.40%, 04/01/2024 | 2,563,000 | 2,545,763 | ||||||
New Fortress Energy, Inc. 6.75%, 09/15/2025 (a) | 1,200,000 | 1,191,386 | ||||||
NGL Energy Partners LP 6.13%, 03/01/2025 | 2,152,000 | 2,149,371 | ||||||
Targa Resources Partners LP 6.50%, 07/15/2027 | 1,432,000 | 1,451,797 | ||||||
8,825,736 | ||||||||
Exploration & Production - 1.7% | ||||||||
Chesapeake Energy Corp. 5.50%, 02/01/2026 (a) | 1,044,000 | 1,035,897 | ||||||
PDC Energy, Inc. 5.75%, 05/15/2026 | 263,000 | 262,664 | ||||||
Permian Resources Operating LLC 5.38%, 01/15/2026 (a) | 1,500,000 | 1,481,353 | ||||||
SM Energy Co. 5.63%, 06/01/2025 | 1,010,000 | 999,056 | ||||||
3,778,970 | ||||||||
TOTAL ENERGY | 14,600,479 | |||||||
FINANCIALS - 8.4% | ||||||||
Consumer Finance - 2.2% | ||||||||
Credit Acceptance Corp. | ||||||||
6.63%, 03/15/2026 | 1,136,000 | 1,134,583 | ||||||
9.25%, 12/15/2028 (a) | 500,000 | 533,600 | ||||||
OneMain Finance Corp. 6.88%, 03/15/2025 | 1,137,000 | 1,151,878 | ||||||
PRA Group, Inc. 7.38%, 09/01/2025 (a) | 2,255,000 | 2,243,907 | ||||||
5,063,968 | ||||||||
Investment Banking & Brokerage - 0.5% | ||||||||
StoneX Group, Inc. 8.63%, 06/15/2025 (a) | 1,128,000 | 1,144,627 | ||||||
Mortgage REITs - 1.0% | ||||||||
Starwood Property Trust, Inc. 3.75%, 12/31/2024 (a) | 2,375,000 | 2,332,381 | ||||||
Real Estate Investment Trusts - 2.7% | ||||||||
Iron Mountain, Inc. 4.88%, 09/15/2027 (a) | 1,913,000 | 1,867,922 | ||||||
MPT Operating Partnership LP 5.25%, 08/01/2026 | 1,000,000 | 895,083 | ||||||
RHP Hotel Properties LP 7.25%, 07/15/2028 (a) | 1,250,000 | 1,300,389 | ||||||
SBA Communications Corp. 3.88%, 02/15/2027 | 696,000 | 668,859 | ||||||
VICI Properties LP 5.63%, 05/01/2024 (a) | 1,378,000 | 1,374,377 | ||||||
6,106,630 | ||||||||
Specialty Insurance - 2.0% | ||||||||
Enact Holdings, Inc. 6.50%, 08/15/2025 (a) | 2,530,000 | 2,524,270 | ||||||
Radian Group, Inc. 4.50%, 10/01/2024 | 2,091,000 | 2,065,835 | ||||||
4,590,105 | ||||||||
TOTAL FINANCIALS | 19,237,711 | |||||||
HEALTH CARE - 5.3% | ||||||||
Healthcare Equipment & Supplies - 1.2% | ||||||||
Owens & Minor, Inc. 4.38%, 12/15/2024 | 2,253,000 | 2,216,523 | ||||||
Teleflex, Inc. 4.63%, 11/15/2027 | 550,000 | 535,171 | ||||||
2,751,694 | ||||||||
Healthcare Providers & Services - 3.1% | ||||||||
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028 (a) | 1,660,000 | 1,636,799 | ||||||
AdaptHealth LLC 6.13%, 08/01/2028 (a) | 1,897,000 | 1,639,321 | ||||||
Encompass Health Corp. 5.75%, 09/15/2025 | 1,409,000 | 1,404,672 | ||||||
Select Medical Corp. 6.25%, 08/15/2026 (a) | 1,594,000 | 1,602,997 | ||||||
Tenet Healthcare Corp. 4.88%, 01/01/2026 | 839,000 | 830,138 | ||||||
7,113,927 | ||||||||
Life Sciences Tools & Services - 1.0% | ||||||||
Avantor Funding, Inc. 4.63%, 07/15/2028 (a) | 1,000,000 | 967,211 | ||||||
IQVIA, Inc. 5.00%, 10/15/2026 (a) | 1,395,000 | 1,382,607 | ||||||
2,349,818 | ||||||||
TOTAL HEALTH CARE | 12,215,439 | |||||||
INDUSTRIALS - 14.4% | ||||||||
Aerospace & Defense - 2.1% | ||||||||
Rolls-Royce PLC 3.63%, 10/14/2025 (a) | 1,477,000 | 1,424,197 | ||||||
TransDigm, Inc. | ||||||||
6.25%, 03/15/2026 (a) | 1,888,000 | 1,886,654 | ||||||
7.50%, 03/15/2027 | 1,564,000 | 1,572,901 | ||||||
4,883,752 | ||||||||
Chemicals - 0.1% | ||||||||
Scotts Miracle-Gro Co. 5.25%, 12/15/2026 | 250,000 | 241,331 | ||||||
Engineering & Construction - 2.6% | ||||||||
IEA Energy Services LLC 6.63%, 08/15/2029 (a) | 1,120,000 | 1,045,762 | ||||||
Picasso Finance Sub., Inc. 6.13%, 06/15/2025 (a) | 2,800,000 | 2,808,484 | ||||||
Pike Corp. 5.50%, 09/01/2028 (a) | 2,200,000 | 2,098,602 | ||||||
5,952,848 | ||||||||
Environmental Services - 1.9% | ||||||||
Burford Capital Global Finance LLC 6.25%, 04/15/2028 (a) | 2,114,000 | 2,031,508 | ||||||
Clean Harbors, Inc. 4.88%, 07/15/2027 (a) | 900,000 | 882,785 | ||||||
GFL Environmental, Inc. | ||||||||
4.25%, 06/01/2025 (a) | 750,000 | 739,386 | ||||||
5.13%, 12/15/2026 (a) | 750,000 | 742,573 | ||||||
4,396,252 | ||||||||
Machinery - 3.0% | ||||||||
Enpro, Inc. 5.75%, 10/15/2026 | 2,200,000 | 2,179,765 | ||||||
Gates Global LLC 6.25%, 01/15/2026 (a) | 2,190,000 | 2,181,437 | ||||||
Hillenbrand, Inc. 5.75%, 06/15/2025 | 697,000 | 696,829 | ||||||
Trinity Industries, Inc. 4.55%, 10/01/2024 | 1,748,000 | 1,723,834 | ||||||
6,781,865 | ||||||||
Metals & Mining - 0.5% | ||||||||
GrafTech Global Enterprises, Inc. 9.88%, 12/15/2028 (a) | 1,500,000 | 1,158,750 | ||||||
Trading Companies & Distributors - 3.6% | ||||||||
Herc Holdings, Inc. 5.50%, 07/15/2027 (a) | 1,639,000 | 1,619,614 | ||||||
Triton Container International Ltd. 1.15%, 06/07/2024 (a) | 3,376,000 | 3,294,830 | ||||||
WESCO Distribution, Inc. | ||||||||
7.13%, 06/15/2025 (a) | 2,764,000 | 2,786,228 | ||||||
7.25%, 06/15/2028 (a) | 650,000 | 668,551 | ||||||
8,369,223 | ||||||||
Transportation - 0.6% | ||||||||
XPO Escrow Sub LLC 7.50%, 11/15/2027 (a) | 350,000 | 361,491 | ||||||
XPO, Inc. 6.25%, 06/01/2028 (a) | 1,000,000 | 1,013,885 | ||||||
1,375,376 | ||||||||
TOTAL INDUSTRIALS | 33,159,397 | |||||||
MATERIALS - 9.0% | ||||||||
Chemicals - 4.0% | ||||||||
Avient Corp. 5.75%, 05/15/2025 (a) | 2,315,000 | 2,317,406 | ||||||
Axalta Coating Systems LLC 4.75%, 06/15/2027 (a) | 1,300,000 | 1,264,559 | ||||||
Celanese US Holdings LLC 5.90%, 07/05/2024 | 1,000,000 | 1,000,310 | ||||||
HB Fuller Co. 4.25%, 10/15/2028 | 1,347,000 | 1,261,039 | ||||||
Methanex Corp. 4.25%, 12/01/2024 | 2,148,000 | 2,114,447 | ||||||
Minerals Technologies, Inc. 5.00%, 07/01/2028 (a) | 1,356,000 | 1,305,340 | ||||||
9,263,101 | ||||||||
Construction Materials - 1.0% | ||||||||
Summit Materials LLC 6.50%, 03/15/2027 (a) | 2,347,000 | 2,349,966 | ||||||
Metals & Mining - 1.2% | ||||||||
Allegheny Ludlum LLC 6.95%, 12/15/2025 | 1,077,000 | 1,091,513 | ||||||
Cleveland-Cliffs, Inc. | ||||||||
6.75%, 03/15/2026 (a) | 1,086,000 | 1,091,368 | ||||||
5.88%, 06/01/2027 | 500,000 | 498,786 | ||||||
2,681,667 | ||||||||
Packaging & Containers - 2.8% | ||||||||
Berry Global, Inc. | ||||||||
4.50%, 02/15/2026 (a) | 785,000 | 765,622 | ||||||
4.88%, 07/15/2026 (a) | 677,000 | 665,715 | ||||||
Crown Americas LLC 4.75%, 02/01/2026 | 350,000 | 346,896 | ||||||
Crown Cork & Seal Co., Inc. 7.38%, 12/15/2026 | 500,000 | 525,498 | ||||||
Graphic Packaging International LLC 4.13%, 08/15/2024 | 450,000 | 444,180 | ||||||
Mauser Packaging Solutions Holding Co. 7.88%, 08/15/2026 (a) | 1,780,000 | 1,813,073 | ||||||
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | 250,000 | 233,906 | ||||||
Pactiv LLC 7.95%, 12/15/2025 | 1,515,000 | 1,538,854 | ||||||
6,333,744 | ||||||||
TOTAL MATERIALS | 20,628,478 | |||||||
TECHNOLOGY - 7.1% | ||||||||
Information Technology Services - 0.8% | ||||||||
KBR, Inc., 4.75%, 09/30/2028 (a) | 1,865,000 | 1,736,133 | ||||||
Professional Services - 0.9% | ||||||||
Camelot Finance SA, 4.50%, 11/01/2026 (a) | 2,000,000 | 1,954,090 | ||||||
Semiconductors - 1.0% | ||||||||
Qorvo, Inc., 1.75%, 12/15/2024 | 2,427,000 | 2,330,110 | ||||||
Software & Services - 3.7% | ||||||||
ACI Worldwide, Inc. 5.75%, 08/15/2026 (a) | 2,456,000 | 2,441,719 | ||||||
Consensus Cloud Solutions, Inc. 6.00%, 10/15/2026 (a) | 1,499,000 | 1,426,763 | ||||||
Gen Digital, Inc. | ||||||||
5.00%, 04/15/2025 (a) | 989,000 | 979,995 | ||||||
6.75%, 09/30/2027 (a) | 1,260,000 | 1,282,622 | ||||||
Open Text Corp. 3.88%, 02/15/2028 (a) | 1,850,000 | 1,720,199 | ||||||
PTC, Inc. 3.63%, 02/15/2025 (a) | 500,000 | 489,222 | ||||||
8,340,520 | ||||||||
Technology Hardware & Equipment - 0.7% | ||||||||
Arrow Electronics, Inc., 6.13%, 03/01/2026 | 1,287,000 | 1,288,634 | ||||||
CDW LLC | ||||||||
4.13%, 05/01/2025 | 253,000 | 248,249 | ||||||
4.25%, 04/01/2028 | 125,000 | 119,819 | ||||||
1,656,702 | ||||||||
TOTAL TECHNOLOGY | 16,017,555 | |||||||
UTILITIES - 2.4% | ||||||||
Utilities - 2.4% | ||||||||
NextEra Energy Operating Partners LP 4.25%, 07/15/2024 (a) | 981,000 | 970,510 | ||||||
NRG Energy, Inc., 6.63%, 01/15/2027 | 1,797,000 | 1,802,123 | ||||||
Vistra Operations Co. LLC | ||||||||
3.55%, 07/15/2024 (a) | 1,330,000 | 1,311,620 | ||||||
5.50%, 09/01/2026 (a) | 752,000 | 742,909 | ||||||
5.63%, 02/15/2027 (a) | 750,000 | 740,264 | ||||||
5,567,426 | ||||||||
TOTAL UTILITIES | 5,567,426 | |||||||
TOTAL CORPORATE BONDS (Cost $199,022,071) | 200,449,086 | |||||||
CONVERTIBLE BONDS - 1.2% | Par | Value | ||||||
CONSUMER STAPLES - 0.4% | ||||||||
Household & Personal Products - 0.4% | ||||||||
Herbalife Ltd. 2.63%, 03/15/2024 | 974,000 | 963,286 | ||||||
HEALTH CARE - 0.2% | ||||||||
Healthcare Equipment & Supplies - 0.2% | ||||||||
Haemonetics Corp. 0.00%, 03/01/2026 (c) | 510,000 | 456,450 | ||||||
UTILITIES - 0.6% | ||||||||
Utilities - 0.6% | ||||||||
NextEra Energy Partners LP | ||||||||
0.00%, 06/15/2024 (a)(c) | 1,000,000 | 969,500 | ||||||
0.00%, 11/15/2025 (a)(c) | 500,000 | 439,250 | ||||||
1,408,750 | ||||||||
TOTAL CONVERTIBLE BONDS (Cost $2,820,540) | 2,828,486 | |||||||
SHORT-TERM INVESTMENTS - 9.4% | ||||||||
Money Market Funds - 9.4% | Shares | |||||||
First American Government Obligations Fund - Class X, 5.25%(d) | 1,442,686 | 1,442,686 | ||||||
First American Treasury Obligations Fund - Class X, 5.28%(d) | 10,035,397 | 10,035,397 | ||||||
Invesco Treasury Portfolio - Class Institutional, 5.28%(d) | 10,035,397 | 10,035,397 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $21,513,480) | 21,513,480 | |||||||
TOTAL INVESTMENTS - 98.4% (Cost $223,356,091) | $ | 224,791,052 | ||||||
Other Assets in Excess of Liabilities - 1.6% | 3,655,112 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 228,446,164 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2023, the value of these securities total $141,663,889 or 62.0% of the Fund’s net assets. |
(b) | Represents less than 0.05% of net assets. |
(c) | Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. |
(d) | The rate shown represents the 7-day effective yield as of December 31, 2023. |
Summary of Fair Value Measurements at December 31, 2023 (Unaudited) | |||||||||||
The Fund has adopted fair value accounting standards which establish an authoritative 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 of 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 at the date of measurement. | ||||||||||
Level 2 - | Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments | ||||||||||
model-derived valuations in which all | |||||||||||
significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data). | |||||||||||
Level 3 - | Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs, are not available, are 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 inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's | |||||||||||
securities as of December 31, 2023: |
Greenspring Income Opportunities Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Corporate Bonds | $ | – | $ | 200,449,086 | $ | – | $ | 200,449,086 | ||||||||
Convertible Bonds | – | 2,828,486 | – | 2,828,486 | ||||||||||||
Money Market Funds | 21,513,480 | – | – | 21,513,480 | ||||||||||||
Total Investments | $ | 21,513,480 | $ | 203,277,572 | $ | – | $ | 224,791,052 | ||||||||
Refer to the Schedule of Investments for industry classifications. |