Greenspring Income Opportunities Fund | ||||||||
Schedule of Investments | ||||||||
June 30, 2024 (Unaudited) | ||||||||
CORPORATE BONDS - 85.0% | Par | Value | ||||||
COMMUNICATIONS - 2.1% | ||||||||
Cable & Satellite - 0.4% | ||||||||
CCO Holdings LLC | ||||||||
5.50%, 05/01/2026 (a) | $ | 600,000 | $ | 594,603 | ||||
5.13%, 05/01/2027 (a) | 554,000 | 532,370 | ||||||
1,126,973 | ||||||||
Media & Entertainment - 1.3% | ||||||||
Belo Corp., 7.75%, 06/01/2027 | 920,000 | 945,028 | ||||||
Nexstar Media, Inc., 5.63%, 07/15/2027 (a) | 2,484,000 | 2,361,706 | ||||||
TEGNA, Inc., 4.63%, 03/15/2028 | 404,000 | 365,541 | ||||||
3,672,275 | ||||||||
Transportation - 0.4% | ||||||||
Uber Technologies, Inc., 8.00%, 11/01/2026 (a) | 1,078,000 | 1,088,541 | ||||||
TOTAL COMMUNICATIONS | 5,887,789 | |||||||
CONSUMER DISCRETIONARY - 25.9% | ||||||||
Apparel & Textiles - 0.5% | ||||||||
Tapestry, Inc., 7.70%, 11/27/2030 | 1,306,000 | 1,365,105 | ||||||
Auto Components - 2.2% | ||||||||
Adient Global Holdings Ltd. | ||||||||
4.88%, 08/15/2026 (a) | 1,138,000 | 1,107,711 | ||||||
7.00%, 04/15/2028 (a) | 1,600,000 | 1,639,057 | ||||||
Dana Financing Luxembourg Sarl, 5.75%, 04/15/2025 (a) | 2,045,000 | 2,042,512 | ||||||
Dana, Inc., 5.63%, 06/15/2028 | 100,000 | 97,121 | ||||||
Goodyear Tire & Rubber Co., 9.50%, 05/31/2025 | 1,166,000 | 1,168,191 | ||||||
6,054,592 | ||||||||
Automobiles - 0.7% | ||||||||
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025 (a) | 1,812,000 | 1,823,142 | ||||||
Automobiles Wholesalers - 0.6% | ||||||||
KAR Auction Services, Inc., 5.13%, 06/01/2025 (a) | 1,768,000 | 1,745,120 | ||||||
Building Products - 1.8% | ||||||||
Griffon Corp., 5.75%, 03/01/2028 | 3,112,000 | 3,005,519 | ||||||
JELD-WEN, Inc., 4.63%, 12/15/2025 (a) | 1,919,000 | 1,891,164 | ||||||
4,896,683 | ||||||||
Casinos & Gaming - 1.4% | ||||||||
Boyd Gaming Corp., 4.75%, 12/01/2027 | 675,000 | 650,933 | ||||||
Caesars Entertainment, Inc., 8.13%, 07/01/2027 (a) | 1,655,000 | 1,689,775 | ||||||
International Game Technology PLC, 6.50%, 02/15/2025 (a) | 1,500,000 | 1,501,751 | ||||||
3,842,459 | ||||||||
Chemicals - 0.1% | ||||||||
Scotts Miracle-Gro Co., 5.25%, 12/15/2026 | 250,000 | 246,884 | ||||||
Commercial Services & Supplies - 4.9% | ||||||||
Champions Financing, Inc., 8.75%, 02/15/2029 (a) | 3,571,000 | 3,664,753 | ||||||
Cimpress PLC, 7.00%, 06/15/2026 | 4,078,000 | 4,078,999 | ||||||
GEO Group, Inc., 8.63%, 04/15/2029 (a) | 2,500,000 | 2,562,715 | ||||||
Matthews International Corp., 5.25%, 12/01/2025 (a) | 3,409,000 | 3,326,226 | ||||||
13,632,693 | ||||||||
Consumer Services - 3.2% | ||||||||
APX Group, Inc., 6.75%, 02/15/2027 (a) | 3,900,000 | 3,893,970 | ||||||
Graham Holdings Co., 5.75%, 06/01/2026 (a) | 1,935,000 | 1,921,797 | ||||||
Prime Security Services Borrower LLC, 6.25%, 01/15/2028 (a) | 2,979,000 | 2,938,538 | ||||||
8,754,305 | ||||||||
Engineering & Construction - 1.0% | ||||||||
Williams Scotsman, Inc., 6.13%, 06/15/2025 (a) | 2,800,000 | 2,798,572 | ||||||
Homebuilding - 0.5% | ||||||||
Century Communities, Inc., 6.75%, 06/01/2027 | 1,499,000 | 1,508,546 | ||||||
Household Durables - 0.6% | ||||||||
Newell Brands, Inc. | ||||||||
4.88%, 06/01/2025 | 950,000 | 937,044 | ||||||
5.70%, 04/01/2026 | 500,000 | 494,292 | ||||||
6.38%, 09/15/2027 | 250,000 | 247,318 | ||||||
1,678,654 | ||||||||
Leisure - 1.8% | ||||||||
Cedar Fair LP | ||||||||
5.38%, 04/15/2027 | 750,000 | 743,935 | ||||||
6.50%, 10/01/2028 | 335,000 | 337,015 | ||||||
Life Time, Inc., 5.75%, 01/15/2026 (a) | 3,088,000 | 3,076,493 | ||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (a) | 750,000 | 754,161 | ||||||
4,911,604 | ||||||||
Leisure Products - 0.5% | ||||||||
Viking Cruises Ltd., 6.25%, 05/15/2025 (a) | 1,500,000 | 1,499,849 | ||||||
Lodging - 2.5% | ||||||||
Arrow Bidco LLC, 10.75%, 06/15/2025 (a) | 2,555,000 | 2,596,601 | ||||||
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025 (a) | 375,000 | 374,683 | ||||||
Hilton Worldwide Finance LLC, 4.88%, 04/01/2027 | 125,000 | 123,115 | ||||||
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028 | 2,592,000 | 2,448,316 | ||||||
Travel + Leisure Co., 6.63%, 07/31/2026 (a) | 1,300,000 | 1,310,635 | ||||||
6,853,350 | ||||||||
Restaurants - 1.9% | ||||||||
Brinker International, Inc., 5.00%, 10/01/2024 (a) | 1,887,000 | 1,882,713 | ||||||
Dave & Buster's, Inc., 7.63%, 11/01/2025 (a) | 2,245,000 | 2,257,911 | ||||||
New Red Finance, Inc., 5.75%, 04/15/2025 (a) | 1,000,000 | 997,154 | ||||||
5,137,778 | ||||||||
Retail - 1.7% | ||||||||
Academy Ltd., 6.00%, 11/15/2027 (a) | 2,594,000 | 2,556,700 | ||||||
NMG Holding Co., Inc., 7.13%, 04/01/2026 (a) | 2,100,000 | 2,076,551 | ||||||
4,633,251 | ||||||||
TOTAL CONSUMER DISCRETIONARY | 71,382,587 | |||||||
CONSUMER STAPLES - 1.6% | ||||||||
Food & Beverage - 0.2% | ||||||||
Darling Ingredients, Inc., 5.25%, 04/15/2027 (a) | 518,000 | 507,857 | ||||||
Food & Staples Retailing - 0.6% | ||||||||
Albertsons Cos., Inc. | ||||||||
7.50%, 03/15/2026 (a) | 700,000 | 710,356 | ||||||
5.88%, 02/15/2028 (a) | 808,000 | 799,252 | ||||||
1,509,608 | ||||||||
Household & Personal Products - 0.8% | ||||||||
Coty, Inc., 5.00%, 04/15/2026 (a) | 2,274,000 | 2,245,758 | ||||||
TOTAL CONSUMER STAPLES | 4,263,223 | |||||||
ENERGY - 7.1% | ||||||||
Energy Equipment & Services - 1.8% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp., 6.88%, 04/01/2027 (a) | 1,516,000 | 1,523,307 | ||||||
Kodiak Gas Services LLC, 7.25%, 02/15/2029 (a) | 250,000 | 256,468 | ||||||
TechnipFMC PLC, 6.50%, 02/01/2026 (a) | 3,238,000 | 3,239,959 | ||||||
5,019,734 | ||||||||
Energy Midstream - 2.9% | ||||||||
Delek Logistics Partners LP, 7.13%, 06/01/2028 (a) | 895,000 | 884,575 | ||||||
Genesis Energy LP | ||||||||
8.00%, 01/15/2027 | 1,599,000 | 1,636,311 | ||||||
7.75%, 02/01/2028 | 1,426,000 | 1,442,302 | ||||||
New Fortress Energy, Inc. | ||||||||
6.75%, 09/15/2025 (a) | 1,279,000 | 1,242,567 | ||||||
6.50%, 09/30/2026 (a) | 1,425,000 | 1,312,136 | ||||||
Targa Resources Partners LP, 6.50%, 07/15/2027 | 1,432,000 | 1,443,187 | ||||||
7,961,078 | ||||||||
Exploration & Production - 2.4% | ||||||||
Chesapeake Energy Corp., 5.50%, 02/01/2026 (a) | 1,044,000 | 1,035,348 | ||||||
Permian Resources Operating LLC, 5.38%, 01/15/2026 (a) | 1,910,000 | 1,891,842 | ||||||
SM Energy Co. | ||||||||
5.63%, 06/01/2025 | 1,010,000 | 1,006,349 | ||||||
6.75%, 09/15/2026 | 1,614,000 | 1,615,827 | ||||||
Talos Production, Inc., 9.00%, 02/01/2029 (a) | 1,000,000 | 1,050,339 | ||||||
6,599,705 | ||||||||
TOTAL ENERGY | 19,580,517 | |||||||
FINANCIALS - 12.7% | ||||||||
Consumer Finance - 4.2% | ||||||||
Credit Acceptance Corp. | ||||||||
6.63%, 03/15/2026 | 2,876,000 | 2,874,557 | ||||||
9.25%, 12/15/2028 (a) | 1,087,000 | 1,150,220 | ||||||
OneMain Finance Corp., 9.00%, 01/15/2029 | 1,822,000 | 1,923,972 | ||||||
PRA Group, Inc. | ||||||||
7.38%, 09/01/2025 (a) | 2,755,000 | 2,761,163 | ||||||
8.38%, 02/01/2028 (a) | 2,900,000 | 2,892,310 | ||||||
11,602,222 | ||||||||
Insurance - 1.0% | ||||||||
AmWINS Group, Inc., 4.88%, 06/30/2029 (a) | 2,857,000 | 2,661,767 | ||||||
Investment Banking & Brokerage - 2.5% | ||||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (a) | 1,152,000 | 1,195,548 | ||||||
Aretec Group, Inc., 7.50%, 04/01/2029 (a) | 3,635,000 | 3,507,148 | ||||||
Osaic Holdings, Inc., 10.75%, 08/01/2027 (a) | 2,000,000 | 2,060,790 | ||||||
6,763,486 | ||||||||
Mortgage REITs - 1.4% | ||||||||
Starwood Property Trust, Inc. | ||||||||
3.75%, 12/31/2024 (a) | 2,375,000 | 2,345,287 | ||||||
4.75%, 03/15/2025 | 1,584,000 | 1,565,466 | ||||||
3,910,753 | ||||||||
Real Eastate Investment Trust - 0.7% | ||||||||
RHP Hotel Properties LP, 7.25%, 07/15/2028 (a) | 1,250,000 | 1,293,564 | ||||||
SBA Communications Corp., 3.88%, 02/15/2027 | 696,000 | 663,969 | ||||||
1,957,533 | ||||||||
Real Estate Investment Trust - 0.7% | ||||||||
Iron Mountain, Inc., 4.88%, 09/15/2027 (a) | 1,913,000 | 1,856,513 | ||||||
Specialty Finance - 1.3% | ||||||||
Burford Capital Global Finance LLC | ||||||||
6.25%, 04/15/2028 (a) | 3,335,000 | 3,227,374 | ||||||
9.25%, 07/01/2031 (a) | 250,000 | 263,435 | ||||||
3,490,809 | ||||||||
Specialty Insurance - 0.9% | ||||||||
Radian Group, Inc. | ||||||||
4.50%, 10/01/2024 | 2,091,000 | 2,082,560 | ||||||
4.88%, 03/15/2027 | 517,000 | 506,188 | ||||||
2,588,748 | ||||||||
TOTAL FINANCIALS | 34,831,831 | |||||||
HEALTH CARE - 5.8% | ||||||||
Healthcare Equipment & Supplies - 1.5% | ||||||||
Owens & Minor, Inc. | ||||||||
4.38%, 12/15/2024 | 2,385,000 | 2,371,877 | ||||||
4.50%, 03/31/2029 (a) | 1,500,000 | 1,294,959 | ||||||
Teleflex, Inc., 4.63%, 11/15/2027 | 550,000 | 531,619 | ||||||
4,198,455 | ||||||||
Healthcare Providers & Services - 3.5% | ||||||||
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 (a) | 1,660,000 | 1,625,469 | ||||||
AdaptHealth LLC, 6.13%, 08/01/2028 (a) | 3,122,000 | 2,983,832 | ||||||
Encompass Health Corp., 5.75%, 09/15/2025 | 1,409,000 | 1,405,842 | ||||||
Select Medical Corp., 6.25%, 08/15/2026 (a) | 3,494,000 | 3,514,077 | ||||||
9,529,220 | ||||||||
Life Sciences Tools & Services - 0.8% | ||||||||
Avantor Funding, Inc., 4.63%, 07/15/2028 (a) | 1,000,000 | 952,469 | ||||||
IQVIA, Inc., 5.00%, 10/15/2026 (a) | 1,395,000 | 1,369,908 | ||||||
2,322,377 | ||||||||
TOTAL HEALTH CARE | 16,050,052 | |||||||
INDUSTRIALS - 10.5% | ||||||||
Aerospace & Defense - 3.2% | ||||||||
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (a) | 250,000 | 255,073 | ||||||
Bombardier, Inc., 7.88%, 04/15/2027 (a) | 4,942,000 | 4,957,666 | ||||||
Rolls-Royce PLC, 3.63%, 10/14/2025 (a) | 1,477,000 | 1,437,115 | ||||||
TransDigm, Inc., 5.50%, 11/15/2027 | 2,000,000 | 1,965,637 | ||||||
8,615,491 | ||||||||
Commercial Services & Supplies - 0.5% | ||||||||
Ritchie Bros Holdings, Inc., 6.75%, 03/15/2028 (a) | 1,432,000 | 1,459,626 | ||||||
Engineering & Construction - 1.8% | ||||||||
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 (a) | 2,949,000 | 2,788,412 | ||||||
Pike Corp., 5.50%, 09/01/2028 (a) | 2,200,000 | 2,113,967 | ||||||
4,902,379 | ||||||||
Environmental Services - 0.6% | ||||||||
Clean Harbors, Inc., 4.88%, 07/15/2027 (a) | 900,000 | 872,251 | ||||||
GFL Environmental, Inc., 5.13%, 12/15/2026 (a) | 750,000 | 743,419 | ||||||
1,615,670 | ||||||||
Machinery - 2.7% | ||||||||
Enpro, Inc., 5.75%, 10/15/2026 | 3,256,000 | 3,213,749 | ||||||
Gates Corp., 6.88%, 07/01/2029 (a) | 500,000 | 509,345 | ||||||
Titan International, Inc., 7.00%, 04/30/2028 | 3,329,000 | 3,204,675 | ||||||
Trinity Industries, Inc., 7.75%, 07/15/2028 (a) | 500,000 | 517,915 | ||||||
7,445,684 | ||||||||
Metals & Mining - 0.4% | ||||||||
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028 (a) | 1,500,000 | 1,107,473 | ||||||
Trading Companies & Distributors - 0.8% | ||||||||
Herc Holdings, Inc., 5.50%, 07/15/2027 (a) | 1,639,000 | 1,614,629 | ||||||
WESCO Distribution, Inc., 7.25%, 06/15/2028 (a) | 650,000 | 662,320 | ||||||
2,276,949 | ||||||||
Transportation - 0.5% | ||||||||
RXO, Inc., 7.50%, 11/15/2027 (a) | 350,000 | 359,928 | ||||||
XPO, Inc., 6.25%, 06/01/2028 (a) | 1,000,000 | 1,004,875 | ||||||
1,364,803 | ||||||||
TOTAL INDUSTRIALS | 28,788,075 | |||||||
MATERIALS - 9.0% | ||||||||
Building Products - 0.6% | ||||||||
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027 (a) | 1,624,000 | 1,589,768 | ||||||
Chemicals - 3.6% | ||||||||
Avient Corp., 5.75%, 05/15/2025 (a) | 2,315,000 | 2,310,768 | ||||||
Axalta Coating Systems LLC, 4.75%, 06/15/2027 (a) | 1,300,000 | 1,265,219 | ||||||
Celanese US Holdings LLC, 5.90%, 07/05/2024 | 1,000,000 | 999,952 | ||||||
HB Fuller Co., 4.25%, 10/15/2028 | 1,953,000 | 1,850,454 | ||||||
Methanex Corp., 4.25%, 12/01/2024 | 2,148,000 | 2,134,182 | ||||||
Minerals Technologies, Inc., 5.00%, 07/01/2028 (a) | 1,356,000 | 1,288,647 | ||||||
9,849,222 | ||||||||
Construction Materials - 1.0% | ||||||||
Summit Materials LLC, 6.50%, 03/15/2027 (a) | 2,647,000 | 2,654,741 | ||||||
Metals & Mining - 1.4% | ||||||||
Algoma Steel, Inc., 9.13%, 04/15/2029 (a) | 2,500,000 | 2,437,262 | ||||||
Allegheny Ludlum LLC, 6.95%, 12/15/2025 | 1,077,000 | 1,094,342 | ||||||
Cleveland-Cliffs, Inc., 5.88%, 06/01/2027 | 500,000 | 496,951 | ||||||
4,028,555 | ||||||||
Packaging & Containers - 2.4% | ||||||||
Berry Global, Inc. | ||||||||
4.50%, 02/15/2026 (a) | 785,000 | 768,920 | ||||||
4.88%, 07/15/2026 (a) | 315,000 | 309,577 | ||||||
Crown Americas LLC, 4.75%, 02/01/2026 | 350,000 | 344,300 | ||||||
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026 | 500,000 | 517,224 | ||||||
Graphic Packaging International LLC, 4.13%, 08/15/2024 | 1,043,000 | 1,042,487 | ||||||
Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027 (a) | 1,780,000 | 1,817,809 | ||||||
Pactiv Evergreen Group Issuer, Inc., 4.00%, 10/15/2027 (a) | 250,000 | 234,392 | ||||||
Pactiv LLC | ||||||||
7.95%, 12/15/2025 | 1,515,000 | 1,564,026 | ||||||
8.38%, 04/15/2027 | 125,000 | 130,883 | ||||||
6,729,618 | ||||||||
TOTAL MATERIALS | 24,851,904 | |||||||
TECHNOLOGY - 8.0% | ||||||||
Information Technology Services - 1.6% | ||||||||
KBR, Inc., 4.75%, 09/30/2028 (a) | 4,518,000 | 4,221,642 | ||||||
Professional Services - 1.1% | ||||||||
Camelot Finance SA, 4.50%, 11/01/2026 (a) | 3,200,000 | 3,097,383 | ||||||
Semiconductors - 0.9% | ||||||||
Qorvo, Inc., 1.75%, 12/15/2024 | 2,427,000 | 2,379,730 | ||||||
Software & Services - 4.3% | ||||||||
ACI Worldwide, Inc., 5.75%, 08/15/2026 (a) | 2,456,000 | 2,445,329 | ||||||
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026 (a) | 2,999,000 | 2,928,329 | ||||||
Gen Digital, Inc. | ||||||||
5.00%, 04/15/2025 (a) | 989,000 | 983,770 | ||||||
6.75%, 09/30/2027 (a) | 1,260,000 | 1,277,082 | ||||||
Open Text Corp., 3.88%, 02/15/2028 (a) | 1,850,000 | 1,714,209 | ||||||
PTC, Inc., 3.63%, 02/15/2025 (a) | 500,000 | 494,603 | ||||||
Rocket Software, Inc., 9.00%, 11/28/2028 (a) | 1,913,000 | 1,945,934 | ||||||
11,789,256 | ||||||||
Technology Hardware & Equipment - 0.1% | ||||||||
CDW LLC | ||||||||
4.13%, 05/01/2025 | 253,000 | 249,040 | ||||||
4.25%, 04/01/2028 | 125,000 | 119,480 | ||||||
368,520 | ||||||||
TOTAL TECHNOLOGY | 21,856,531 | |||||||
UTILITIES - 2.3% | ||||||||
Utilities - 2.3% | ||||||||
NextEra Energy Operating Partners LP, 4.25%, 07/15/2024 (a) | 981,000 | 980,382 | ||||||
NRG Energy, Inc., 6.63%, 01/15/2027 | 2,151,000 | 2,148,280 | ||||||
Vistra Operations Co. LLC | ||||||||
3.55%, 07/15/2024 (a) | 1,330,000 | 1,328,472 | ||||||
5.50%, 09/01/2026 (a) | 752,000 | 742,112 | ||||||
5.63%, 02/15/2027 (a) | 1,250,000 | 1,229,945 | ||||||
6,429,191 | ||||||||
TOTAL UTILITIES | 6,429,191 | |||||||
TOTAL CORPORATE BONDS (Cost $232,603,062) | 233,921,700 | |||||||
CONVERTIBLE BONDS - 2.4% | Par | Value | ||||||
HEALTH CARE - 0.2% | ||||||||
Healthcare Equipment & Supplies - 0.2% | ||||||||
Haemonetics Corp., 0.00%, 03/01/2026 (b) | 510,000 | 459,765 | ||||||
TECHNOLOGY - 0.9% | ||||||||
Software & Services - 0.9% | ||||||||
DigitalOcean Holdings, Inc., 0.00%, 12/01/2026 (b) | 3,000,000 | 2,533,125 | ||||||
UTILITIES - 1.3% | ||||||||
Utilites - 1.3% | ||||||||
NextEra Energy Partners LP, 0.00%, 11/15/2025 (a)(b) | 4,125,000 | 3,740,344 | ||||||
TOTAL CONVERTIBLE BONDS (Cost $6,738,790) | 6,733,234 | |||||||
PREFERRED STOCKS - 1.2% | Shares | Value | ||||||
INDUSTRIALS - 1.2% | ||||||||
Trading Companies & Distributors - 1.2% | ||||||||
WESCO International, Inc., Series A, 10.63% to 06/22/2025 then 5 yr. CMT Rate + 10.33%, Perpetual | 130,857 | 3,393,122 | ||||||
TOTAL PREFERRED STOCKS (Cost $3,380,795) | 3,393,122 | |||||||
SHORT-TERM INVESTMENTS - 12.5% | ||||||||
Money Market Funds - 12.5% | Shares | |||||||
Money Market Fund — 12.50% | ||||||||
First American Government Obligations Fund - Class X, 5.23% (c) | 10,827,229 | 10,827,229 | ||||||
First American Treasury Obligations Fund - Class X, 5.20% (c) | 10,827,229 | 10,827,229 | ||||||
Invesco Government & Agency Portfolio - Class Institutional, 5.24% (c) | 1,832,024 | 1,832,024 | ||||||
Invesco Treasury Portfolio - Class Institutional, 5.22% (c) | 10,827,229 | 10,827,229 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $34,313,711) | 34,313,711 | |||||||
TOTAL INVESTMENTS - 101.1% (Cost $277,036,358) | 278,361,767 | |||||||
Liabilities in Excess of Other Assets - (1.1)% | (3,153,613 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 275,208,154 | ||||||
Percentages are stated as a percent of net assets. |
AG - Aktiengesellschaft |
CMT - Constant Maturity Treasury Rate |
PLC - Public Limited Company |
REIT - Real Estate Investment Trust |
SA - Sociedad Anónima |
(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 June 30, 2024, the value of these securities total $174,373,724 or 63.4% of the Fund’s net assets. |
(b) | Zero coupon bonds make no periodic interest payments. |
(c) | The rate shown represents the 7-day annualized effective yield as of June 30, 2024. |
Summary of Fair Value Disclosure as of June 30, 2024 (Unaudited)
Greenspring Income Opportunities Fund has adopted authoritative 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. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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 valuation hierarchy of the Fund’s securities as of June 30, 2024:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Corporate Bonds | $ | – | $ | 233,921,700 | $ | – | $ | 233,921,700 | ||||||||
Convertible Bonds | – | 6,733,234 | – | 6,733,234 | ||||||||||||
Preferred Stocks | 3,393,122 | – | – | 3,393,122 | ||||||||||||
Money Market Funds | 34,313,711 | – | – | 34,313,711 | ||||||||||||
Total Investments | $ | 37,706,833 | $ | 240,654,934 | $ | – | $ | 278,361,767 | ||||||||
Refer to the Schedule of Investments for further disaggregation of investment categories. |