Guggenheim Energy & Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2019 |
Shares | Value | ||
COMMON STOCKS† - 4.8% | |||
Utilities - 4.3% | |||
TexGen Power LLC†† | 65,297 | $2,407,827 | |
Energy - 0.3% | |||
SandRidge Energy, Inc.* | 38,619 | 163,744 | |
Consumer, Non-cyclical - 0.2% | |||
ATD New Holdings, Inc.*,†† | 3,845 | 96,125 | |
Total Common Stocks | |||
(Cost $3,632,053) | 2,667,696 | ||
PREFERRED STOCKS†† - 0.4% | |||
Financial - 0.4% | |||
American Equity Investment Life Holding Co., 5.95%* | 8,000 | 206,000 | |
Total Preferred Stocks | |||
(Cost $200,000) | 206,000 | ||
MONEY MARKET FUND† - 0.8% | |||
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 1.44%1 | 459,167 | 459,167 | |
Total Money Market Fund | |||
(Cost $459,167) | 459,167 |
Face Amount~ | |||
CORPORATE BONDS†† - 89.2% | |||
Energy - 60.7% | |||
Exterran Energy Solutions Limited Partnership /EES Finance Corp. | |||
8.13% due 05/01/252 | 2,350,000 | 2,314,750 | |
Whiting Petroleum Corp. | |||
5.75% due 03/15/212 | 2,050,000 | 1,939,300 | |
Covey Park Energy LLC / Covey Park Finance Corp. | |||
7.50% due 05/15/253 | 2,000,000 | 1,720,000 | |
Sunoco Logistics Partners Operations, LP | |||
5.95% due 12/01/252 | 1,500,000 | 1,711,531 | |
Sabine Pass Liquefaction LLC | |||
5.63% due 02/01/212 | 850,000 | 873,709 | |
5.63% due 04/15/232 | 750,000 | 816,314 | |
Newfield Exploration Co. | |||
5.38% due 01/01/262 | 1,550,000 | 1,681,151 | |
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. | |||
5.75% due 04/15/25 | 2,200,000 | 1,680,250 | |
Gulfstream Natural Gas System LLC | |||
4.60% due 09/15/252,3 | 1,500,000 | 1,622,270 | |
Indigo Natural Resources LLC | |||
6.88% due 02/15/262,3 | 1,700,000 | 1,598,000 | |
Hess Corp. | |||
4.30% due 04/01/272 | 1,200,000 | 1,279,709 | |
7.88% due 10/01/292 | 200,000 | 261,369 | |
American Midstream Partners Limited Partnership / American Midstream Finance Corp. | |||
9.50% due 12/15/213 | 1,545,000 | 1,452,300 |
PDC Energy, Inc. | |||
5.75% due 05/15/26 | 900,000 | 897,750 | |
6.13% due 09/15/24 | 450,000 | 455,625 | |
MPLX, LP | |||
4.88% due 12/01/242 | 1,000,000 | 1,087,193 | |
SRC Energy, Inc. | |||
6.25% due 12/01/25 | 1,050,000 | 1,057,875 | |
DCP Midstream Operating, LP | |||
5.35% due 03/15/202,3 | 1,025,000 | 1,030,125 | |
Pattern Energy Group, Inc. | |||
5.88% due 02/01/243 | 1,000,000 | 1,028,750 | |
Callon Petroleum Co. | |||
6.13% due 10/01/24 | 1,000,000 | 1,018,940 | |
Global Partners Limited Partnership / GLP Finance Corp. | |||
7.00% due 08/01/273 | 900,000 | 956,250 | |
Antero Resources Corp. | |||
5.63% due 06/01/232 | 1,100,000 | 882,750 | |
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp. | |||
6.25% due 04/01/23 | 500,000 | 510,000 | |
5.63% due 05/01/272,3 | 250,000 | 253,438 | |
Antero Midstream Partners Limited Partnership / Antero Midstream Finance Corp. | |||
5.75% due 01/15/283 | 800,000 | 696,000 | |
Cheniere Corpus Christi Holdings LLC | |||
5.88% due 03/31/252 | 600,000 | 674,676 | |
Gibson Energy, Inc. | |||
5.25% due 07/15/243 | CAD 700,000 | 569,452 | |
Unit Corp. | |||
6.63% due 05/15/21 | 988,000 | 543,400 | |
Phillips 66 Partners, LP | |||
3.55% due 10/01/262 | 500,000 | 524,173 | |
Bruin E&P Partners LLC | |||
8.88% due 08/01/234 | 718,000 | 466,700 | |
Basic Energy Services, Inc. | |||
10.75% due 10/15/234 | 650,000 | 464,750 | |
NuStar Logistics, LP | |||
6.00% due 06/01/262 | 250,000 | 264,375 | |
5.63% due 04/28/27 | 150,000 | 154,125 | |
TransMontaigne Partners Limited Partnership / TLP Finance Corp. | |||
6.13% due 02/15/26 | 400,000 | 392,000 | |
Range Resources Corp. | |||
5.88% due 07/01/22 | 350,000 | 347,375 | |
Viper Energy Partners, LP | |||
5.38% due 11/01/273 | 275,000 | 286,000 | |
CNX Resources Corp. | |||
5.88% due 04/15/22 | 250,000 | 250,175 | |
Total Energy | 33,762,550 | ||
Consumer, Cyclical - 7.9% | |||
LBC Tank Terminals Holding Netherlands BV | |||
6.88% due 05/15/233 | 2,080,000 | 2,103,400 |
Guggenheim Energy & Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2019 |
Face Amount~ | Value | ||
CORPORATE BONDS†† - 89.2% (continued) | |||
Consumer, Cyclical - 7.9% (continued) | |||
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. | |||
5.88% due 03/01/27 | 950,000 | $988,000 | |
Superior Plus Limited Partnership / Superior General Partner, Inc. | |||
7.00% due 07/15/263 | 800,000 | 859,000 | |
Williams Scotsman International, Inc. | |||
6.88% due 08/15/233 | 400,000 | 421,000 | |
7.88% due 12/15/223 | 49,000 | 51,083 | |
Total Consumer, Cyclical | 4,422,483 | ||
Utilities - 7.1% | |||
AES Corp. | |||
5.50% due 04/15/25 | 1,000,000 | 1,032,500 | |
AmeriGas Partners Limited Partnership / AmeriGas Finance Corp. | |||
5.50% due 05/20/252 | 800,000 | 864,000 | |
5.75% due 05/20/272 | 725,000 | 795,687 | |
Terraform Global Operating LLC | |||
6.13% due 03/01/263 | 825,000 | 858,000 | |
Clearway Energy Operating LLC | |||
5.75% due 10/15/25 | 400,000 | 421,000 | |
Total Utilities | 3,971,187 | ||
Communications - 5.5% | |||
EIG Investors Corp. | |||
10.88% due 02/01/24 | 1,007,000 | 1,004,483 | |
Cengage Learning, Inc. | |||
9.50% due 06/15/243 | 695,000 | 601,175 | |
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance | |||
7.88% due 05/15/243 | 636,000 | 546,960 | |
Level 3 Financing, Inc. | |||
3.88% due 11/15/293 | 450,000 | 453,375 | |
Houghton Mifflin Harcourt Publishers, Inc. | |||
9.00% due 02/15/253 | 250,000 | 256,250 | |
MDC Partners, Inc. | |||
6.50% due 05/01/243 | 188,000 | 170,140 | |
Total Communications | 3,032,383 | ||
Consumer, Non-cyclical - 4.8% | |||
KeHE Distributors LLC / KeHE Finance Corp. | |||
8.63% due 10/15/262,3 | 725,000 | 759,437 | |
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc. | |||
7.88% due 10/01/223 | 825,000 | 752,812 | |
Flexi-Van Leasing, Inc. | |||
10.00% due 02/15/233 | 400,000 | 379,000 | |
Beverages & More, Inc. | |||
11.50% due 06/15/224 | 500,000 | 342,500 |
Sotheby’s | |||
7.38% due 10/15/273 | 225,000 | 227,813 | |
Endo Dac / Endo Finance LLC / Endo Finco, Inc. | |||
6.00% due 07/15/233 | 300,000 | 216,750 | |
Total Consumer, Non-cyclical | 2,678,312 | ||
Financial - 1.1% | |||
NFP Corp. | |||
8.00% due 07/15/253 | 200,000 | 204,000 | |
6.88% due 07/15/253 | 200,000 | 200,500 | |
USI, Inc. | |||
6.88% due 05/01/253 | 200,000 | 204,440 | |
Total Financial | 608,940 | ||
Basic Materials - 0.8% | |||
United States Steel Corp. | |||
6.88% due 08/15/252 | 250,000 | 233,408 | |
Compass Minerals International, Inc. | |||
6.75% due 12/01/273 | 200,000 | 212,500 | |
Total Basic Materials | 445,908 | ||
Technology - 0.7% | |||
NCR Corp. | |||
6.13% due 09/01/293 | 350,000 | 379,792 | |
Industrial - 0.6% | |||
Grinding Media Inc. / MC Grinding Media Canada Inc. | |||
7.38% due 12/15/233 | 350,000 | 356,563 | |
Total Corporate Bonds | |||
(Cost $50,321,492) | 49,658,118 | ||
SENIOR FLOATING RATE INTERESTS††,2,7 - 29.7% | |||
Utilities - 9.6% | |||
Panda Power | |||
8.44% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 08/21/20 | 1,923,128 | 1,698,756 | |
Stonewall | |||
7.44% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 11/13/21 | 859,416 | 792,811 | |
Carroll County Energy LLC | |||
5.44% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 02/16/26 | 780,725 | 781,701 | |
Granite Generation LLC | |||
5.55% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/09/26 | 750,000 | 742,500 | |
UGI Energy Services, Inc. | |||
5.55% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/13/26 | 696,500 | 699,983 |
Guggenheim Energy & Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2019 |
Face Amount~ | Value | ||
SENIOR FLOATING RATE INTERESTS††,2,7 - 29.7% (continued) | |||
Utilities - 9.6% (continued) | |||
Panda Moxie Patriot | |||
7.69% (3 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 12/19/20 | 699,291 | $629,362 | |
Total Utilities | 5,345,113 | ||
Energy - 7.9% | |||
Penn Virginia Holding Corp. | |||
8.81% (1 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 09/29/22††† | 1,275,000 | 1,243,125 | |
Buckeye Partners LP | |||
4.44% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 11/02/26 | 1,000,000 | 1,007,920 | |
Permian Production Partners LLC | |||
10.90% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/20/24††† | 1,662,500 | 748,125 | |
Stonepeak Lonestar Holdings LLC | |||
6.30% (3 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 10/19/26 | 700,000 | 698,250 | |
Summit Midstream Partners, LP | |||
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22 | 482,636 | 455,488 | |
Ultra Petroleum, Inc. | |||
5.80% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) (in-kind rate was 0.25%) due 04/12/245 | 425,259 | 250,031 | |
Total Energy | 4,402,939 | ||
Consumer, Cyclical - 5.3% | |||
Accuride Corp. | |||
7.19% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23 | 1,849,475 | 1,461,085 | |
Mavis Tire Express Services Corp. | |||
5.05% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25 | 676,025 | 656,873 | |
EnTrans International, LLC | |||
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24††† | 358,667 | 342,527 | |
Blue Nile, Inc. | |||
8.41% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23††† | 240,625 | 174,453 | |
Playtika Holding Corp. | |||
7.80% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 12/09/24 | 150,000 | 151,425 |
NES Global Talent | |||
7.43% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 05/11/23††† | 100,000 | 99,500 | |
American Tire Distributors, Inc. | |||
7.93% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23 | 35,482 | 34,839 | |
9.30% (1 Month USD LIBOR + 7.50% and 3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/02/24 | 23,419 | 20,785 | |
Total Consumer, Cyclical | 2,941,487 | ||
Technology - 2.3% | |||
Planview, Inc. | |||
11.55% (1 Month USD LIBOR + 9.75%, Rate Floor: 10.75%) due 07/27/23†††,6 | 1,000,000 | 1,009,896 | |
GlobalFoundries, Inc. | |||
6.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 06/05/26 | 248,750 | 240,355 | |
Total Technology | 1,250,251 | ||
Industrial - 1.7% | |||
Diversitech Holdings, Inc. | |||
9.44% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25††† | 500,000 | 487,500 | |
YAK MAT (YAK ACCESS LLC) | |||
11.79% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26 | 550,000 | 479,418 | |
Total Industrial | 966,918 | ||
Basic Materials - 1.0% | |||
PetroChoice Holdings | |||
6.93% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 08/19/22 | 592,815 | 563,174 | |
Financial - 0.9% | |||
Teneo Holdings LLC | |||
6.99% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 07/11/25 | 548,625 | 519,822 | |
Communications - 0.5% | |||
Liberty Cablevision Of Puerto Rico LLC | |||
6.74% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 10/15/26 | 100,000 | 101,125 | |
Cengage Learning Acquisitions, Inc. | |||
6.05% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23 | 104,886 | 99,904 |
Guggenheim Energy & Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2019 |
Face Amount~ | Value | ||
SENIOR FLOATING RATE INTERESTS††,2,7 - 29.7% (continued) | |||
Communications - 0.5% (continued) | |||
Houghton Mifflin Co. | |||
8.04% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 11/22/24 | 100,000 | $99,333 | |
Total Communications | 300,362 | ||
Consumer, Non-cyclical - 0.5% | |||
Cambrex Corp. | |||
6.70% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 12/04/26 | 250,000 | 248,750 | |
Total Senior Floating Rate Interests | |||
(Cost $18,405,408) | 16,538,816 |
ASSET-BACKED SECURITIES†† - 0.8% | |||
Collateralized Loan Obligations - 0.8% | |||
Jamestown CLO V Ltd. | |||
2014-5A, 7.10% (3 Month USD LIBOR + 5.10%, Rate Floor: 0.00%) due 01/17/273,7 | 500,000 | 416,192 | |
Total Asset-Backed Securities | |||
(Cost $438,149) | 416,192 | ||
Total Investments - 125.7% | |||
(Cost $73,456,269) | $69,945,989 | ||
Other Assets & Liabilities, net - (25.7)% | (14,283,392) | ||
Total Net Assets - 100.0% | $55,662,597 |
Forward Foreign Currency Exchange Contracts†† | ||||||
Counterparty | Contracts to Sell | Currency | Settlement Date | Settlement Value | Value at December 31, 2019 | Unrealized Depreciation |
Citibank N.A., New York | 757,000 | CAD | 01/14/20 | $572,302 | $583,207 | $(10,905) |
~ | The face amount is denominated in U.S. dollars unless otherwise indicated. | |
* | Non-income producing security. | |
† | Value determined based on Level 1 inputs, unless otherwise noted — See Note 3. | |
†† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. | |
††† | Value determined based on Level 3 inputs — See Note 3. | |
1 | Rate indicated is the 7-day yield as of December 31, 2019. | |
2 | All or a portion of these securities have been physically segregated or earmarked in connection with reverse repurchase agreements and unfunded loan commitments. As of December 31, 2019, the total market value of segregated or earmarked securities was $33,863,550. | |
3 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $21,842,767 (cost $22,195,000), or 39.2% of total net assets. | |
4 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $1,273,950 (cost $1,814,906), or 2.3% of total net assets — See Note 6. | |
5 | Payment-in-kind security. | |
6 | Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $1,009,896, (cost $991,716) or 1.8% of total net assets. | |
7 | Variable rate security. Rate indicated is the rate effective at December 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. | |
CAD — Canadian Dollar CLO — Collateralized Loan Obligation | ||
LIBOR — London Interbank Offered Rate LLC — Limited Liability Company |
Guggenheim Energy & Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2019 |
The following table summarizes the inputs used to value the Fund’s investments at December 31, 2019 (See Note 3 in the Notes to Schedule of Investments): |
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 163,744 | $ | 2,503,952 | $ | — | $ | 2,667,696 | ||||||||
Preferred Stocks | — | 206,000 | — | 206,000 | ||||||||||||
Money Market Fund | 459,167 | — | — | 459,167 | ||||||||||||
Corporate Bonds | — | 49,658,118 | — | 49,658,118 | ||||||||||||
Senior Floating Rate Interests | — | 12,433,690 | 4,105,126 | 16,538,816 | ||||||||||||
Asset-Backed Securities | — | 416,192 | — | 416,192 | ||||||||||||
Total Assets | $ | 622,911 | $ | 65,217,952 | $ | 4,105,126 | $ | 69,945,989 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Forward Foreign Currency Exchange Contracts** | $ | — | $ | 10,905 | $ | — | $ | 10,905 | ||||||||
Unfunded Loan Commitments (Note 5) | — | — | 1,840 | 1,840 | ||||||||||||
Total Liabilities | $ | — | $ | 10,905 | $ | 1,840 | $ | 12,745 |
** This derivative is reported as unrealized appreciation/depreciation at period end. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $14,857,840 are categorized as Level 2 within the disclosure hierarchy — See Note 2.
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
Category | Ending Balance at December 31, 2019 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average | |||||||||
Assets: | ||||||||||||||
Senior Floating Rate Interests | $ | 3,095,230 | Third Party Pricing | Broker Quote | — | — | ||||||||
Senior Floating Rate Interests | 1,009,896 | Model Price | Liquidation Value | — | — | |||||||||
Total | $ | 4,105,126 | ||||||||||||
Liabilities: | ||||||||||||||
Unfunded Loan Commitments | $ | 1,840 | Model Price | Purchase Price | — | — |
Significant changes in a quote, liquidation value or purchase price would generally result in significant changes in the fair value of the security.
The Fund’s fair valuation leveling guidelines were recently revised to classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3 rather than Level 2, if such a quote or price cannot be supported with other available market information.
Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended December 31, 2019, the Fund had assets with a total value of $487,500 transfer into Level 3 from Level 2 due to lack of observable inputs and had assets with a total value of $3,107,810 transfer out of Level 3 into Level 2 due to changes in the securities valuation methods based on the availability of observable market inputs.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended December 31, 2019:
Assets | Liabilities | |||||||||||||||
Senior Floating Rate Interests | Common Stocks | Total Assets | Unfunded Loan Commitments | |||||||||||||
Beginning Balance | $ | 4,207,472 | $ | 2,611,880 | $ | 6,819,352 | $ | (1,101 | ) | |||||||
Purchases/(Receipts) | 226,100 | - | 226,100 | (656 | ) | |||||||||||
(Sales, maturities and paydowns)/Fundings | (15,896 | ) | - | (15,896 | ) | - | ||||||||||
Amortization of premiums/discounts | 5,290 | - | 5,290 | - | ||||||||||||
Total realized gains (losses) included in earnings | - | - | - | - | ||||||||||||
Total change in unrealized appreciation (depreciation) included in earnings | (105,357 | ) | (204,053 | ) | (309,410 | ) | (83 | ) | ||||||||
Transfers into Level 3 | 487,500 | - | 487,500 | - | ||||||||||||
Transfers out of Level 3 | (699,983 | ) | (2,407,827 | ) | (3,107,810 | ) | - | |||||||||
Ending Balance | $ | 4,105,126 | $ | - | $ | 4,105,126 | $ | (1,840 | ) | |||||||
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2019 | $ | (104,343 | ) | $ | - | $ | (104,343 | ) | $ | (83 | ) |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Fund’s assets and liabilities, i.e. prices provided by a broker-dealer or other market participant who has not committed to trade at that price. Although quotes are typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in a quote would generally result in significant changes in the fair value of the security.
Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.
Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Unrealized Appreciation/(Depreciation) |
$ 73,456,347 | $ 1,913,844 | $ (5,435,107) | $ (3,521,263) |
Borrower | Maturity Date | Face Amount | Value | |
Mavis Tire Express Services Corp. | 03/20/25 | $64,946 | $1,840 |
Restricted Securities | Acquisition Date | Cost | Value |
Basic Energy Services, Inc. | |||
10.75% due 10/15/23 | 09/25/18 | $645,019 | $464,750 |
Beverages & More, Inc. | |||
11.50% due 06/15/22 | 06/16/17 | 452,284 | 342,500 |
Bruin E&P Partners LLC | |||
8.88% due 08/01/23 | 07/23/18 | 717,603 | 466,700 |
$1,814,906 | $1,273,950 |
OTHER INFORMATION (Unaudited) | |