| Schedule of Investments (a) | ||
| June 30, 2024 (unaudited) | ||
| Corporate Bonds & Notes - 80.56% | ||||||||
| Name of Issuer | Principal | Value | ||||||
| Aerospace / Defense - 4.16% | ||||||||
| Spirit Aerosystems, Inc., 9.375%, 11/30/2029 (c) | $ | 5,000,000 | $ | 5,382,245 | ||||
| Building Products - 6.92% | ||||||||
| Builders Firstsource, Inc., 4.25%, 2/01/32 (c) | 5,000,000 | 4,420,330 | ||||||
| Louisiana Pacific Corp., 3.625%, 3/15/29 (c) | 5,000,000 | 4,535,210 | ||||||
| 8,955,540 | ||||||||
| Chemicals - 3.33% | ||||||||
| Chemours Co., 4.625%, 11/15/29 (c) | 5,000,000 | 4,305,005 | ||||||
| Coal - 0.35% | ||||||||
| Westmoreland Mining Holdings LLC, 8%, 11/4/30 (d) | 723,802 | 455,995 | ||||||
| Drug Stores - 0.34% | ||||||||
| Rite Aid Corp., 8%, 11/15/26 (c) (e) | 1,012,000 | 443,813 | ||||||
| Energy/Natural Resources - 5.78% | ||||||||
| Buckeye Partners LP, 4.35%, 10/15/24 | 1,655,000 | 1,644,102 | ||||||
| Comstock Resources, Inc., 6.75%, 3/01/29 (c) | 5,000,000 | 4,845,935 | ||||||
| Range Resources Corp., 4.875%, 5/15/25 | 1,000,000 | 993,891 | ||||||
| 7,483,928 | ||||||||
| Food Processing - 1.34% | ||||||||
| B&G Foods, Inc., 5.25%, 4/01/25 | 1,754,000 | 1,739,812 | ||||||
| Homebuilders - 3.98% | ||||||||
| KB Home, 7.25%, 7/15/30 | 5,000,000 | 5,151,190 | ||||||
| Industrial Servicing / Manufacturing - 5.30% | ||||||||
| Clean Harbors, Inc., 4.875%, 7/15/27 (c) | 500,000 | 483,935 | ||||||
| Fortress Transportation and Infrastructure Investors LLC, 9.75%, 8/01/27 (c) | 5,500,000 | 5,645,227 | ||||||
| Fortress Transportation and Infrastructure Investors LLC, 5.5%, 5/01/28 (c) | 750,000 | 727,163 | ||||||
| 6,856,325 | ||||||||
| Metals & Mining - 3.53% | ||||||||
| Allegheny Technologies, Inc., 6.95%, 12/15/25 | 4,500,000 | 4,566,834 | ||||||
| Oil & Gas Drilling - 8.93% | ||||||||
| CrownRock LP, 5.625%, 10/15/25 (c) | 4,000,000 | 3,990,584 | ||||||
| Parker Drilling Co., 13%, 9/26/25 (d) | 2,687,479 | 2,687,479 | ||||||
| Tidewater, Inc., 8.5%, 11/16/26 | 4,700,000 | 4,876,250 | ||||||
| 11,554,313 | ||||||||
| Pipeline - 3.84% | ||||||||
| NuStar Energy LP, 5.75%, 10/01/25 | 5,000,000 | 4,968,715 | ||||||
| Real Estate - 2.91% | ||||||||
| Five Point Operating Co. LP, 10.5%, 1/15/28 (c) | 3,689,982 | 3,770,830 | ||||||
| Retail Food Chains - 4.64% | ||||||||
| Brinker International, Inc., 5%, 10/01/24 (c) | 6,000,000 | 6,000,138 | ||||||
| Retail General - 4.21% | ||||||||
| G-III Apparel Group LTD, 7.875%, 8/15/25 (c) | 5,430,000 | 5,447,077 | ||||||
| Technology - 7.41% | ||||||||
| Iron Mountain, Inc., 4.5%, 2/15/31 (c) | 1,000,000 | 902,711 | ||||||
| Iron Mountain, Inc., 5.625%, 7/15/32 (c) | 4,000,000 | 3,798,792 | ||||||
| Western Digital Corp., 4.75%, 2/15/26 | 5,000,000 | 4,895,270 | ||||||
| 9,596,773 | ||||||||
| Tobacco - 10.69% | ||||||||
| Pyxus Holdings, Inc., 8.5%, 12/31/27 (c) | 10,845,675 | 8,784,997 | ||||||
| Vector Group LTD, 10.5%, 11/01/26 (c) | 5,000,000 | 5,050,150 | ||||||
| 13,835,147 | ||||||||
| Wireless Telecom - 2.90% | ||||||||
| Altice France SA, 8.125%, 2/01/27 (c) | 5,000,000 | 3,749,680 | ||||||
| Total Corporate Bonds & Notes — (cost -$105,865,260) | $ | 104,263,360 | ||||||
| GDP-Linked Bonds - 0.75% | ||||||||
| Name of issuer | Principal | Value | ||||||
| Republic of Argentina GDP Linked Security, FRN (based on the performance of | $ | 34,386,574 | $ | 972,452 | ||||
| Argentina's GDP), 12/15/35 (e) | ||||||||
| Total GDP-Linked Bonds — (cost—$1,423,421) | $ | 972,452 | ||||||
| Common Stock - 11.62% | Number of | |||||||
| Name of issuer | Shares | Value | ||||||
| Chemicals - 2.40% | ||||||||
| Ingevity Corp. (e) | 602 | $ | 26,313 | |||||
| NL Industries, Inc. | 510,200 | 3,076,506 | ||||||
| 3,102,819 | ||||||||
| Coal - 0.10% | ||||||||
| Westmet Group Holdings (d) (e) | 22,614 | 101,764 | ||||||
| Westmoreland Mining Holdings LLC, Class A Units (d) (e) | 22,417 | 33,625 | ||||||
| 135,389 | ||||||||
| Electrical Utility - 0.00% | ||||||||
| Homer City Holdings, LLC (b) (d) (e) | 221,338 | 0 | ||||||
| Energy / Natural Resources - 0.48% | ||||||||
| SilverBow Resources, Inc. (e) | 5,058 | 191,344 | ||||||
| Talos Energy, Inc. (e) | 35,718 | 433,974 | ||||||
| 625,318 | ||||||||
| Food Processing - 3.66% | ||||||||
| Viskase Cos., Inc. (e) | 3,052,635 | 4,731,584 | ||||||
| Metals & Mining - 3.34% | ||||||||
| American Gilsonite (b) (d) (e) | 1,597,765 | 4,313,966 | ||||||
| Metals Recovery Holdings, LLC (b) (d) (e) | 21,539 | 14,599 | ||||||
| 4,328,565 | ||||||||
| Oil & Gas Drilling - 1.41% | ||||||||
| Key Energy Services, Inc. (e) | 129 | 34 | ||||||
| Parker Drilling Co. (e) | 140,471 | 1,820,504 | ||||||
| 1,820,538 | ||||||||
| Packaging & Container - 0.14% | ||||||||
| Westrock Co. | 3,626 | 182,243 | ||||||
| Transportation - 0.09% | ||||||||
| Getlink SA (France) | 7,349 | 121,699 | ||||||
| Total Common Stock — (cost—$49,663,314) | $ | 15,048,155 | ||||||
| Preferred Stock - 4.25% | Number of | |||||||
| Name of issuer | Shares | Value | ||||||
| Energy / Natural Resources - 4.25% | ||||||||
| Equitrans Midstream Corp. Convertible PFD, FRN (8.15% + 3m UST), Perpetual | 250,000 | $ | 5,500,000 | |||||
| Total Preferred Stock — (cost—$5,500,000) | $ | 5,500,000 | ||||||
| Repurchase Agreement - 1.74% | ||||||||
| Name of Issuer | Principal | Value | ||||||
| State Street Bank & Trust Co. 1.60% dated 6/28/2024, to be | ||||||||
| repurchased at $2,254,483 on 7/01/2024 (f) | ||||||||
| Total Repurchase Agreement - (cost - $2,254,182) | $ | 2,254,182 | $ | 2,254,182 | ||||
| Total Investments - 98.92% (cost—$164,706,177) | $ | 128,038,149 | ||||||
| Net Other Assets and Liabilities - 1.08% | 1,393,696 | |||||||
| Net Assets - 100% | $ | 129,431,845 | ||||||
| (a) | Portions of the portfolio may be pledged to collateralize short term borrowings when utilized. | |
| (b) | Security is valued at fair value as determined in good faith under consistently applied procedures approved by the Board of Trustees. The aggregate market value of good faith securities as of June 30, 2024 was $4,328,565 which represents 3.34% of total net assets. | |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $72,283,822 which represents 55.85% of total net assets. These securities are generally deemed liquid. | |
| (d) | All or a portion the security is restricted. The Trust may acquire restricted securities which | |
| are subject to legal or contractual restrictions on resale and may be illiquid. |
The aggregate market value of restricted securities as of June 30, 2024 was $7,607,428 which represents 5.88% of total net assets. Additional information on each holding is as follows:
| Security | Acquisition Date | Acquisition Cost | ||||
| American Gilsonite | 1/2/17 - 8/26/21 | $ | 9,640,360 | |||
| Metals Recovery Holdings, LLC | 9/30/2016 - 12/10/2019 | $ | 1,999,343 | |||
| Homer City Holdings, LLC | 4/6/2017 | $ | 588,216 | |||
| Parker Drilling Co. 13% 9/26/25 | 3/27/2019 | $ | 2,485,714 | |||
| Westmoreland Mining Holdings LLC. 8% 11/4/30 | 5/4/2023 | $ | 629,708 | |||
| Westmoreland Mining Holdings LLC, Class A Units | 3/15/2019 - 5/4/2023 | $ | 861,283 | |||
| Westmet Group Holdings | 5/4/2023 | $ | 135,685 | |||
| (e) | Non-income producing security. | |
| (f) | Acquired on June 28, 2024. Collateralized by $2,299,266 of US Treasury | |
| Notes due 04/15/27. The maturity value is $2,254,483. | ||
| FRN Floating Rate Note - rates reflected are as of June 30, 2024 | ||
| PFD Preferred Security |
Investment Valuation
Accounting Standards Codification ASC 820, Fair Value Measurements and Disclosures (ASC 820) defines fair value as the price that would be received to sell an investment in an orderly transaction between two market participants at the measurement date. ASC 820 establishes a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust's own market assumptions (unobservable inputs). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of certain inputs to the fair value measurement requires judgments and considers factors that may be specific to each security. The various inputs that may be used to determine the value of the Trust's investments are summarized in the following fair value hierarchy:
Level 1 - Unadjusted quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs based on data obtained from various pricing sources (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - Significant unobservable inputs including the Trust's own assumptions used to determine the fair value of investments. Factors considered in making such determinations may include, but are not limited to, information obtained directly from the company or analysts and the analysis of the company's financial statements or other documents.
The following table summarized the Trust's investment as of June 30, 2024, based on the inputs used to value them.
| Level 1 | Level 2 | Level 3 | Total as of 06/30/2024 | |||||||||||||
| Corporate Bonds & Notes | $ | - | $ | 104,263,360 | $ | - | $ | 104,263,360 | ||||||||
| Common Stock | 5,730,918 | 4,853,283 | 4,463,954 | 15,048,155 | ||||||||||||
| Preferred Stock | 5,500,000 | - | - | 5,500,000 | ||||||||||||
| GDP Linked Bonds | - | 972,452 | - | 972,452 | ||||||||||||
| Repurchase Agreement | - | 2,254,182 | - | 2,254,182 | ||||||||||||
| $ | 11,230,918 | $ | 112,343,277 | $ | 4,463,954 | $ | 128,038,149 | |||||||||
Transfers between hierarchy levels may occur due to market fluctuation, changes in valuation techniques and/or changes in the availability of market data used in the determination of an investment’s valuation. The Trust recognizes transfers between the levels at the end of each period. For the period ended June 30, 2024, there were two transfers from Level 2 to Level 3 due to lack of observable inputs.
At June 30, 2024, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows:
Totals as of 06/30/24 | ||||
| Beginning Balance @ 9/30/23 | $ | 5,734,755 | ||
| Purchases / PIK Interest | - | |||
| Sales | (216,244 | ) | ||
| Realized Gain(Loss) | (1,079,121 | ) | ||
| Net Change in Unrealized | ||||
| Appreciation/(Depreciation) | (110,825 | ) | ||
| Transfers into Level 3 from Level 2 | 135,389 | |||
| Ending Balance @ 06/30/2024 | $ | 4,463,954 | ||
Change in Unrealized Gain / (Loss) for Positions Still Held at June 30, 2024 | ||||
| Common Stock | (1,189,946 | ) | ||
| Totals | $ | (1,189,946 | ) | |
The Financial Accounting Standard Board (FASB) issued guidance that a reporting entity should disclose quantitative information about the unobservable inputs used in the fair value determinations that are categorized in the Level 3 hierarchy. The guidance also required additional disclosure regarding the valuation process used and the sensitivity of the fair value measurements to changes in unobservable inputs and the interrelationships between those unobservable inputs within Level 3. The following table presents a summary of valuation techniques, inputs and quantitative information used in determining the fair value of the Trust’s Level 3 securities as of June 30, 2024:
| Significant | ||||||||||||||
| Valuation | Unobservable | |||||||||||||
| Investment Type | Fair Value | Technique | Inputs | Range | Increase in Input (1) | |||||||||
| Common Stock | ||||||||||||||
| Coal | $ | 101,764 | Third Party Vendor (2) | Broker Quote | 4.50 - 5.50 | Increase | ||||||||
| Coal | $ | 33,625 | Third Party Vendor (2) | Broker Quote | 1.50 - 2.00 | Increase | ||||||||
| Metals & Mining | $ | 4,313,966 | Market | EBITDA | 6.1x - 7.7x | Increase | ||||||||
| Comparable (3) | Multiple | |||||||||||||
| Metals & Mining | $ | 14,599 | Market | Recovery Rate | N/A | Increase | ||||||||
| Approach (4) | ||||||||||||||
| $ | 4,463,954 | |||||||||||||
| (1) | This column represents the direction change in the fair value of the Level 3 securities that would result from an increase to the corresponding unobservable input. A decrease to the unobservable inputs would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower fair value determinations. |
| (2) | Certain of the Trust's Level 3 investments have been valued using unadjusted inputs that have not been internally developed by the Trust including third-party transactions and quotations. |
| (3) | Earnings multiples are based on comparable public companies and transactions of comparable companies. |
| (4) | A market approach using the value of the underlying assets of the company. |
For additional information on the Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Trust's most recent semiannual or annual shareholder report.
