High Income Securities Fund | ||||||||
Portfolio of Investments | ||||||||
May 31, 2022 (Unaudited) | ||||||||
Shares | Value | |||||||
INVESTMENT COMPANIES - 56.80% | ||||||||
Closed-End Funds - 38.92% | ||||||||
Aberdeen Asia-Pacific Income Fund, Inc. | 352,887 | $ | 1,076,305 | |||||
Apollo Tactical Income Fund, Inc. | 138,399 | 1,789,499 | ||||||
Bancroft Fund Ltd. | 21,267 | 415,770 | ||||||
BlackRock California Municipal Income Trust | 175,635 | 2,056,686 | ||||||
Blackrock ESG Capital Allocation Trust | 197,615 | 2,982,010 | ||||||
Blackstone Strategic Credit Fund | 28,361 | 335,794 | ||||||
BNY Mellon High Yield Strategies Fund | 47,986 | 121,884 | ||||||
Center Coast Brookfield MLP & Energy Infrastructure Fund | 34,075 | 601,764 | ||||||
Cushing MLP & Infrastructure Total Return Fund | 65,131 | 2,209,895 | ||||||
Delaware Enhanced Global Dividend & Income Fund | 337,792 | 2,786,784 | ||||||
Delaware Investments National Municipal Income Fund | 63,238 | 758,856 | ||||||
Delaware Ivy High Income Opportunities Fund | 30,180 | 340,732 | ||||||
Destra Multi-Alternative Fund | 41,597 | 336,104 | ||||||
DoubleLine Yield Opportunities Fund | 22,948 | 348,121 | ||||||
DWS Municipal Income Trust | 78,210 | 760,983 | ||||||
DWS Strategic Municipal Income Trust | 100 | 982 | ||||||
Eaton Vance New York Municipal Bond Fund | 131,594 | 1,310,676 | ||||||
Ellsworth Growth and Income Fund Ltd. | 73,378 | 675,811 | ||||||
First Trust High Income Long/Short Fund | 7,124 | 91,045 | ||||||
Gabelli Dividend & Income Trust | 591 | 13,286 | ||||||
Gabelli Utility Trust | 134 | 957 | ||||||
Highland Income Fund | 450,286 | 5,295,363 | ||||||
Macquarie Global Infrastructure Total Return Fund, Inc. | 25,408 | 647,904 | ||||||
MFS High Income Municipal Trust | 48,599 | 206,060 | ||||||
MFS High Yield Municipal Trust | 219,442 | 807,547 | ||||||
MFS Investment Grade Municipal Trust | 67,097 | 537,447 | ||||||
MFS Municipal Income Trust | 22,230 | 129,823 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc. | 200,315 | 1,442,268 | ||||||
Neuberger Berman California Municipal Fund, Inc. | 70,433 | 824,771 | ||||||
Neuberger Berman New York Municipal Fund, Inc. | 54,467 | 567,001 | ||||||
Neuberger Berman Next Generation Connectivity Fund, Inc. | 240,926 | 2,667,051 | ||||||
New America High Income Fund, Inc. | 123,071 | 942,724 | ||||||
NexPoint Diversified Real Estate Trust | 168,110 | 2,597,300 | ||||||
Nuveen Emerging Markets Debt 2022 Target Term Fund | 400 | 2,792 | ||||||
Nuveen Multi-Asset Income Fund | 20,588 | 310,879 | ||||||
Nuveen Short Duration Credit Opportunities Fund | 302,479 | 3,784,012 | ||||||
PGIM Global High Yield Fund, Inc. | 176,072 | 2,209,704 | ||||||
Pioneer Municipal High Income Opportunities Fund, Inc. | 16,712 | 215,919 | ||||||
Saba Capital Income & Opportunities Fund | 514,326 | 4,238,046 | ||||||
Templeton Global Income Fund | 738,720 | 3,405,499 | ||||||
Tortoise Energy Independence Fund, Inc. | 8,490 | 275,670 | ||||||
Tortoise Power and Energy Infrastructure Fund, Inc. | 132,445 | 1,874,097 | ||||||
Vertical Capital Income Fund | 310,942 | 2,975,715 | ||||||
Virtus Total Return Fund, Inc. | 44,592 | 414,260 | ||||||
Western Asset Intermediate Muni Fund, Inc. | 771 | 6,384 | ||||||
Western Asset Municipal Partners Fund, Inc. | 32,067 | 413,344 | ||||||
55,805,524 | ||||||||
BUSINESS DEVELOPMENT COMPANIES - 17.88% | ||||||||
Barings BDC, Inc. | 55,000 | 569,800 | ||||||
CION Investment Corp. | 428,217 | 4,706,105 | ||||||
Crescent Capital BDC, Inc. | 229,885 | 4,002,298 | ||||||
First Eagle Alternative Capital BDC, Inc. | 19,841 | 76,388 | ||||||
FS KKR Capital Corp. | 374,220 | 8,090,636 | ||||||
Logan Ridge Finance Corp. | 81,300 | 1,486,977 | ||||||
PhenixFIN Corp. | 19,193 | 740,015 | ||||||
Portman Ridge Finance Corp. | 198,228 | 4,434,360 | ||||||
Runway Growth Finance Corp. | 113,790 | 1,533,889 | ||||||
25,640,468 | ||||||||
Total Investment Companies (Cost $84,216,404) | 81,445,992 | |||||||
OTHER COMMON STOCKS - 0.56% | ||||||||
Real Estate Investment Trusts - 0.56% | ||||||||
Cedar Realty Trust, Inc. | 91 | 2,409 | ||||||
Lument Finance Trust, Inc. | 311,488 | 800,524 | ||||||
Total Other Common Stocks (Cost $960,572) | 802,933 | |||||||
PREFERRED STOCKS - 19.91% | ||||||||
Apparel Manufacturers - 1.35% | ||||||||
Fossil Group, Inc., 7.000% | 85,000 | 1,930,350 | ||||||
Closed-End Funds - 3.76% | ||||||||
NexPoint Diversified Real Estate Trust - Series A, 5.500% | 94,082 | 1,952,201 | ||||||
OFS Credit Co, Inc. - Series E, 5.250% | 60,000 | 1,403,016 | ||||||
XAI Octagon Floating Rate Alternative Income Term Trust, 6.500% | 80,000 | 2,042,400 | ||||||
5,397,617 | ||||||||
Coal - 1.12% | ||||||||
Ramaco Resources, Inc., 9.000% | 60,000 | 1,602,000 | ||||||
Internet Content - 0.17% | ||||||||
LifeMD, Inc. - Series A, 8.875% | 15,000 | 243,450 | ||||||
Medical - Drugs - 0.56% | ||||||||
Harrow Health, Inc., 8.625% | 32,000 | 806,685 | ||||||
Metal Processors & Fabrication - 4.30% | ||||||||
Steel Partners Holdings LP - Series A, 6.000% | 259,472 | 6,165,055 | ||||||
Real Estate Investment Trusts - 1.42% | ||||||||
Brookfield DTLA Fund Office Trust Investor, Inc. - Series A, 7.625% | 1,615 | 19,865 | ||||||
Cedar Realty Trust, Inc. - Series B, 7.250% | 80 | 1,136 | ||||||
Cedar Realty Trust, Inc. - Series C, 6.500% | 106,456 | 1,397,767 | ||||||
Modiv, Inc. - Series A, 7.375% | 25,000 | 617,250 | ||||||
2,036,018 | ||||||||
Real Estate Operations and Development - 1.48% | ||||||||
Harbor Custom Development, Inc. - Series A, 8.000% | 135,000 | 2,116,800 | ||||||
Remediation Services - 0.65% | ||||||||
Charah Solutions, Inc., 8.500% | 44,603 | 936,217 | ||||||
Retail - Catalog Shopping - 0.77% | ||||||||
iMedia Brands, Inc., 8.500% | 60,000 | 1,109,802 | ||||||
Transactional Software - 0.77% | ||||||||
Synchronoss Technologies, Inc., 8.375% | 50,000 | 1,109,000 | ||||||
Venture Capital - 3.56% | ||||||||
SuRo Capital Corp., 6.000% | 200,000 | 5,100,000 | ||||||
Total Preferred Stocks (Cost $29,868,031) | 28,552,994 | |||||||
Shares/Units | ||||||||
SPECIAL PURPOSE ACQUISITION VEHICLES - 19.52% | ||||||||
AltC Acquisition Corp. | 50,000 | 483,000 | ||||||
Andretti Acquisition Corp. Units(e) | 50,000 | 498,000 | ||||||
Ares Acquisition Corp.(e) | 50,000 | 490,500 | ||||||
Ault Disruptive Technologies Corp. | 64,000 | 640,000 | ||||||
Austerlitz Acquisition Corp. II(e) | 50,000 | 489,000 | ||||||
B Riley Principal 150 Merger Corp. | 26,245 | 258,251 | ||||||
B Riley Principal 250 Merger Corp. | 49,998 | 484,981 | ||||||
Cartesian Growth Group Corp. II Units(e) | 100,000 | 997,000 | ||||||
Churchill Capital Corp. VI | 34,700 | 338,672 | ||||||
Churchill Capital Corp. VII | 58,805 | 575,113 | ||||||
Colombier Acquisition Corp. Units | 40,500 | 392,040 | ||||||
Digital Health Acquisition Corp. | 84,000 | 841,680 | ||||||
ExcelFin Acquisition Corp. Units | 50,000 | 500,000 | ||||||
Fifth Wall Acquisition Corp. III(e) | 46,100 | 448,092 | ||||||
Figure Acquisition Corp. I | 7,500 | 73,275 | ||||||
Finnovate Acquisition Corp. Units(e) | 100,000 | 996,000 | ||||||
FinTech Acquisition Corp. VI | 25,000 | 245,250 | ||||||
Forbion European Acquisition Corp. Units(e) | 100,000 | 997,000 | ||||||
Fortress Value Acquisition Corp. III Units | 11,000 | 108,350 | ||||||
Fortress Value Acquisition Corp. IV | 25,000 | 244,750 | ||||||
FTAC Hera Acquisition Corp.(e) | 61,000 | 596,580 | ||||||
Gores Holdings VII, Inc. | 15,000 | 146,550 | ||||||
GX Acquisition Corp. II | 60,000 | 585,000 | ||||||
HNR Acquisition Corp. | 37,000 | 368,890 | ||||||
Industrial Human Capital, Inc. | 47,700 | 478,193 | ||||||
Juniper II Corp. | 142,689 | 1,414,048 | ||||||
Lakeshore Acquisition II Corp. Units(e) | 59,500 | 600,355 | ||||||
LAMF Global Ventures Corp. I(e) | 50,000 | 495,000 | ||||||
Landcadia Holdings IV, Inc. | 150,000 | 1,461,000 | ||||||
Leo Holdings Corp. II Units(e) | 21,000 | 206,585 | ||||||
LIV Capital Acquisition Corp. II Units(e) | 55,500 | 554,445 | ||||||
Longview Acquisition Corp. II | 39,584 | 386,340 | ||||||
M3-Brigade Acquisition III Corp. Units | 100,333 | 1,001,323 | ||||||
Marlin Technology Corp.(e) | 49,998 | 490,980 | ||||||
Motive Capital Corp. II(e) | 99,999 | 990,490 | ||||||
Murphy Canyon Acquisition Corp. Units | 55,500 | 558,885 | ||||||
Nubia Brand International Corp. Units | 65,000 | 648,700 | ||||||
OPY Acquisition Corp. I Units | 100,000 | 980,000 | ||||||
Periphas Capital Partnering Corp. Units | 20,000 | 491,400 | ||||||
PWP Forward Acquisition Corp. I | 105,000 | 1,025,850 | ||||||
Relativity Acquisition Corp. Units | 21,700 | 218,736 | ||||||
ROC Energy Acquisition Corp. | 18,000 | 179,100 | ||||||
Screaming Eagle Acquisition Corp. Units(e) | 100,000 | 982,400 | ||||||
Seaport Global Acquisition II Corp. | 100,000 | 992,000 | ||||||
TG Venture Acquisition Corp. | 74,000 | 734,080 | ||||||
Western Acquisition Ventures Corp. Units | 100,000 | 998,000 | ||||||
Z-Work Acquisition Corp. | 30,999 | 303,480 | ||||||
Total Special Purpose Acquisition Vehicles (Cost $27,962,093) | 27,989,364 | |||||||
Principal Amount | ||||||||
CORPORATE OBLIGATIONS - 0.24% | ||||||||
Lamington Road DAC | ||||||||
9.750%, 04/07/2121 (b)(d)(e) | $ | 491,953 | 346,827 | |||||
Total Corporate Obligations (Cost $346,838) | 346,827 | |||||||
Shares | ||||||||
RIGHTS - 0.01% | ||||||||
Agba Acquisition Ltd. (Expiration: May 10, 2024)(e) | 9,250 | 1,216 | ||||||
Nocturne Acquisition Corp. (Expiration: December 26, 2025)(e) | 40,000 | 4,424 | ||||||
ROC Energy Acquisition Corp. (Expiration: November 30, 2028) | 18,000 | 2,700 | ||||||
Total Rights (Cost $21,428) | 8,340 |
WARRANTS - 0.11%(a) | |||||||
Agba Acquisition Ltd.(e) | |||||||
Expiration: May 2024 | |||||||
Exercise Price: $11.50 | 36,750 | 1,470 | |||||
Arbor Rapha Capital Bioholdings Corp. I | |||||||
Expiration: October 2028 | |||||||
Exercise Price: $11.50 | 22,400 | 2,265 | |||||
Ares Acquisition Corp.(e) | |||||||
Expiration: December 2027 | |||||||
Exercise Price: $11.50 | 10,000 | 2,401 | |||||
Ault Disruptive Technologies Corp. | |||||||
Expiration: June 2023 | |||||||
Exercise Price: $11.50 | 48,000 | 3,840 | |||||
B Riley Principal 150 Merger Corp. | |||||||
Expiration: March 2028 | |||||||
Exercise Price: $11.50 | 9,000 | 4,185 | |||||
B Riley Principal 250 Merger Corp. | |||||||
Expiration: April 2028 | |||||||
Exercise Price: $11.50 | 16,666 | 4,178 | |||||
BioPlus Acquisition Corp.(e) | |||||||
Expiration: December 2026 | |||||||
Exercise Price: $11.50 | 37,500 | 6,750 | |||||
Biote Corp. | |||||||
Expiration: May 2027 | |||||||
Exercise Price: $11.50 | 11,366 | 6,820 | |||||
Churchill Capital Corp. VI | |||||||
Expiration: February 2026 | |||||||
Exercise Price: $11.50 | 6,940 | 2,984 | |||||
Churchill Capital Corp. VII | |||||||
Expiration: February 2028 | |||||||
Exercise Price: $11.50 | 11,761 | 4,260 | |||||
Clarim Acquisition Corp. | |||||||
Expiration: January 2026 | |||||||
Exercise Price: $11.50 | 3,333 | 467 | |||||
Digital Health Acquisition Corp. | |||||||
Expiration: November 2026 | |||||||
Exercise Price: $11.50 | 84,000 | 12,172 | |||||
FAST Acquisition Corp. II | |||||||
Expiration: March 2026 | |||||||
Exercise Price: $11.50 | 7,500 | 1,047 | |||||
Figure Acquisition Corp. I | |||||||
Expiration: March 2028 | |||||||
Exercise Price: $11.50 | 1,875 | 534 | |||||
FinTech Acquisition Corp. VI | |||||||
Expiration: March 2026 | |||||||
Exercise Price: $11.50 | 6,250 | 957 | |||||
Fortress Value Acquisition Corp. IV | |||||||
Expiration: March 2028 | |||||||
Exercise Price: $11.50 | 3,125 | 921 | |||||
FTAC Hera Acquisition Corp.(e) | |||||||
Expiration: February 2026 | |||||||
Exercise Price: $11.50 | 15,250 | 3,727 | |||||
Gladstone Acquisition Corp. | |||||||
Expiration: April 2026 | |||||||
Exercise Price: $11.50 | 25,200 | 6,804 | |||||
GO Acquisition Corp. | |||||||
Expiration: August 2027 | |||||||
Exercise Price: $11.50 | 16,666 | 1,833 | |||||
Gores Holdings VII, Inc. | |||||||
Expiration: February 2028 | |||||||
Exercise Price: $11.50 | 1,875 | 976 | |||||
GX Acquisition Corp. II | |||||||
Expiration: March 2026 | |||||||
Exercise Price: $11.50 | 20,000 | 3,000 | |||||
HNR Acquisition Corp. | |||||||
Expiration: February 2026 | |||||||
Exercise Price: $11.50 | 37,000 | 3,704 | |||||
IG Acquisition Corp. | |||||||
Expiration: October 2027 | |||||||
Exercise Price: $11.50 | 25,000 | 3,920 | |||||
Industrial Human Capital, Inc. | |||||||
Expiration: November 2026 | |||||||
Exercise Price: $11.50 | 47,700 | 5,247 | |||||
Isleworth Healthcare Acquisition Corp. | |||||||
Expiration: August 2027 | |||||||
Exercise Price: $11.50 | 7,350 | 1,103 | |||||
LAMF Global Ventures Corp. I(e) | |||||||
Expiration: November 2026 | |||||||
Exercise Price: $11.50 | 25,000 | 2,805 | |||||
Landcadia Holdings IV, Inc. | |||||||
Expiration: March 2028 | |||||||
Exercise Price: $11.50 | 12,500 | 4,500 | |||||
Longview Acquisition Corp. II | |||||||
Expiration: May 2026 | |||||||
Exercise Price: $11.50 | 10,000 | 1,790 | |||||
Marlin Technology Corp.(e) | |||||||
Expiration: January 2026 | |||||||
Exercise Price: $11.50 | 16,666 | 2,667 | |||||
Medicus Sciences Acquisition Corp.(e) | |||||||
Expiration: February 2026 | |||||||
Exercise Price: $11.50 | 1,112 | 311 | |||||
Motive Capital Corp. II(e) | |||||||
Expiration: May 2023 | |||||||
Exercise Price: $11.50 | 33,333 | 8,337 | |||||
Northern Star Investment Corp. III | |||||||
Expiration: February 2028 | |||||||
Exercise Price: $11.50 | 7,666 | 1,686 | |||||
PWP Forward Acquisition Corp. I | |||||||
Expiration: March 2026 | |||||||
Exercise Price: $11.50 | 21,000 | 3,990 | |||||
Quantum FinTech Acquisition Corp. | |||||||
Expiration: January 2026 | |||||||
Exercise Price: $11.50 | 33,000 | 5,280 | |||||
Seaport Global Acquisition II Corp. | |||||||
Expiration: November 2026 | |||||||
Exercise Price: $11.50 | 50,000 | 14,495 | |||||
Signa Sports United NV(e) | |||||||
Expiration: July 2023 | |||||||
Exercise Price: $11.50 | 10,731 | 3,004 | |||||
Target Global Acquisition I Corp.(e) | |||||||
Expiration: December 2026 | |||||||
Exercise Price: $11.50 | 23,633 | 5,908 | |||||
Terran Orbital Corp. | |||||||
Expiration: March 2027 | |||||||
Exercise Price: $11.50 | 7,916 | 3,918 | |||||
TG Venture Acquisition Corp. | |||||||
Expiration: August 2028 | |||||||
Exercise Price: $11.50 | 74,000 | 8,976 | |||||
Z-Work Acquisition Corp. | |||||||
Expiration: January 2026 | |||||||
Exercise Price: $11.50 | 10,333 | 1,860 | |||||
Total Warrants (Cost $474,670) | 155,092 | ||||||
MONEY MARKET FUNDS - 2.72% | |||||||
Fidelity Investments Money Market Funds - Government Portfolio, 0.580%(c) | 1,949,509 | 1,949,509 | |||||
STIT - Treasury Portfolio, 0.546%(c) | 1,949,509 | 1,949,509 | |||||
Total Money Market Funds (Cost $3,899,018) | 3,899,018 | ||||||
Total Investments (Cost $147,749,054) - 99.87% | 143,200,560 | ||||||
Other Assets in Excess of Liabilities - 0.13% | 189,305 | ||||||
TOTAL NET ASSETS- 100.00% | $ | 143,389,865 | |||||
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 0.24% of net assets. Value determined using significant unobservable inputs. | ||||||
(c) | The rate shown represents the seven-day yield at May 31, 2022. | ||||||
(d) | The coupon rate shown represents the rate at May 31, 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. | ||||||
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. | ||||||
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. | ||||||
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. | ||||||
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 May 31, 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 | $ | 55,805,524 | $ | - | $ | - | $ | 55,805,524 | ||||||||
Business Development Companies | 25,640,468 | - | - | 25,640,468 | ||||||||||||
Other Common Stocks | 802,933 | - | - | 802,933 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Apparel Manufacturers | 1,930,350 | - | - | 1,930,350 | ||||||||||||
Closed-End Funds | 3,355,217 | 2,042,400 | - | 5,397,617 | ||||||||||||
Coal | 1,602,000 | - | - | 1,602,000 | ||||||||||||
Internet Content - Information and Networking | 243,450 | - | - | 243,450 | ||||||||||||
Medical - Drugs | 806,685 | - | - | 806,685 | ||||||||||||
Metal Processors & Fabrication | 6,165,055 | - | - | 6,165,055 | ||||||||||||
Real Estate Investment Trust | 2,036,018 | 2,036,018 | ||||||||||||||
Real Estate Operations and Development | 2,116,800 | - | - | 2,116,800 | ||||||||||||
Remediation Sevices | 936,217 | - | - | 936,217 | ||||||||||||
Retail - Catalog Shopping | 1,109,802 | - | - | 1,109,802 | ||||||||||||
Transactional Software | 1,109,000 | - | - | 1,109,000 | ||||||||||||
Venture Capital | 5,100,000 | - | - | 5,100,000 | ||||||||||||
Special Purpose Acquisition Vehicles | 14,345,032 | 13,644,332 | - | 27,989,364 | ||||||||||||
Corporate Obligations | - | - | 346,827 | 346,827 | ||||||||||||
Rights | 3,916 | 4,424 | - | 8,340 | ||||||||||||
Warrants | 122,174 | 32,918 | - | 155,092 | ||||||||||||
Money Market Funds | 3,899,018 | - | - | 3,899,018 | ||||||||||||
Total | $ | 127,129,659 | $ | 15,724,074 | $ | 346,827 | $ | 143,200,560 | ||||||||
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 May 31, 2022: | ||||||||||||||||
Derivatives not accounted for as hedging instruments | Statement of Assets & Liabilities Location | Value | ||||||||||||||
Equity Contracts - Warrants | Investments, at value | $ | 155,092 | |||||||||||||
The effect of derivative instruments on the Statement of Operations for the period ended May 31, 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 | $ | 262,593 | |||||||||||||
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 | $ | (266,004 | ) | ||||||||||||
depreciation of investments |
Level 3 Reconciliation Disclosure | ||||
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | ||||
Category | Trust Certificates | |||
Balance as of 8/31/2021 | $ | - | ||
Acquisitions | 346,827 | |||
Dispositions | - | |||
Transfers into (out of) Level 3 | - | |||
Accretion/Amortization | - | |||
Corporate Actions | - | |||
Realized Gain (Loss) | - | |||
Change in unrealized appreciation (depreciation) | - | |||
Balance as of 5/31/2022 | $ | 346,827 | ||
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at May 31, 2022 | $ | - | ||