High Income Securities Fund | |||||||
Portfolio of Investments | |||||||
November 30, 2022 (Unaudited) | |||||||
Shares | Value | ||||||
INVESTMENT COMPANIES - 61.27% | |||||||
Closed-End Funds - 40.85% | |||||||
Aberdeen Asia-Pacific Income Fund, Inc. | 410,433 | $ | 1,075,334 | ||||
Apollo Tactical Income Fund, Inc. | 147,041 | 1,823,308 | |||||
BlackRock California Municipal Income Trust | 234,521 | 2,582,076 | |||||
Blackrock ESG Capital Allocation Trust | 201,455 | 2,888,865 | |||||
Blackstone Strategic Credit Fund | 28,361 | 312,538 | |||||
Center Coast Brookfield MLP & Energy Infrastructure Fund | 73,100 | 1,324,572 | |||||
Cushing MLP & Infrastructure Total Return Fund | 51,062 | 1,799,425 | |||||
Delaware Enhanced Global Dividend & Income Fund | 335,349 | 2,592,248 | |||||
Delaware Investments National Municipal Income Fund | 11,870 | 136,268 | |||||
Delaware Ivy High Income Opportunities Fund | 27,784 | 308,958 | |||||
Destra Multi-Alternative Fund | 127,141 | 869,644 | |||||
DoubleLine Yield Opportunities Fund | 22,948 | 322,649 | |||||
DWS Municipal Income Trust | 5,782 | 51,633 | |||||
Eaton Vance New York Municipal Bond Fund | 210,345 | 1,924,657 | |||||
Ellsworth Growth and Income Fund Ltd. | 73,378 | 614,908 | |||||
First Trust Dynamic Europe Equity Income Fund | 263,803 | 2,999,440 | |||||
First Trust High Income Long/Short Fund | 7,124 | 83,422 | |||||
Highland Income Fund | 450,286 | 5,196,300 | |||||
MFS High Yield Municipal Trust | 226,941 | 726,211 | |||||
MFS Investment Grade Municipal Trust | 45,387 | 331,098 | |||||
Morgan Stanley Emerging Markets Debt Fund, Inc. | 200,315 | 1,330,092 | |||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 19,182 | 85,360 | |||||
Neuberger Berman California Municipal Fund, Inc. | 70,983 | 782,943 | |||||
Neuberger Berman Next Generation Connectivity Fund, Inc. | 314,620 | 3,146,200 | |||||
Neuberger Berman New York Municipal Fund, Inc. | 61,737 | 612,431 | |||||
New America High Income Fund, Inc. | 123,071 | 881,188 | |||||
Nuveen Emerging Markets Debt 2022 Target Term Fund | 400 | 2,652 | |||||
Nuveen Multi-Asset Income Fund | 20,588 | 254,262 | |||||
Nuveen Short Duration Credit Opportunities Fund | 302,479 | 3,732,591 | |||||
NXG NextGen Infrastructure Income Fund | 12,312 | 523,629 | |||||
PGIM Global High Yield Fund, Inc. | 176,072 | 1,994,896 | |||||
Saba Capital Income & Opportunities Fund | 559,551 | 4,605,105 | |||||
Templeton Global Income Fund | 740,030 | 3,137,727 | |||||
Vertical Capital Income Fund | 310,942 | 2,855,878 | |||||
Virtus Total Return Fund, Inc. | 266,388 | 1,851,397 | |||||
53,759,905 | |||||||
Business Development Companies - 20.42% | |||||||
Barings BDC, Inc. | 186,369 | 1,712,731 | |||||
CION Investment Corp. | 571,482 | 5,771,968 | |||||
Crescent Capital BDC, Inc. | 174,885 | 2,444,892 | |||||
First Eagle Alternative Capital BDC, Inc. | 281,770 | 1,245,424 | |||||
FS KKR Capital Corp. | 374,220 | 7,432,009 | |||||
Logan Ridge Finance Corp. (a) | 81,300 | 1,710,552 | |||||
PhenixFIN Corp. | 19,193 | 657,360 | |||||
Portman Ridge Finance Corp. | 186,047 | 4,132,104 | |||||
Runway Growth Finance Corp. | 146,811 | 1,764,668 | |||||
26,871,708 | |||||||
Total Investment Companies (Cost $87,133,280) | 80,631,613 | ||||||
OTHER COMMON STOCKS - 2.30% | |||||||
Real Estate Investment Trusts - 2.30% | |||||||
Lument Finance Trust, Inc. | 311,488 | 607,402 | |||||
NexPoint Diversified Real Estate Trust | 173,018 | 2,425,712 | |||||
Total Other Common Stocks (Cost $3,607,558) | 3,033,114 | ||||||
LIQUIDATING TRUSTS - 0.15% | |||||||
Copper Property CTL Pass Through Trust | 15,380 | 200,709 | |||||
Total Liquidating Trusts (Cost $204,245) | 200,709 | ||||||
NOTES - 2.11% | |||||||
Fossil Group, Inc., 7.000% | 84,000 | 1,410,360 | |||||
iMedia Brands, Inc., 8.500% | 56,073 | 552,470 | |||||
Synchronoss Technologies, Inc., 8.375% | 46,470 | 816,943 | |||||
Total Notes (Cost $3,261,750) | 2,779,773 | ||||||
PREFERRED STOCKS - 13.45% | |||||||
Closed-End Funds - 6.14% | |||||||
OFS Credit Co, Inc. - Series E, 5.250% | 60,000 | 1,284,000 | |||||
SuRo Capital Corp., 6.000% | 200,000 | 4,780,000 | |||||
XAI Octagon Floating Rate Alternative Income Term Trust, 6.500% | 80,000 | 2,013,000 | |||||
8,077,000 | |||||||
Metal Processors & Fabrication - 4.48% | |||||||
Steel Partners Holdings LP - Series A, 6.000% | 258,172 | 5,899,230 | |||||
Real Estate Investment Trusts - 2.10% | |||||||
Brookfield DTLA Fund Office Trust Investor, Inc. - Series A, 8.000% | 1,615 | 9,448 | |||||
Cedar Realty Trust, Inc. - Series B, 7.250% | 5,080 | 72,644 | |||||
Cedar Realty Trust, Inc. - Series C, 6.500% | 101,456 | 1,141,380 | |||||
NexPoint Diversified Real Estate Trust - Series A, 5.500% | 94,082 | 1,538,240 | |||||
2,761,712 | |||||||
Real Estate Operations and Development - 0.73% | |||||||
Harbor Custom Development, Inc. - Series A, 8.000% | 131,166 | 955,557 | |||||
Total Preferred Stocks (Cost $21,865,224) | 17,693,499 | ||||||
Shares/Units | |||||||
SPECIAL PURPOSE ACQUISITION VEHICLES - 18.11% (a) | |||||||
AltC Acquisition Corp. | 50,000 | 493,000 | |||||
Andretti Acquisition Corp. Units (e) | 50,000 | 510,500 | |||||
Ares Acquisition Corp. (e) | 50,000 | 501,000 | |||||
B Riley Principal 250 Merger Corp. | 49,998 | 493,980 | |||||
Cartesian Growth Corp. II (e) | 99,999 | 1,017,990 | |||||
Churchill Capital Corp. VI | 34,700 | 345,959 | |||||
Churchill Capital Corp. VII | 58,805 | 587,462 | |||||
Colombier Acquisition Corp. | 40,500 | 398,520 | |||||
Concord Acquisition Corp II | 16,612 | 163,628 | |||||
dMY Technology Group Inc VI | 56,773 | 564,891 | |||||
Edify Acquisition Corp. | 50,000 | 501,500 | |||||
Elliott Opportunity II Corp. (e) | 49,395 | 492,962 | |||||
ExcelFin Acquisition Corp. Units | 50,000 | 505,000 | |||||
Fifth Wall Acquisition Corp. III (e) | 46,100 | 461,000 | |||||
Figure Acquisition Corp. I | 7,500 | 75,300 | |||||
FinTech Acquisition Corp. VI | 25,000 | 251,250 | |||||
Forbion European Acquisition Corp. Units (e) | 100,000 | 1,022,000 | |||||
Gores Holdings VII, Inc. | 15,000 | 149,400 | |||||
GX Acquisition Corp. II | 60,000 | 594,600 | |||||
FTAC Hera Acquisition Corp. (e) | 61,000 | 611,830 | |||||
HNR Acquisition Corp. | 37,000 | 375,920 | |||||
Iris Acquisition Corp. | 37,720 | 377,955 | |||||
Juniper II Corp. | 142,689 | 1,452,574 | |||||
Kensington Capital Acquisition Corp. V (e) | 13,160 | 133,442 | |||||
Lakeshore Acquisition II Corp. (e) | 59,500 | 602,735 | |||||
LAMF Global Ventures Corp. I (e) | 50,000 | 510,000 | |||||
Landcadia Holdings IV, Inc. | 150,000 | 1,503,945 | |||||
Leo Holdings Corp.A160 II (e) | 21,000 | 210,525 | |||||
LIV Capital Acquisition Corp. II (e) | 55,500 | 566,100 | |||||
Longview Acquisition Corp. II | 39,584 | 397,424 | |||||
M3-Brigade Acquisition III Corp. | 100,332 | 1,009,340 | |||||
Marlin Technology Corp. (e) | 49,998 | 503,980 | |||||
Motive Capital Corp. II (e) | 99,999 | 1,013,990 | |||||
Murphy Canyon Acquisition Corp. | 55,500 | 563,325 | |||||
OPY Acquisition Corp. I | 100,000 | 999,000 | |||||
Periphas Capital Partnering Corp. | 20,000 | 501,000 | |||||
Relativity Acquisition Corp. | 21,700 | 221,557 | |||||
ROC Energy Acquisition Corp. | 18,000 | 182,700 | |||||
Screaming Eagle Acquisition Corp. (e) | 99,999 | 983,990 | |||||
Seaport Global Acquisition II Corp. | 100,000 | 1,012,000 | |||||
Swiftmerge Acquisition Corp. (e) | 37,100 | 373,968 | |||||
Z-Work Acquisition Corp. | 30,999 | 311,075 | |||||
Zimmer Energy Transition Acquisition Corp. | 28,387 | 281,599 | |||||
Total Special Purpose Acquisition Vehicles (Cost $23,408,095) | 23,829,916 | ||||||
Principal Amount | |||||||
CORPORATE OBLIGATIONS - 0.26% | |||||||
Lamington Road DAC (b)(d)(e) | |||||||
9.750%, 04/07/2121 | $ | 491,953 | 346,827 | ||||
Total Convertible Bonds (Cost $346,852) | 346,827 | ||||||
Shares | |||||||
RIGHTS - 0.01% (a) | |||||||
Lakeshore Acquisition II Corp. (Expiration: November 18, 2026) (e) | 59,500 | 7,140 | |||||
Nocturne Acquisition Corp. (Expiration: December 26, 2025) (e) | 40,000 | 2,400 | |||||
ROC Energy Acquisition Corp. (Expiration: November 30, 2028) | 18,000 | 911 | |||||
Total Rights (Cost $30,158) | 10,451 | ||||||
WARRANTS - 0.06% (a) | |||||||
AGBA Group Holding Ltd. | |||||||
Expiration: March 2027 | |||||||
Exercise Price: $11.50 | 36,750 | 2,940 | |||||
Arbor Rapha Capital Bioholdings Corp. I | |||||||
Expiration: October 2028 | |||||||
Exercise Price: $11.50 | 22,400 | 403 | |||||
Ares Acquisition Corp. | |||||||
Expiration: December 2027 | |||||||
Exercise Price: $11.50 (e) | 10,000 | 751 | |||||
Ault Disruptive Technologies Corp. | |||||||
Expiration: June 2023 | |||||||
Exercise Price: $11.50 | 48,000 | 720 | |||||
B Riley Principal 250 Merger Corp. | |||||||
Expiration: April 2028 | |||||||
Exercise Price: $11.50 | 16,666 | 83 | |||||
BioPlus Acquisition Corp. | |||||||
Expiration: December 2026 | |||||||
Exercise Price: $11.50 (e) | 37,500 | 2,085 | |||||
Biote Corp. | |||||||
Expiration: May 2027 | |||||||
Exercise Price: $11.50 | 11,366 | 2,614 | |||||
Cartesian Growth Corp. II | |||||||
Expiration: July 2028 | |||||||
Exercise Price: $11.50 (e) | 33,333 | 3,667 | |||||
Churchill Capital Corp. VI | |||||||
Expiration: February 2026 | |||||||
Exercise Price: $11.50 | 6,940 | 196 | |||||
Churchill Capital Corp. VII | |||||||
Expiration: February 2028 | |||||||
Exercise Price: $11.50 | 11,761 | 353 | |||||
Clarim Acquisition Corp. | |||||||
Expiration: January 2026 | |||||||
Exercise Price: $11.50 | 3,333 | 1 | |||||
Colombier Acquisition Corp. | |||||||
Expiration: December 2028 | |||||||
Exercise Price: $11.50 | 13,500 | 756 | |||||
Digital Health Acquisition Corp. | |||||||
Expiration: November 2026 | |||||||
Exercise Price: $11.50 | 84,000 | 7,703 | |||||
FAST Acquisition Corp. II | |||||||
Expiration: March 2026 | |||||||
Exercise Price: $11.50 | 7,500 | 5,035 | |||||
Figure Acquisition Corp. I | |||||||
Expiration: March 2028 | |||||||
Exercise Price: $11.50 | 1,875 | 37 | |||||
FinTech Acquisition Corp. VI | |||||||
Expiration: March 2026 | |||||||
Exercise Price: $11.50 | 6,250 | 2 | |||||
Fortress Value Acquisition Corp. IV | |||||||
Expiration: March 2028 | |||||||
Exercise Price: $11.50 | 3,125 | – | |||||
FTAC Hera Acquisition Corp. | |||||||
Expiration: February 2026 | |||||||
Exercise Price: $11.50 (e) | 15,250 | 820 | |||||
Global Systems Dynamics, Inc. | |||||||
Expiration: April 2026 | |||||||
Exercise Price: $11.50 | 25,200 | 252 | |||||
Gores Holdings VII, Inc. | |||||||
Expiration: February 2028 | |||||||
Exercise Price: $11.50 | 1,875 | 9 | |||||
GX Acquisition Corp. II | |||||||
Expiration: March 2026 | |||||||
Exercise Price: $11.50 | 20,000 | 16,000 | |||||
HNR Acquisition Corp. | |||||||
Expiration: February 2026 | |||||||
Exercise Price: $11.50 | 37,000 | 740 | |||||
IG Acquisition Corp. | |||||||
Expiration: October 2027 | |||||||
Exercise Price: $11.50 | 25,000 | 2,813 | |||||
Industrial Human Capital, Inc. | |||||||
Expiration: November 2026 | |||||||
Exercise Price: $11.50 | 47,700 | – | |||||
Lakeshore Acquisition II Corp. | |||||||
Expiration: November 2026 | |||||||
Exercise Price: $11.50 (e) | 29,750 | 2,083 | |||||
LAMF Global Ventures Corp. I | |||||||
Expiration: November 2026 | |||||||
Exercise Price: $11.50 (e) | 25,000 | 1,500 | |||||
Landcadia Holdings IV, Inc. | |||||||
Expiration: March 2028 | |||||||
Exercise Price: $11.50 | 12,500 | 1,625 | |||||
Leo Holdings Corp II | |||||||
Expiration: January 2028 | |||||||
Exercise Price: $11.50 (e) | 5,250 | 5 | |||||
LIV Capital Acquisition Corp II | |||||||
Expiration: February 2027 | |||||||
Exercise Price: $11.50 (e) | 41,625 | 2,914 | |||||
Longview Acquisition Corp. II | |||||||
Expiration: May 2026 | |||||||
Exercise Price: $11.50 | 10,000 | 800 | |||||
M3-Brigade Acquisition III Corp. | |||||||
Expiration: July 2028 | |||||||
Exercise Price: $11.50 | 33,444 | 1,672 | |||||
Marlin Technology Corp. | |||||||
Expiration: January 2026 | |||||||
Exercise Price: $11.50 (e) | 16,666 | 167 | |||||
Medicus Sciences Acquisition Corp. | |||||||
Expiration: February 2026 | |||||||
Exercise Price: $11.50 (e) | 1,112 | 11 | |||||
Motive Capital Corp. II | |||||||
Expiration: May 2023 | |||||||
Exercise Price: $11.50 (e) | 33,333 | 1,667 | |||||
Murphy Canyon Acquisition Corp. | |||||||
Expiration: January 2027 | |||||||
Exercise Price: $11.50 | 55,500 | 2,775 | |||||
Northern Star Investment Corp. III | |||||||
Expiration: February 2028 | |||||||
Exercise Price: $11.50 | 7,666 | 84 | |||||
OPY Acquisition Corp I | |||||||
Expiration: September 2026 | |||||||
Exercise Price: $11.50 | 50,000 | 4,670 | |||||
Periphas Capital Partnering Corp. | |||||||
Expiration: December 2028 | |||||||
Exercise Price: $28.75 | 5,000 | 1 | |||||
PWP Forward Acquisition Corp. I | |||||||
Expiration: March 2026 | |||||||
Exercise Price: $11.50 | 21,000 | – | |||||
Quantum FinTech Acquisition Corp. | |||||||
Expiration: January 2026 | |||||||
Exercise Price: $11.50 | 33,000 | 660 | |||||
Relativity Acquisition Corp. | |||||||
Expiration: December 2029 | |||||||
Exercise Price: $11.50 | 21,700 | 760 | |||||
Screaming Eagle Acquisition Corp. | |||||||
Expiration: January 2027 | |||||||
Exercise Price: $11.50 (e) | 33,333 | 9,000 | |||||
Seaport Global Acquisition II Corp. | |||||||
Expiration: November 2026 | |||||||
Exercise Price: $11.50 | 50,000 | 400 | |||||
Signa Sports United NV | |||||||
Expiration: July 2023 | |||||||
Exercise Price: $11.50 (e) | 10,731 | 1,610 | |||||
Target Global Acquisition I Corp. | |||||||
Expiration: December 2026 | |||||||
Exercise Price: $11.50 (e) | 23,633 | 1,182 | |||||
TG Venture Acquisition Corp. | |||||||
Expiration: August 2028 | |||||||
Exercise Price: $11.50 | 74,000 | 748 | |||||
Z-Work Acquisition Corp. | |||||||
Expiration: January 2026 | |||||||
Exercise Price: $11.50 | 10,333 | 8 | |||||
Total Warrants (Cost $464,045) | 82,322 | ||||||
MONEY MARKET FUNDS - 2.30% | |||||||
Fidelity Investments Money Market Funds - Government Portfolio, 3.560% (c) | 1,515,165 | 1,515,165 | |||||
STIT - Treasury Portfolio, 3.754% (c) | 1,515,164 | 1,515,164 | |||||
Total Money Market Funds (Cost $3,030,329) | 3,030,329 | ||||||
Total Investments (Cost $143,351,536) - 100.02% | 131,638,553 | ||||||
Liabilities in Excess of Other Assets - (0.02)% | (26,184) | ||||||
TOTAL NET ASSETS- 100.00% | $ | 131,612,369 |
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 0.26% of net assets. Value determined using significant unobservable inputs. | |||
(c) | The rate shown represents the seven-day yield at November 30, 2022. | |||
(d) | The coupon rate shown represents the rate at November 30, 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 November 30, 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 | $ | 53,759,905 | $ | - | $ | - | $ | 53,759,905 | ||||||||
Business Development Companies | 26,871,708 | - | - | 26,871,708 | ||||||||||||
Preferred Stocks | 16,208,790 | 1,484,709 | 17,693,499 | |||||||||||||
Other Common Stock | 3,033,114 | 3,033,114 | ||||||||||||||
Liquidating Trusts | 200,709 | 200,709 | ||||||||||||||
Notes | 2,779,773 | - | - | 2,779,773 | ||||||||||||
Special Purpose Acquisition Vehicles | 17,125,279 | 6,704,637 | - | 23,829,916 | ||||||||||||
Corporate Bonds | - | 346,827 | 346,827 | |||||||||||||
Rights | 911 | 9,540 | - | 10,451 | ||||||||||||
Warrants | 71,184 | 11,138 | - | 82,322 | ||||||||||||
Money Market Funds | 3,030,329 | - | - | 3,030,329 | ||||||||||||
Total | $ | 123,081,702 | $ | 8,210,024 | $ | 346,827 | $ | 131,638,553 | ||||||||
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 November 30, 2022: | ||||||||||||||||
Derivatives not accounted for as hedging instruments | Statement of Assets & Liabilities Location | Value | ||||||||||||||
Equity Contracts - Warrants | Investments, at value | $ | 82,322 | |||||||||||||
The effect of derivative instruments on the Statement of Operations for the period ended November 30, 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 | $ | 7,864 | |||||||||||||
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 | $ | (41,018 | ) | ||||||||||||
depreciation of investments | ||||||||||||||||