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Share Name | Share Symbol | Market | Type |
---|---|---|---|
High Income Securities Fund | NYSE:PCF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.0046 | 0.07% | 6.6946 | 6.70 | 6.67 | 6.67 | 31,054 | 18:41:27 |
High Income Securities Fund
|
|||||||||
Portfolio of Investments
|
|||||||||
May 31, 2023 (Unaudited)
|
|||||||||
Shares
|
Value
|
||||||||
INVESTMENT COMPANIES - 62.29%
|
|
|
|
||||||
Business Development Companies - 18.84%
|
|
|
|
||||||
Barings BDC, Inc.
|
283,740
|
|
$
|
2,252,896 | |||||
CION Investment Corp.
|
571,482
|
|
5,406,219
|
||||||
Crescent Capital BDC, Inc.
|
229,915
|
|
3,099,254
|
||||||
FS KKR Capital Corp.
|
374,220
|
|
7,241,157
|
||||||
Logan Ridge Finance Corp.
|
81,300
|
|
1,647,138
|
||||||
PennantPark Investment Corp.
|
41,601
|
|
229,638
|
||||||
PhenixFIN Corp.
|
19,193
|
|
654,481
|
||||||
Portman Ridge Finance Corp.
|
181,940
|
|
3,493,248
|
||||||
24,024,031
|
|||||||||
Closed-End Funds - 43.45%
|
|
|
|
||||||
Aberdeen Asia-Pacific Income Fund, Inc.
|
215,752
|
|
589,003
|
||||||
abrdn Global Dynamic Dividend
|
46,058
|
|
420,049
|
||||||
Apollo Tactical Income Fund, Inc.
|
147,041
|
|
1,779,196
|
||||||
Bancroft Fund Ltd.
|
9,317
|
|
151,681
|
||||||
BlackRock California Municipal Income Trust
|
229,376
|
|
2,649,293
|
||||||
Blackrock ESG Capital Allocation Trust
|
285,700
|
|
4,374,067
|
||||||
BlackRock Innovation and Growth Term Trust
|
25,167
|
|
188,250
|
||||||
Blackstone Strategic Credit Fund
|
61,739
|
|
645,173
|
||||||
BNY Mellon Municipal Income, Inc.
|
56,902
|
|
354,500
|
||||||
BNY Mellon Strategic Municipal Bond Fund, Inc.
|
43,019
|
|
240,046
|
||||||
Center Coast Brookfield MLP & Energy Infrastructure Fund
|
135,466
|
|
2,470,900
|
||||||
Credit Suisse High Yield Bond Fund
|
469,143
|
|
891,372
|
||||||
Destra Multi-Alternative Fund
|
131,284
|
|
728,626
|
||||||
DWS Municipal Income Trust
|
26,832
|
|
228,072
|
||||||
DWS Strategic Municipal Income Trust
|
27,199
|
|
222,216
|
||||||
Eaton Vance New York Municipal Bond Fund
|
238,267
|
|
2,194,439
|
||||||
Ellsworth Growth and Income Fund Ltd.
|
84,012
|
|
666,215
|
||||||
First Trust Dynamic Europe Equity Income Fund
|
516,564
|
|
6,482,877
|
||||||
First Trust High Yield Opportunities 2027 Term Fund
|
9,172
|
|
124,005
|
||||||
Highland Income Fund
|
430,600
|
|
3,806,504
|
||||||
MFS High Yield Municipal Trust
|
392,854
|
|
1,229,633
|
||||||
MFS Investment Grade Municipal Trust
|
68,446
|
|
491,442
|
||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
|
192,681
|
|
1,262,061
|
||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
|
58,616
|
|
273,151
|
||||||
Neuberger Berman New York Municipal Fund, Inc.
|
30,831
|
|
290,736
|
||||||
Neuberger Berman Next Generation Connectivity Fund, Inc.
|
357,757
|
|
3,599,035
|
||||||
New America High Income Fund, Inc.
|
123,071
|
|
796,269
|
||||||
Nuveen Multi-Asset Income Fund
|
20,588
|
|
234,086
|
||||||
Nuveen Short Duration Credit Opportunities Fund
|
302,479
|
|
3,399,864
|
||||||
NXG NextGen Infrastructure Income Fund
|
54,577
|
|
1,961,497
|
||||||
PGIM Global High Yield Fund, Inc.
|
176,072
|
|
1,905,099
|
||||||
Principal Real Estate Income Fund
|
47,386
|
|
442,111
|
||||||
Saba Capital Income & Opportunities Fund
|
495,448
|
|
3,909,084
|
||||||
Templeton Global Income Fund
|
8,345
|
|
33,964
|
||||||
Tortoise Energy Independence Fund, Inc.
|
23,503
|
|
636,461
|
||||||
Tortoise Power and Energy Infrastructure Fund, Inc.
|
73,812
|
|
920,436
|
||||||
Vertical Capital Income Fund
|
310,942
|
|
3,106,311
|
||||||
Virtus Total Return Fund, Inc.
|
266,388
|
|
1,611,647
|
||||||
Western Asset Intermediate Muni Fund, Inc.
|
13,483
|
|
102,606
|
||||||
55,411,977
|
|||||||||
Total Investment Companies (Cost $86,971,402)
|
|
|
|
79,436,008
|
|||||
|
|
|
|
Shares/Units
|
|
||||
SPECIAL PURPOSE ACQUISITION VEHICLES - 16.91% (a)
|
|
|
|
||||||
Alphatime Acquisition Corp. (e)
|
35,000
|
|
364,350
|
||||||
AltC Acquisition Corp.
|
50,000
|
|
534,750
|
||||||
Andretti Acquisition Corp. (e)
|
50,000
|
|
530,000
|
||||||
AP Acquisition Corp. (e)
|
|
50,000
|
|
532,000
|
|||||
Apollo Strategic Growth Capital II (e)
|
|
7,042
|
|
72,075
|
|||||
Battery Future Acquisition Corp. (e)
|
14,000
|
|
147,280
|
||||||
Bullpen Parlay Acquisition Co. (e)
|
|
50,000
|
|
523,000
|
|||||
byNordic Acquisition Corp.
|
|
40,013
|
|
421,337
|
|||||
Cartesian Growth Corp. II (e)
|
188,477
|
|
2,003,248
|
||||||
Churchill Capital Corp. VI
|
34,700
|
|
355,675
|
||||||
Churchill Capital Corp. VII
|
58,805
|
|
602,163
|
||||||
Colombier Acquisition Corp.
|
40,500
|
|
409,455
|
||||||
Concord Acquisition Corp II
|
16,612
|
|
169,941
|
||||||
Consilium Acquisition Corp I Ltd. (e)
|
|
10,000
|
|
104,700
|
|||||
Elliott Opportunity II Corp. (e)
|
67,704
|
|
700,736
|
||||||
Enphys Acquisition Corp. (e)
|
|
11,300
|
|
116,616
|
|||||
EVe Mobility Acquisition Corp. (e)
|
|
70,453
|
|
741,166
|
|||||
Everest Consolidator Acquisition Corp.
|
|
37,100
|
|
393,260
|
|||||
Forbion European Acquisition Corp. (e)
|
100,000
|
|
1,063,000
|
||||||
Forbion European Acquisition Corp. Units (e)
|
1
|
|
11
|
||||||
GoGreen Investments Corp. (e)
|
|
25,100
|
|
269,825
|
|||||
Gores Holdings IX, Inc.
|
|
19,105
|
|
194,680
|
|||||
Infinite Acquisition Corp. (e)
|
|
36,192
|
|
381,464
|
|||||
Investcorp India Acquisition Corp. (e)
|
|
67,686
|
|
720,855
|
|||||
Kensington Capital Acquisition Corp V (e)
|
63,160
|
|
663,180
|
||||||
Logistics Innovation Technologies Corp.
|
|
93,500
|
|
956,505
|
|||||
M3-Brigade Acquisition III Corp.
|
100,332
|
|
1,047,466
|
||||||
Motive Capital Corp. II (e)
|
146,448
|
|
1,539,168
|
||||||
Pearl Holdings Acquisition Corp. (e)
|
42,865
|
|
450,511
|
||||||
Portage Fintech Acquisition Corp. (e)
|
31,400
|
|
324,048
|
||||||
Rigel Resource Acquisition Corp. (e)
|
|
14,307
|
|
152,370
|
|||||
Screaming Eagle Acquisition Corp. (e)
|
99,999
|
|
1,024,990
|
||||||
SILVERspac, Inc. (e)
|
|
16,518
|
|
170,961
|
|||||
Swiftmerge Acquisition Corp. (e)
|
37,100
|
|
386,582
|
||||||
Target Global Acquisition I Corp. (e)
|
76,522
|
|
805,011
|
||||||
TG Venture Acquisition Corp.
|
190,793
|
|
1,982,339
|
||||||
Waverley Capital Acquisition Corp 1 (e)
|
|
40,971
|
|
422,411
|
|||||
Zimmer Energy Transition Acquisition Corp.
|
28,387
|
|
290,399
|
||||||
Total Special Purpose Acquisition Vehicles (Cost $21,011,828)
|
|
|
|
21,567,528
|
|||||
|
|
|
|
Shares
|
|
||||
OTHER COMMON STOCKS - 1.80%
|
|
|
|
|
|||||
Real Estate Investment Trusts - 1.80%
|
|||||||||
Lument Finance Trust, Inc.
|
|
253,670
|
|
466,753
|
|||||
NexPoint Diversified Real Estate Trust
|
173,018
|
|
1,825,340
|
||||||
Total Other Common Stocks (Cost $3,426,884)
|
|
|
|
2,292,093
|
|||||
PREFERRED STOCKS - 11.27%
|
|
|
|
||||||
Business Development Companies - 4.73%
|
|
|
|
|
|||||
OFS Credit Co, Inc., 5.250%
|
|
60,000
|
|
1,333,896
|
|||||
SuRo Capital Corp., 6.000%
|
|
200,000
|
|
4,700,000
|
|||||
|
|
|
|
|
|
6,033,896
|
|||
Closed-End Funds - 1.57%
|
|
|
|
|
|||||
XAI Octagon Floating Rate Alternative Income Term Trust, 6.500%
|
|
80,000
|
|
1,994,400
|
|||||
Metal Processors & Fabrication - 1.54%
|
|
|
|
|
|||||
Steel Partners Holdings LP, 6.000%
|
|
86,076
|
|
1,966,837
|
|||||
Real Estate Investment Trusts - 2.11%
|
|
|
|
|
|||||
Brookfield DTLA Fund Office Trust Investor, Inc., 7.625%
|
|
1,615
|
|
710
|
|||||
Cedar Realty Trust, Inc.- Series C, 6.500%
|
|
101,456
|
|
1,141,380
|
|||||
NexPoint Diversified Real Estate Trust - Series A, 5.500%
|
|
94,082
|
|
1,542,945
|
|||||
|
|
|
|
|
|
2,685,035
|
|||
Real Estate Operations and Development - 0.56%
|
|
|
|
|
|||||
Harbor Custom Development, Inc - Series A, 8.000%
|
|
131,166
|
|
716,166
|
|||||
Retail - Catalog Shopping - 0.09%
|
|
|
|
|
|||||
iMedia Brands, Inc., 8.500%
|
|
27,802
|
|
109,317
|
|||||
67Transactional Software - 0.56%
|
|
|
|
|
|||||
Synchronoss Technologies, Inc., 8.375%
|
46,470
|
|
859,695
|
||||||
Total Preferred Stocks (Cost $18,724,728)
|
|
|
|
14,365,346
|
|||||
LIQUIDATING TRUSTS - 0.13%
|
|
|
|
||||||
Copper Property CTL Pass Through Trust
|
|
15,380
|
|
169,949
|
|||||
Total Liquidating Trusts (Cost $204,246)
|
|
|
|
169,949
|
|||||
|
|
|
|
Principal Amount
|
|
|
|||
CORPORATE OBLIGATIONS - 0.44%
|
|
|
|
||||||
Lamington Road DAC (b)(d)(e)
|
|
|
|
|
|||||
8.000%, 04/07/2121
|
|
$
|
7,762,499 |
|
310,500
|
||||
9.750%, 04/07/2121
|
|
491,953
|
|
255,324
|
|||||
Total Corporate Obligations (Cost $676,854)
|
|
|
|
565,824
|
|||||
Shares
|
|||||||||
RIGHTS - 0.01% (a)
|
|
|
|
||||||
Lakeshore Acquisition II Corp. (Expiration: November 18, 2026) (e)
|
59,500
|
|
10,413
|
||||||
Nocturne Acquisition Corp. (Expiration: December 26, 2025) (e)
|
40,000
|
|
4,804
|
||||||
ROC Energy Acquisition Corp. (Expiration: November 30, 2028)
|
9,000
|
|
2,610
|
||||||
Total Rights (Cost $28,013)
|
|
|
|
17,827
|
|||||
WARRANTS - 0.07% (a)
|
|
|
|
||||||
AGBA Group Holding Ltd. (e)
|
|||||||||
Expiration: March 2027
|
|||||||||
Exercise Price: $11.50
|
36,750
|
|
1,470
|
||||||
Andretti Acquisition Corp. (e)
|
|||||||||
Expiration: March 2028
|
|||||||||
Exercise Price: $11.50
|
25,000
|
|
2,253
|
||||||
Ault Disruptive Technologies Corp.
|
|||||||||
Expiration: June 2023
|
|||||||||
Exercise Price: $11.50
|
48,000
|
|
3,840
|
||||||
BioPlus Acquisition Corp. (e)
|
|||||||||
Expiration: December 2026
|
|||||||||
Exercise Price: $11.50
|
37,500
|
|
3,750
|
||||||
Cartesian Growth Corp. II (e)
|
|||||||||
Expiration: July 2028
|
|||||||||
Exercise Price: $11.50
|
33,333
|
|
5,000
|
||||||
Churchill Capital Corp. VI
|
|||||||||
Expiration: February 2026
|
|||||||||
Exercise Price: $11.50
|
6,940
|
|
1,041
|
||||||
Churchill Capital Corp. VII
|
|||||||||
Expiration: February 2028
|
|||||||||
Exercise Price: $11.50
|
11,761
|
|
1,764
|
||||||
Colombier Acquisition Corp.
|
|||||||||
Expiration: December 2028
|
|||||||||
Exercise Price: $11.50
|
13,500
|
|
3,510
|
||||||
Digital Health Acquisition Corp.
|
|||||||||
Expiration: November 2026
|
|||||||||
Exercise Price: $11.50
|
84,000
|
|
5,855
|
||||||
ExcelFin Acquisition Corp.
|
|||||||||
Expiration: October 2028
|
|||||||||
Exercise Price: $11.50
|
25,000
|
|
1,173
|
||||||
FAST Acquisition Corp. II
|
|||||||||
Expiration: March 2026
|
|||||||||
Exercise Price: $11.50
|
5,797
|
|
3,083
|
||||||
Forbion European Acquisition Corp. (e)
|
|||||||||
Expiration: December 2026
|
|||||||||
Exercise Price: $11.50
|
33,333
|
|
13,666
|
||||||
Global Systems Dynamics, Inc.
|
|||||||||
Expiration: April 2026
|
|||||||||
Exercise Price: $11.50
|
25,200
|
|
1,638
|
||||||
HNR Acquisition Corp.
|
|||||||||
Expiration: February 2026
|
|||||||||
Exercise Price: $11.50
|
37,000
|
|
2,594
|
||||||
Lakeshore Acquisition II Corp. (e)
|
|||||||||
Expiration: November 2026
|
|||||||||
Exercise Price: $11.50
|
29,750
|
|
744
|
||||||
LAMF Global Ventures Corp. I (e)
|
|||||||||
Expiration: November 2026
|
|||||||||
Exercise Price: $11.50
|
25,000
|
|
2,125
|
||||||
Landcadia Holdings IV, Inc.
|
|||||||||
Expiration: March 2028
|
|||||||||
Exercise Price: $11.50
|
12,500
|
|
2,050
|
||||||
Leo Holdings Corp II (e)
|
|||||||||
Expiration: January 2028
|
|||||||||
Exercise Price: $11.50
|
5,250
|
|
105
|
||||||
LIV Capital Acquisition Corp II (e)
|
|||||||||
Expiration: February 2027
|
|||||||||
Exercise Price: $11.50
|
41,625
|
|
1,357
|
||||||
M3-Brigade Acquisition III Corp.
|
|||||||||
Expiration: July 2028
|
|||||||||
Exercise Price: $11.50
|
33,444
|
|
12,373
|
||||||
Murphy Canyon Acquisition Corp.
|
|||||||||
Expiration: January 2027
|
|||||||||
Exercise Price: $11.50
|
55,500
|
|
3,469
|
||||||
Northern Star Investment Corp. III
|
|||||||||
Expiration: February 2028
|
|||||||||
Exercise Price: $11.50
|
7,666
|
|
460
|
||||||
OPY Acquisition Corp I
|
|||||||||
Expiration: September 2026
|
|||||||||
Exercise Price: $11.50
|
50,000
|
|
7,500
|
||||||
Quantum FinTech Acquisition Corp.
|
|||||||||
Expiration: January 2026
|
|||||||||
Exercise Price: $11.50
|
33,000
|
|
1,650
|
||||||
Relativity Acquisition Corp.
|
|||||||||
Expiration: December 2029
|
|||||||||
Exercise Price: $11.50
|
21,700
|
|
–
|
||||||
Screaming Eagle Acquisition Corp. (e)
|
|||||||||
Expiration: January 2027
|
|||||||||
Exercise Price: $11.50
|
33,333
|
|
5,000
|
||||||
Seaport Global Acquisition II Corp.
|
|||||||||
Expiration: November 2026
|
|||||||||
Exercise Price: $11.50
|
50,000
|
|
1,750
|
||||||
Signa Sports United NV (e)
|
|||||||||
Expiration: July 2023
|
|||||||||
Exercise Price: $11.50
|
10,731
|
|
752
|
||||||
Target Global Acquisition I Corp. (e)
|
|||||||||
Expiration: December 2026
|
|||||||||
Exercise Price: $11.50
|
23,633
|
|
945
|
||||||
TG Venture Acquisition Corp.
|
|||||||||
Expiration: August 2028
|
|||||||||
Exercise Price: $11.50
|
74,000
|
|
2,960
|
||||||
Total Warrants (Cost $242,424)
|
|
|
|
93,877
|
|||||
MONEY MARKET FUNDS - 6.53%
|
|
|
|
|
|||||
Fidelity Investments Money Market Funds - Government Portfolio, 4.980% (c)
|
4,160,092
|
|
4,160,092
|
||||||
STIT - Treasury Portfolio, 5.038% (c)
|
4,160,092
|
|
4,160,092
|
||||||
Total Money Market Funds (Cost $8,320,184)
|
|
|
|
8,320,184
|
|||||
|
|
|
|
|
|
|
|||
Total Investments (Cost $139,606,563) - 99.45%
|
|
126,828,636
|
|||||||
Other Assets in Excess of Liabilities - 0.55%
|
|
698,121
|
|||||||
TOTAL NET ASSETS- 100.00%
|
|
|
|
127,526,757
|
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 $565,824, representing 0.44% of net assets. Value determined using significant
unobservable inputs.
|
||||
(c)
|
The rate shown represents the seven-day yield at May 31, 2023.
|
||||
(d)
|
The coupon rate shown represents the rate at May 31, 2023.
|
||||
(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, 2023 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
|
||||||||||||||||
Business Development Companies
|
$
|
23,369,550
|
$
|
654,481
|
$
|
-
|
$
|
24,024,031
|
||||||||
Closed-End Funds
|
55,411,977
|
-
|
-
|
55,411,977
|
||||||||||||
Preferred Stocks
|
7,670,946
|
6,694,400
|
14,365,346
|
|||||||||||||
Other Common Stock
|
2,292,093
|
2,292,093
|
||||||||||||||
Liquidating Trusts
|
169,949
|
169,949
|
||||||||||||||
Special Purpose Acquisition Vehicles
|
17,465,749
|
4,101,779
|
-
|
21,567,528
|
||||||||||||
Corporate Bonds
|
-
|
565,824
|
565,824
|
|||||||||||||
Rights
|
7,414
|
10,413
|
-
|
17,827
|
||||||||||||
Warrants
|
37,868
|
56,009
|
-
|
93,877
|
||||||||||||
Money Market Funds
|
8,320,184
|
-
|
-
|
8,320,184
|
||||||||||||
Total
|
$
|
114,745,730
|
$
|
11,517,082
|
$
|
565,824
|
$
|
126,828,636
|
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, 2023:
|
|
|
|
||||
|
|
|
|
|
|
|
|
Derivatives not accounted for as hedging instruments
|
|
|
Statement of Assets &
Liabilities Location
|
|
Value
|
|
|
Equity Contracts - Warrants
|
|
|
Investments, at value
|
|
$ |
93,877
|
|
|
|
|
|
|
|
|
|
The effect of derivative instruments on the Statement of Operations for the period ended May 31, 2023:
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
Amount of Realized Gain (Loss) on Derivatives Recognized in Income
|
|
||||
Derivatives not accounted for as hedging instruments
|
|
|
Statement of Operations
Location
|
|
Value
|
|
|
Equity Contracts - Warrants
|
|
|
Net Realized Loss
|
|
$ |
(204,904)
|
|
|
|
|
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
|
|
$ |
192,158
|
|
|
|
|
appreciation of investments
|
|
|
|
1 Year High Income Securities Chart |
1 Month High Income Securities Chart |
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