Altaba Inc.
Consolidated Schedule of Investments
As of September 30, 2019 (unaudited)
($ in thousands)
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Description
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Principal $ /Shares / Units
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Fair Value $
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Affiliated Investments at Fair Value — 7.0%
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Online Services and e-Commerce
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Common shares - 7.0%
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Alibaba Group Holding Limited (1)(2)
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5,000,000
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836,150
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Total Affiliated Investments at Fair Value
(Cost — $35,673)
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836,150
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Unaffiliated Investments at Fair Value — 0.0%
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Internet Software & Services
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Common shares - 0.0%
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SeatGeek, Inc. (1)(3)
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47,463
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185
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Total Common Shares (Cost — $9)
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185
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Fixed Income Securities
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Rate % (4)
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Final
Maturity (5)
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Principal $
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Fair Value $
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Money Market Funds — 27.0%
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Fidelity Government Portfolio - Class I
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1.86
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1,816,791
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1,816,791
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Federated Government Obligations Fund - Institutional Class
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1.89
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1,403,253
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1,403,253
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JP Morgan U.S. Government Money Market Fund - Capital Class
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1.82
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11,860
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11,860
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Total Money Market Investments
(Cost — $3,231,904)
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3,231,904
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3,231,904
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Rate Type
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Rate % (6)
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Final
Maturity
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Principal $
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Fair Value $
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Short Term
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Corporate Debt — 1.3%
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Financial — 0.3%
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Berkshire Hathaway Finance Corp.
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Floating
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2.66 (3 month LIBOR USD + 0.32)
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1/10/2020
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2,500
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2,502
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Branch Banking and Trust Co.
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Floating
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2.75 (3 month LIBOR USD + 0.45)
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1/15/2020
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4,000
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4,003
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Mass Mutual Global Funding II
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Fixed
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1.95
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9/22/2020
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20,000
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19,986
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Protective Life Global Funding
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Fixed
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2.16
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9/25/2020
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7,000
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7,011
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Total
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33,500
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33,502
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Industrial — 1.0%
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American Honda Finance Corp
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Fixed
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2.45
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9/24/2020
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20,000
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20,096
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Apple Inc.
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Floating
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2.41 (3 month LIBOR USD + 0.20)
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2/7/2020
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13,506
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13,511
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Apple Inc.
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Floating
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2.25 (3 month LIBOR USD + 0.07)
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5/11/2020
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7,000
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6,995
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Chevron Corp
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Floating
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2.35 (3 month LIBOR USD + 0.21)
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3/3/2020
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12,000
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12,008
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Daimler Finance North America LLC
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Fixed
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2.30
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1/6/2020
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18,543
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18,545
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Honeywell International Inc.
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Floating
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2.55 (3 month LIBOR USD + 0.28)
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10/30/2019
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3,563
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3,564
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Intel Corp
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Floating
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2.26 (3 month LIBOR USD + 0.08)
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5/11/2020
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11,000
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11,006
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John Deere Capital Corporation
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Floating
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2.43 (3 month LIBOR USD + 0.30)
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3/13/2020
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8,140
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8,149
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Siemens Financieringsmaatschappij NV
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Floating
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2.46 (3 month LIBOR USD + 0.34)
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3/16/2020
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15,000
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15,019
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Toyota Motor Credit Corporation
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Floating
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2.56 (3 month LIBOR USD + 0.26)
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4/17/2020
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12,000
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12,011
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Total
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120,752
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120,904
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Total Corporate Debt (Cost — $154,011)
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154,252
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154,406
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Rate % (7)
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Commercial Paper — 97.0%
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ABN Amro Funding USA LLC
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Zero
Coupon
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2.44
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12/12/2019
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40,000
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39,802
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ABN Amro Funding USA LLC
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Zero
Coupon
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2.44
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12/2/2019
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70,000
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69,701
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Allianz Finance Corp
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Zero
Coupon
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2.13
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10/18/2019
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30,000
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29,968
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Allianz Finance Corp
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Zero
Coupon
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2.05
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11/12/2019
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28,000
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27,931
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Archer-Daniels-Midland Company
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Zero
Coupon
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—
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10/1/2019
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100,000
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100,000
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Australia and New Zealand Banking Group Limited
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Zero
Coupon
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1.98
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3/26/2020
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100,000
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99,022
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Australia and New Zealand Banking Group Limited
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Zero
Coupon
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1.98
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4/2/2020
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75,000
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74,237
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Automatic Data Processing, Inc.
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Zero
Coupon
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0.98
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10/2/2019
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425,000
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424,977
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Canadian Imperial Bank of Commerce
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Zero
Coupon
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1.99
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3/26/2020
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50,000
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49,508
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Canadian Imperial Bank of Commerce
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Zero
Coupon
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1.98
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4/1/2020
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150,000
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148,483
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Canadian Imperial Bank of Commerce
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Zero
Coupon
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1.97
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4/3/2020
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50,000
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49,491
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Canadian Imperial Bank of Commerce
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Zero
Coupon
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1.98
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4/28/2020
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75,000
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74,132
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Cargill, Inc
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Zero
Coupon
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—
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10/1/2019
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50,000
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50,000
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Cargill, Inc
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Zero
Coupon
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1.63
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10/7/2019
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100,000
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99,968
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CDP Financial Inc
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Zero
Coupon
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1.95
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1/16/2020
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75,000
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74,561
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Credit Suisse AG
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Zero
Coupon
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2.02
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1/31/2020
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26,495
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26,312
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Credit Suisse AG
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Zero
Coupon
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2.17
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12/12/2019
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50,000
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49,780
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Cummins Inc.
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Zero
Coupon
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1.89
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10/15/2019
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25,000
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24,980
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DZ Bank AG Deutsche Zentral-Genossenschaftsbank
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Zero
Coupon
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2.06
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11/12/2019
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50,000
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49,877
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Emerson Electric Co.
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Zero
Coupon
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1.29
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10/3/2019
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30,000
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29,997
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Exxon Mobil Corporation
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Zero
Coupon
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1.85
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10/10/2019
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95,000
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94,951
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Exxon Mobil Corporation
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Zero
Coupon
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|
1.93
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1/24/2020
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75,000
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74,533
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Exxon Mobil Corporation
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Zero
Coupon
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1.52
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10/4/2019
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100,000
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99,983
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Exxon Mobil Corporation
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Zero
Coupon
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1.78
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10/8/2019
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30,000
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29,988
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Exxon Mobil Corporation
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Zero
Coupon
|
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|
2.11
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|
10/15/2019
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25,000
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24,978
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Exxon Mobil Corporation
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Zero
Coupon
|
|
|
2.12
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|
10/25/2019
|
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|
125,000
|
|
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124,816
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Exxon Mobil Corporation
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Zero
Coupon
|
|
|
1.81
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|
|
10/7/2019
|
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|
200,000
|
|
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|
199,930
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Exxon Mobil Corporation
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Zero
Coupon
|
|
|
1.97
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|
10/18/2019
|
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|
170,000
|
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|
169,832
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Rate % (7)
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Fédération des caisses Desjardins du Québec
|
|
Zero
Coupon
|
|
2.10
|
|
|
10/15/2019
|
|
|
|
90,000
|
|
|
|
89,921
|
|
|
Fédération des caisses Desjardins du Québec
|
|
Zero
Coupon
|
|
2.15
|
|
|
10/17/2019
|
|
|
|
90,000
|
|
|
|
89,909
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|
|
Fédération des caisses Desjardins du Québec
|
|
Zero
Coupon
|
|
2.15
|
|
|
10/24/2019
|
|
|
|
25,000
|
|
|
|
24,964
|
|
|
General Dynamics Corporation
|
|
Zero
Coupon
|
|
1.39
|
|
|
10/3/2019
|
|
|
|
118,000
|
|
|
|
117,986
|
|
|
Groupe BPCE
|
|
Zero
Coupon
|
|
2.00
|
|
|
1/15/2020
|
|
|
|
100,000
|
|
|
|
99,405
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
2.13
|
|
|
4/6/2020
|
|
|
|
90,000
|
|
|
|
88,994
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
2.10
|
|
|
10/18/2019
|
|
|
|
90,000
|
|
|
|
89,906
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
2.15
|
|
|
1/8/2020
|
|
|
|
52,000
|
|
|
|
51,690
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
2.15
|
|
|
1/10/2020
|
|
|
|
45,000
|
|
|
|
44,726
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
1.97
|
|
|
10/8/2019
|
|
|
|
50,000
|
|
|
|
49,978
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
2.09
|
|
|
10/17/2019
|
|
|
|
95,000
|
|
|
|
94,906
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
2.07
|
|
|
11/12/2019
|
|
|
|
50,000
|
|
|
|
49,876
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
2.03
|
|
|
11/13/2019
|
|
|
|
30,000
|
|
|
|
29,925
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
2.03
|
|
|
11/15/2019
|
|
|
|
100,000
|
|
|
|
99,740
|
|
|
Henkel Corporation
|
|
Zero
Coupon
|
|
2.03
|
|
|
11/19/2019
|
|
|
|
65,000
|
|
|
|
64,817
|
|
|
Kimberly-Clark Corporation
|
|
Zero
Coupon
|
|
1.75
|
|
|
10/10/2019
|
|
|
|
67,900
|
|
|
|
67,867
|
|
|
Kimberly-Clark Corporation
|
|
Zero
Coupon
|
|
1.65
|
|
|
10/7/2019
|
|
|
|
50,000
|
|
|
|
49,984
|
|
|
Kimberly-Clark Corporation
|
|
Zero
Coupon
|
|
1.70
|
|
|
10/8/2019
|
|
|
|
50,000
|
|
|
|
49,981
|
|
|
Kimberly-Clark Corporation
|
|
Zero
Coupon
|
|
1.73
|
|
|
10/9/2019
|
|
|
|
25,000
|
|
|
|
24,989
|
|
|
Kimberly-Clark Corporation
|
|
Zero
Coupon
|
|
1.76
|
|
|
10/11/2019
|
|
|
|
40,000
|
|
|
|
39,978
|
|
|
Koch Industries, Inc.
|
|
Zero
Coupon
|
|
1.78
|
|
|
10/10/2019
|
|
|
|
50,000
|
|
|
|
49,975
|
|
|
Koch Industries, Inc.
|
|
Zero
Coupon
|
|
1.80
|
|
|
10/11/2019
|
|
|
|
212,000
|
|
|
|
211,883
|
|
|
Koch Industries, Inc.
|
|
Zero
Coupon
|
|
1.86
|
|
|
10/15/2019
|
|
|
|
60,000
|
|
|
|
59,954
|
|
|
Koch Industries, Inc.
|
|
Zero
Coupon
|
|
1.96
|
|
|
10/18/2019
|
|
|
|
120,000
|
|
|
|
119,883
|
|
|
Merck & Co., Inc.
|
|
Zero
Coupon
|
|
1.77
|
|
|
10/15/2019
|
|
|
|
25,000
|
|
|
|
24,982
|
|
|
Merck & Co., Inc.
|
|
Zero
Coupon
|
|
1.82
|
|
|
10/23/2019
|
|
|
|
50,000
|
|
|
|
49,942
|
|
|
Merck & Co., Inc.
|
|
Zero
Coupon
|
|
1.82
|
|
|
10/25/2019
|
|
|
|
50,000
|
|
|
|
49,937
|
|
|
Merck & Co., Inc.
|
|
Zero
Coupon
|
|
1.84
|
|
|
11/1/2019
|
|
|
|
50,000
|
|
|
|
49,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate % (7)
|
|
|
|
|
|
|
|
|
|
|
Mizuho Bank
|
|
Zero
Coupon
|
|
2.16
|
|
|
1/13/2020
|
|
|
|
50,000
|
|
|
|
49,684
|
|
|
National Australia Bank Limited
|
|
Zero
Coupon
|
|
2.10
|
|
|
3/2/2020
|
|
|
|
40,000
|
|
|
|
39,641
|
|
|
National Australia Bank Limited
|
|
Zero
Coupon
|
|
2.12
|
|
|
10/28/2019
|
|
|
|
150,000
|
|
|
|
149,753
|
|
|
National Rural Utilities Cooperative Finance Corp
|
|
Zero
Coupon
|
|
1.46
|
|
|
10/4/2019
|
|
|
|
21,215
|
|
|
|
21,212
|
|
|
National Securities Clearing Corporation
|
|
Zero
Coupon
|
|
2.11
|
|
|
1/21/2020
|
|
|
|
50,000
|
|
|
|
49,669
|
|
|
National Securities Clearing Corporation
|
|
Zero
Coupon
|
|
2.08
|
|
|
1/9/2020
|
|
|
|
50,000
|
|
|
|
49,708
|
|
|
National Securities Clearing Corporation
|
|
Zero
Coupon
|
|
1.98
|
|
|
10/17/2019
|
|
|
|
65,000
|
|
|
|
64,939
|
|
|
National Securities Clearing Corporation
|
|
Zero
Coupon
|
|
1.95
|
|
|
10/21/2019
|
|
|
|
40,000
|
|
|
|
39,954
|
|
|
National Securities Clearing Corporation
|
|
Zero
Coupon
|
|
1.97
|
|
|
10/25/2019
|
|
|
|
50,000
|
|
|
|
49,932
|
|
|
National Securities Clearing Corporation
|
|
Zero
Coupon
|
|
1.98
|
|
|
10/28/2019
|
|
|
|
50,000
|
|
|
|
49,923
|
|
|
Nationwide Building Society
|
|
Zero
Coupon
|
|
2.39
|
|
|
10/21/2019
|
|
|
|
50,000
|
|
|
|
49,930
|
|
|
Nederlandse Waterschapsbank N.V.
|
|
Zero
Coupon
|
|
2.02
|
|
|
11/27/2019
|
|
|
|
62,000
|
|
|
|
61,798
|
|
|
Nestle Capital Corporation
|
|
Zero
Coupon
|
|
1.86
|
|
|
10/11/2019
|
|
|
|
100,000
|
|
|
|
99,943
|
|
|
Nestle Capital Corporation
|
|
Zero
Coupon
|
|
2.00
|
|
|
10/17/2019
|
|
|
|
50,000
|
|
|
|
49,953
|
|
|
Nestle Capital Corporation
|
|
Zero
Coupon
|
|
1.96
|
|
|
12/10/2019
|
|
|
|
220,000
|
|
|
|
219,149
|
|
|
Nestle Capital Corporation
|
|
Zero
Coupon
|
|
2.37
|
|
|
12/12/2019
|
|
|
|
45,000
|
|
|
|
44,784
|
|
|
NIKE, Inc.
|
|
Zero
Coupon
|
|
1.71
|
|
|
10/8/2019
|
|
|
|
96,000
|
|
|
|
95,964
|
|
|
NIKE, Inc.
|
|
Zero
Coupon
|
|
1.76
|
|
|
10/10/2019
|
|
|
|
30,000
|
|
|
|
29,985
|
|
|
PACCAR Financial Corp.
|
|
Zero
Coupon
|
|
1.02
|
|
|
10/2/2019
|
|
|
|
25,100
|
|
|
|
25,099
|
|
|
PACCAR Financial Corp.
|
|
Zero
Coupon
|
|
1.74
|
|
|
10/7/2019
|
|
|
|
22,500
|
|
|
|
22,492
|
|
|
PACCAR Financial Corp.
|
|
Zero
Coupon
|
|
1.93
|
|
|
10/28/2019
|
|
|
|
14,426
|
|
|
|
14,404
|
|
|
PACCAR Financial Corp.
|
|
Zero
Coupon
|
|
1.92
|
|
|
10/31/2019
|
|
|
|
29,750
|
|
|
|
29,701
|
|
|
PACCAR Financial Corp.
|
|
Zero
Coupon
|
|
1.92
|
|
|
11/1/2019
|
|
|
|
61,000
|
|
|
|
60,896
|
|
|
PACCAR Financial Corp.
|
|
Zero
Coupon
|
|
2.02
|
|
|
11/21/2019
|
|
|
|
8,925
|
|
|
|
8,899
|
|
|
Pricoa Short Term Funding, LLC
|
|
Zero
Coupon
|
|
2.40
|
|
|
11/15/2019
|
|
|
|
30,000
|
|
|
|
29,908
|
|
|
Province of Alberta
|
|
Zero
Coupon
|
|
1.95
|
|
|
1/14/2020
|
|
|
|
100,000
|
|
|
|
99,425
|
|
|
Province of Alberta
|
|
Zero
Coupon
|
|
1.97
|
|
|
2/6/2020
|
|
|
|
75,000
|
|
|
|
74,469
|
|
|
Province of Alberta
|
|
Zero
Coupon
|
|
2.28
|
|
|
10/30/2019
|
|
|
|
25,000
|
|
|
|
24,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate % (7)
|
|
|
|
|
|
|
|
|
|
|
Province of Alberta
|
|
Zero
Coupon
|
|
2.31
|
|
|
12/5/2019
|
|
|
|
29,000
|
|
|
|
28,877
|
|
|
Province of British Columbia
|
|
Zero
Coupon
|
|
1.99
|
|
|
11/13/2019
|
|
|
|
24,500
|
|
|
|
24,440
|
|
|
Province of Quebec
|
|
Zero
Coupon
|
|
1.98
|
|
|
11/18/2019
|
|
|
|
75,000
|
|
|
|
74,798
|
|
|
PSP Capital Inc.
|
|
Zero
Coupon
|
|
1.93
|
|
|
10/7/2019
|
|
|
|
92,000
|
|
|
|
91,965
|
|
|
Royal Bank of Canada
|
|
Zero
Coupon
|
|
1.94
|
|
|
3/18/2020
|
|
|
|
175,000
|
|
|
|
173,398
|
|
|
Royal Bank of Canada
|
|
Zero
Coupon
|
|
2.10
|
|
|
2/18/2020
|
|
|
|
75,000
|
|
|
|
74,382
|
|
|
Santander UK plc
|
|
Zero
Coupon
|
|
2.04
|
|
|
1/31/2020
|
|
|
|
63,781
|
|
|
|
63,336
|
|
|
Simon Property Group, L.P.
|
|
Zero
Coupon
|
|
1.07
|
|
|
10/2/2019
|
|
|
|
100,000
|
|
|
|
99,994
|
|
|
Simon Property Group, L.P.
|
|
Zero
Coupon
|
|
1.60
|
|
|
10/4/2019
|
|
|
|
118,000
|
|
|
|
117,979
|
|
|
Simon Property Group, L.P.
|
|
Zero
Coupon
|
|
1.92
|
|
|
10/11/2019
|
|
|
|
65,000
|
|
|
|
64,962
|
|
|
Simon Property Group, L.P.
|
|
Zero
Coupon
|
|
2.05
|
|
|
11/14/2019
|
|
|
|
30,000
|
|
|
|
29,923
|
|
|
Simon Property Group, L.P.
|
|
Zero
Coupon
|
|
2.05
|
|
|
11/21/2019
|
|
|
|
49,000
|
|
|
|
48,855
|
|
|
Simon Property Group, L.P.
|
|
Zero
Coupon
|
|
2.02
|
|
|
12/4/2019
|
|
|
|
40,000
|
|
|
|
39,854
|
|
|
Simon Property Group, L.P.
|
|
Zero
Coupon
|
|
2.07
|
|
|
11/5/2019
|
|
|
|
25,000
|
|
|
|
24,948
|
|
|
Skandinaviska Enskilda Banken AB
|
|
Zero
Coupon
|
|
2.18
|
|
|
12/10/2019
|
|
|
|
125,000
|
|
|
|
124,462
|
|
|
Skandinaviska Enskilda Banken AB
|
|
Zero
Coupon
|
|
2.02
|
|
|
12/20/2019
|
|
|
|
100,000
|
|
|
|
99,544
|
|
|
Société Générale Société anonyme
|
|
Zero
Coupon
|
|
2.04
|
|
|
11/26/2019
|
|
|
|
75,000
|
|
|
|
74,757
|
|
|
Société Générale Société anonyme
|
|
Zero
Coupon
|
|
2.05
|
|
|
10/15/2019
|
|
|
|
31,460
|
|
|
|
31,433
|
|
|
St Engineering NA Inc.
|
|
Zero
Coupon
|
|
2.08
|
|
|
1/13/2020
|
|
|
|
16,900
|
|
|
|
16,797
|
|
|
St Engineering North America, Inc.
|
|
Zero
Coupon
|
|
2.02
|
|
|
11/29/2019
|
|
|
|
30,000
|
|
|
|
29,899
|
|
|
Sumitomo Mitsui Banking Corporation
|
|
Zero
Coupon
|
|
2.01
|
|
|
1/14/2020
|
|
|
|
125,000
|
|
|
|
124,260
|
|
|
Sumitomo Mitsui Banking Corporation
|
|
Zero
Coupon
|
|
2.01
|
|
|
2/4/2020
|
|
|
|
50,000
|
|
|
|
49,645
|
|
|
Sumitomo Mitsui Banking Corporation
|
|
Zero
Coupon
|
|
2.37
|
|
|
11/14/2019
|
|
|
|
165,000
|
|
|
|
164,512
|
|
|
Sumitomo Mitsui Trust Bank Ltd.
|
|
Zero
Coupon
|
|
2.18
|
|
|
1/7/2020
|
|
|
|
200,000
|
|
|
|
198,802
|
|
|
Sumitomo Mitsui Trust Bank Ltd.
|
|
Zero
Coupon
|
|
2.18
|
|
|
1/16/2020
|
|
|
|
30,000
|
|
|
|
29,804
|
|
|
The Bank of Nova Scotia
|
|
Zero
Coupon
|
|
—
|
|
|
10/1/2019
|
|
|
|
53,400
|
|
|
|
53,400
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.12
|
|
|
10/30/2019
|
|
|
|
25,000
|
|
|
|
24,956
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.12
|
|
|
11/1/2019
|
|
|
|
50,000
|
|
|
|
49,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate % (7)
|
|
|
|
|
|
|
|
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
1.13
|
|
|
10/2/2019
|
|
|
|
150,000
|
|
|
|
149,991
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
1.49
|
|
|
10/3/2019
|
|
|
|
150,000
|
|
|
|
149,981
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
1.68
|
|
|
10/4/2019
|
|
|
|
50,000
|
|
|
|
49,991
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
1.99
|
|
|
10/9/2019
|
|
|
|
25,000
|
|
|
|
24,988
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.13
|
|
|
1/21/2020
|
|
|
|
115,000
|
|
|
|
114,231
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.18
|
|
|
1/22/2020
|
|
|
|
48,000
|
|
|
|
47,669
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.13
|
|
|
1/23/2020
|
|
|
|
100,000
|
|
|
|
99,319
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.13
|
|
|
1/24/2020
|
|
|
|
50,000
|
|
|
|
49,657
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.08
|
|
|
2/24/2020
|
|
|
|
100,000
|
|
|
|
99,152
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.19
|
|
|
3/19/2020
|
|
|
|
70,000
|
|
|
|
69,273
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.36
|
|
|
11/14/2019
|
|
|
|
14,000
|
|
|
|
13,959
|
|
|
The Coca-Cola Company
|
|
Zero
Coupon
|
|
2.39
|
|
|
11/15/2019
|
|
|
|
45,000
|
|
|
|
44,863
|
|
|
The Hershey Company
|
|
Zero
Coupon
|
|
1.40
|
|
|
10/3/2019
|
|
|
|
50,000
|
|
|
|
49,994
|
|
|
The Hershey Company
|
|
Zero
Coupon
|
|
1.82
|
|
|
10/10/2019
|
|
|
|
20,000
|
|
|
|
19,990
|
|
|
The Hershey Company
|
|
Zero
Coupon
|
|
1.85
|
|
|
10/11/2019
|
|
|
|
50,000
|
|
|
|
49,972
|
|
|
The Hershey Company
|
|
Zero
Coupon
|
|
1.89
|
|
|
10/24/2019
|
|
|
|
50,000
|
|
|
|
49,937
|
|
|
The Hershey Company
|
|
Zero
Coupon
|
|
1.91
|
|
|
10/31/2019
|
|
|
|
41,000
|
|
|
|
40,933
|
|
|
The Hershey Company
|
|
Zero
Coupon
|
|
1.58
|
|
|
10/4/2019
|
|
|
|
25,000
|
|
|
|
24,996
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.11
|
|
|
2/18/2020
|
|
|
|
50,000
|
|
|
|
49,586
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.03
|
|
|
1/6/2020
|
|
|
|
69,525
|
|
|
|
69,141
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.20
|
|
|
1/10/2020
|
|
|
|
80,000
|
|
|
|
79,502
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.01
|
|
|
1/15/2020
|
|
|
|
20,200
|
|
|
|
20,079
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
1.97
|
|
|
3/3/2020
|
|
|
|
50,000
|
|
|
|
49,576
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.21
|
|
|
12/9/2019
|
|
|
|
100,000
|
|
|
|
99,571
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.01
|
|
|
1/9/2020
|
|
|
|
30,000
|
|
|
|
29,831
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.16
|
|
|
2/3/2020
|
|
|
|
20,000
|
|
|
|
19,849
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.10
|
|
|
2/6/2020
|
|
|
|
20,000
|
|
|
|
19,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate % (7)
|
|
|
|
|
|
|
|
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.16
|
|
|
2/10/2020
|
|
|
|
75,000
|
|
|
|
74,401
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.00
|
|
|
4/24/2020
|
|
|
|
100,000
|
|
|
|
98,850
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
1.99
|
|
|
5/5/2020
|
|
|
|
40,000
|
|
|
|
39,518
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
1.99
|
|
|
6/26/2020
|
|
|
|
60,000
|
|
|
|
59,103
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
—
|
|
|
10/1/2019
|
|
|
|
20,000
|
|
|
|
20,000
|
|
|
The Toronto-Dominion Bank
|
|
Zero
Coupon
|
|
2.32
|
|
|
10/18/2019
|
|
|
|
30,000
|
|
|
|
29,965
|
|
|
Total Capital Canada Ltd.
|
|
Zero
Coupon
|
|
1.13
|
|
|
10/2/2019
|
|
|
|
50,000
|
|
|
|
49,997
|
|
|
Total Capital Canada Ltd.
|
|
Zero
Coupon
|
|
1.51
|
|
|
10/3/2019
|
|
|
|
95,000
|
|
|
|
94,988
|
|
|
Total Capital Canada Ltd.
|
|
Zero
Coupon
|
|
1.93
|
|
|
10/8/2019
|
|
|
|
100,000
|
|
|
|
99,957
|
|
|
Total Capital Canada Ltd.
|
|
Zero
Coupon
|
|
2.08
|
|
|
10/18/2019
|
|
|
|
125,000
|
|
|
|
124,870
|
|
|
Toyota Motor Credit Corporation
|
|
Zero
Coupon
|
|
2.11
|
|
|
1/13/2020
|
|
|
|
100,000
|
|
|
|
99,385
|
|
|
Toyota Motor Credit Corporation
|
|
Zero
Coupon
|
|
2.11
|
|
|
1/14/2020
|
|
|
|
100,000
|
|
|
|
99,379
|
|
|
Toyota Motor Credit Corporation
|
|
Zero
Coupon
|
|
1.81
|
|
|
10/7/2019
|
|
|
|
120,000
|
|
|
|
119,958
|
|
|
Toyota Motor Credit Corporation
|
|
Zero
Coupon
|
|
1.88
|
|
|
10/9/2019
|
|
|
|
50,000
|
|
|
|
49,977
|
|
|
Toyota Motor Credit Corporation
|
|
Zero
Coupon
|
|
1.89
|
|
|
10/10/2019
|
|
|
|
200,000
|
|
|
|
199,895
|
|
|
Toyota Motor Credit Corporation
|
|
Zero
Coupon
|
|
1.91
|
|
|
10/16/2019
|
|
|
|
100,000
|
|
|
|
99,915
|
|
|
Toyota Motor Credit Corporation
|
|
Zero
Coupon
|
|
1.98
|
|
|
11/6/2019
|
|
|
|
150,000
|
|
|
|
149,695
|
|
|
Toyota Motor Credit Corporation
|
|
Zero
Coupon
|
|
2.39
|
|
|
11/25/2019
|
|
|
|
15,000
|
|
|
|
14,944
|
|
|
Toyota Motor Credit Corporation
|
|
Zero
Coupon
|
|
2.37
|
|
|
11/26/2019
|
|
|
|
50,000
|
|
|
|
49,813
|
|
|
Unilever Capital Corporation
|
|
Zero
Coupon
|
|
2.17
|
|
|
10/21/2019
|
|
|
|
21,000
|
|
|
|
20,973
|
|
|
Unilever Capital Corporation
|
|
Zero
Coupon
|
|
2.19
|
|
|
10/24/2019
|
|
|
|
55,000
|
|
|
|
54,920
|
|
|
Unilever Capital Corporation
|
|
Zero
Coupon
|
|
2.01
|
|
|
11/4/2019
|
|
|
|
38,000
|
|
|
|
37,926
|
|
|
Walmart Inc.
|
|
Zero
Coupon
|
|
1.65
|
|
|
10/7/2019
|
|
|
|
105,000
|
|
|
|
104,966
|
|
|
Walmart Inc.
|
|
Zero
Coupon
|
|
1.86
|
|
|
11/8/2019
|
|
|
|
21,805
|
|
|
|
21,761
|
|
|
Walmart Inc.
|
|
Zero
Coupon
|
|
1.86
|
|
|
11/18/2019
|
|
|
|
60,000
|
|
|
|
59,848
|
|
|
Walmart Inc.
|
|
Zero
Coupon
|
|
1.87
|
|
|
11/19/2019
|
|
|
|
41,850
|
|
|
|
41,741
|
|
|
Walmart Inc.
|
|
Zero
Coupon
|
|
1.68
|
|
|
10/8/2019
|
|
|
|
145,000
|
|
|
|
144,946
|
|
|
Total Commercial Paper (Cost — $11,631,230)
|
|
|
|
|
|
|
|
|
|
|
11,668,732
|
|
|
|
11,631,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate % (6)
|
|
|
|
|
|
|
|
|
|
|
Certificates of Deposits — 14.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Montreal
|
|
|
Fixed
|
|
|
2.10
|
|
|
1/2/2020
|
|
|
|
75,000
|
|
|
|
75,000
|
|
|
Bank of Montreal
|
|
|
Fixed
|
|
|
2.28
|
|
|
10/2/2019
|
|
|
|
55,000
|
|
|
|
55,000
|
|
|
Bank of Montreal
|
|
|
Fixed
|
|
|
2.34
|
|
|
10/9/2019
|
|
|
|
30,000
|
|
|
|
30,000
|
|
|
Bank of Montreal
|
|
|
Fixed
|
|
|
2.26
|
|
|
10/11/2019
|
|
|
|
60,000
|
|
|
|
60,000
|
|
|
Bank of Montreal
|
|
|
Fixed
|
|
|
2.00
|
|
|
12/27/2019
|
|
|
|
100,000
|
|
|
|
100,000
|
|
|
Bank of Montreal
|
|
|
Floating
|
|
|
2.39 (3 month LIBOR USD + 0.06)
|
|
|
4/3/2020
|
|
|
|
65,000
|
|
|
|
64,997
|
|
|
Bank of Nova Scotia
|
|
|
Floating
|
|
|
2.23 (1 month LIBOR USD + 0.14)
|
|
|
4/2/2020
|
|
|
|
200,000
|
|
|
|
200,000
|
|
|
Bank of Nova Scotia
|
|
|
Floating
|
|
|
2.20 (1 month LIBOR USD + 0.16)
|
|
|
4/9/2020
|
|
|
|
150,000
|
|
|
|
150,000
|
|
|
Bank of Nova Scotia
|
|
|
Floating
|
|
|
2.66 (daily LIBOR USD + 0.26)
|
|
|
4/16/2020
|
|
|
|
150,000
|
|
|
|
150,000
|
|
|
BNP Paribas
|
|
|
Floating
|
|
|
2.19 (1 month LIBOR USD + 0.15)
|
|
|
3/9/2020
|
|
|
|
50,000
|
|
|
|
50,000
|
|
|
BNP Paribas
|
|
|
Floating
|
|
|
2.23 (1 month LIBOR USD + 0.19)
|
|
|
3/9/2020
|
|
|
|
50,000
|
|
|
|
50,000
|
|
|
BNP Paribas
|
|
|
Fixed
|
|
|
2.25
|
|
|
10/1/2019
|
|
|
|
70,000
|
|
|
|
70,000
|
|
|
BNP Paribas
|
|
|
Fixed
|
|
|
2.26
|
|
|
12/11/2019
|
|
|
|
70,000
|
|
|
|
70,000
|
|
|
BNP Paribas
|
|
|
Fixed
|
|
|
1.94
|
|
|
2/14/2020
|
|
|
|
50,000
|
|
|
|
50,000
|
|
|
BNP Paribas
|
|
|
Fixed
|
|
|
2.20
|
|
|
12/18/2019
|
|
|
|
100,000
|
|
|
|
100,000
|
|
|
Credit Suisse AG
|
|
|
Fixed
|
|
|
2.67
|
|
|
2/7/2020
|
|
|
|
54,900
|
|
|
|
54,958
|
|
|
Mizuho Bank
|
|
|
Fixed
|
|
|
2.30
|
|
|
10/18/2019
|
|
|
|
25,000
|
|
|
|
25,000
|
|
|
Mizuho Bank
|
|
|
Fixed
|
|
|
2.08
|
|
|
2/7/2020
|
|
|
|
25,000
|
|
|
|
25,000
|
|
|
Norinchukin Bank
|
|
|
Fixed
|
|
|
2.20
|
|
|
1/10/2020
|
|
|
|
40,000
|
|
|
|
39,997
|
|
|
Norinchukin Bank
|
|
|
Fixed
|
|
|
2.20
|
|
|
1/16/2020
|
|
|
|
150,000
|
|
|
|
150,000
|
|
|
Sumitomo Mitsui Trust Bank Ltd.
|
|
|
Fixed
|
|
|
2.25
|
|
|
1/8/2020
|
|
|
|
97,000
|
|
|
|
97,003
|
|
|
Sumitomo Mitsui Trust Bank Ltd.
|
|
|
Fixed
|
|
|
2.25
|
|
|
1/9/2020
|
|
|
|
25,000
|
|
|
|
25,000
|
|
|
Total Certificates of Deposits (Cost — $1,691,954)
|
|
|
|
|
|
|
|
|
|
|
|
|
1,691,900
|
|
|
|
1,691,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate % (7)
|
|
|
|
|
|
|
|
|
|
|
Agency Notes — 8.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Banks
|
|
|
Zero
Coupon
|
|
|
1.86
|
|
|
1/3/2020
|
|
|
|
100,000
|
|
|
|
99,517
|
|
|
Federal Home Loan Banks
|
|
|
Zero
Coupon
|
|
|
1.48
|
|
|
10/4/2019
|
|
|
|
167,100
|
|
|
|
167,073
|
|
|
Federal Home Loan Banks
|
|
|
Zero
Coupon
|
|
|
1.76
|
|
|
10/9/2019
|
|
|
|
70,000
|
|
|
|
69,970
|
|
|
Federal Home Loan Banks
|
|
|
Zero
Coupon
|
|
|
1.78
|
|
|
10/10/2019
|
|
|
|
50,000
|
|
|
|
49,976
|
|
|
Federal Home Loan Banks
|
|
|
Zero
Coupon
|
|
|
1.89
|
|
|
10/23/2019
|
|
|
|
338,350
|
|
|
|
337,947
|
|
|
Federal Home Loan Banks
|
|
|
Zero
Coupon
|
|
|
1.91
|
|
|
11/22/2019
|
|
|
|
16,000
|
|
|
|
15,955
|
|
|
Federal Home Loan Banks
|
|
|
Zero
Coupon
|
|
|
1.91
|
|
|
12/20/2019
|
|
|
|
50,000
|
|
|
|
49,789
|
|
|
Tennessee Valley Authority
|
|
|
Zero
Coupon
|
|
|
1.83
|
|
|
10/9/2019
|
|
|
|
199,000
|
|
|
|
198,910
|
|
|
Total Agency Notes (Cost — $989,053)
|
|
|
|
|
|
|
|
|
|
|
|
|
990,450
|
|
|
|
989,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate % (6) (7)
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Debt — 2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Treasury
|
|
|
Zero
Coupon
|
|
|
1.80
|
|
|
12/12/2019
|
|
|
|
150,000
|
|
|
|
149,464
|
|
|
United States Treasury
|
|
|
Zero
Coupon
|
|
|
1.75
|
|
|
12/19/2019
|
|
|
|
150,000
|
|
|
|
149,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate % (6) (7)
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government Debt (Cost — $298,722)
|
|
|
|
|
|
|
300,000
|
|
|
|
298,893
|
|
|
|
|
|
|
|
Total Short Term Fixed Income Securities (Cost — $14,764,970) —
123.2%
|
|
|
|
|
|
|
14,805,334
|
|
|
|
14,765,770
|
|
|
|
|
|
|
|
|
|
Long Term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Debt — 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial — 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Bank
|
|
|
Fixed
|
|
|
2.05
|
|
|
10/23/2020
|
|
|
|
25,000
|
|
|
|
25,018
|
|
|
Wells Fargo Bank
|
|
|
Fixed
|
|
|
2.60
|
|
|
1/15/2021
|
|
|
|
35,000
|
|
|
|
35,258
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
60,000
|
|
|
|
60,276
|
|
|
Industrial — 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Honda Finance Corp
|
|
|
Fixed
|
|
|
2.65
|
|
|
2/12/2021
|
|
|
|
12,500
|
|
|
|
12,623
|
|
|
American Honda Finance Corp
|
|
|
Floating
|
|
|
2.39 (3 month LIBOR USD + 0.21)
|
|
|
2/12/2021
|
|
|
|
12,500
|
|
|
|
12,496
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
25,000
|
|
|
|
25,119
|
|
|
Total Corporate Debt (Cost — $84,768)
|
|
|
|
|
|
|
|
|
|
|
|
|
85,000
|
|
|
|
85,395
|
|
|
|
|
|
|
|
|
Total Long Term Fixed Income Securities
(Cost — $84,768) —
0.7%
|
|
|
|
|
|
|
|
|
|
85,000
|
|
|
|
85,395
|
|
|
Total Unaffiliated Investments
(Cost — $18,081,651)
|
|
|
|
|
|
|
|
|
|
18,122,238
|
|
|
|
18,083,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
Fair Value $
|
|
|
Investment in Controlled Affiliate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet Software & Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur IP, LLC (1)(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
3,420
|
|
|
|
223,000
|
|
|
Total Investment in Controlled Affiliate
(Cost — $0) — 1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
223,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments — 159.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,142,404
|
|
|
|
|
|
|
|
|
Other Liabilities/Other Assets — (59.7)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,153,269
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares — 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,989,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Non-income producing securities.
|
|
(2)
|
The Fund is a party to a registration rights agreement with respect to its Alibaba Shares. The registration
rights agreement contains provisions restricting the ability to sell the Alibaba Shares in certain circumstances. For a further description see the Fund’s Registration Statement on Form N-2.
|
|
(3)
|
Fair-value investment. Represents fair value measured in good faith under procedures approved by the Board of
Directors, aggregate holdings equal to less than 1% of the net assets of the Fund.
|
|
(4)
|
Presented rate represents the Money Market Fund’s average 7-day %
yield.
|
|
(5)
|
Money Market Funds do not have a set maturity date.
|
|
(6)
|
For fixed and floating rate bonds, the rate presented is the coupon rate as of September 30, 2019. LIBOR
stands for London Interbank Offered Rate.
|
|
(7)
|
For zero coupon bonds, the rate presented is Yield as of September 30, 2019.
|
At September 30, 2019, the tax cost basis of the Fund’s investments (in thousands) was $18,287,465 and the unrealized appreciation and depreciation
were $854,939 and $0, respectively, with a net unrealized appreciation of $854,939.
Hierarchy of Fair Value Inputs
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown 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 that relevant
observable inputs are not available, representing management’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the
fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following table reflects the valuation level used in the consolidated schedule of investments as of September 30, 2019 for the Fund’s assets (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Affiliated investments
|
|
$
|
836,150
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
836,150
|
|
|
Unaffiliated investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
|
|
|
—
|
|
|
|
—
|
|
|
|
185
|
|
|
|
185
|
|
|
Money market funds
|
|
|
3,231,904
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,231,904
|
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt - short and long term
|
|
|
—
|
|
|
|
239,801
|
|
|
|
—
|
|
|
|
239,801
|
|
|
Commercial paper
|
|
|
—
|
|
|
|
11,631,379
|
|
|
|
—
|
|
|
|
11,631,379
|
|
|
Certificates of deposits
|
|
|
—
|
|
|
|
1,691,955
|
|
|
|
—
|
|
|
|
1,691,955
|
|
|
U.S. government debt
|
|
|
—
|
|
|
|
1,288,030
|
|
|
|
—
|
|
|
|
1,288,030
|
|
|
Investment in controlled affiliate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur (1)
|
|
|
—
|
|
|
|
—
|
|
|
|
223,000
|
|
|
|
223,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial assets at fair value
|
|
$
|
4,068,054
|
|
|
$
|
14,851,165
|
|
|
$
|
223,185
|
|
|
$
|
19,142,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Excalibur assets relates to the Fund’s patent portfolio.
|
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Liabilities
|
|
|
|
|
Total
Investments in
Securities
|
|
|
Unaffiliated
Investments
|
|
|
Investment in
Controlled
Affiliate
|
|
|
Written
Warrants
|
|
|
Balance as of January 1, 2019
|
|
$
|
250,185
|
|
|
$
|
185
|
|
|
$
|
250,000
|
|
|
$
|
(23,974)
|
|
|
Purchases
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
101,594
|
|
|
Sales
|
|
|
(27,006
|
)
|
|
|
—
|
|
|
|
(27,006
|
)
|
|
|
—
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
(27,000
|
)
|
|
|
—
|
|
|
|
(27,000
|
)
|
|
|
(67,536
|
)
|
|
Realized gain (loss)
|
|
|
27,006
|
|
|
|
—
|
|
|
|
27,006
|
|
|
|
(10,084
|
)
|
|
Transfers out of Level 3
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2019
|
|
$
|
223,185
|
|
|
$
|
185
|
|
|
$
|
223,000
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The change in unrealized appreciation (depreciation) attributable to assets owned on September 30, 2019, which were
valued using significant unobservable inputs (Level 3) amounted to $(27,000).
The fair values of Altaba’s Level 1 financial assets and
liabilities are based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. The fair values of Altaba’s Level 2 financial assets and liabilities are obtained using quoted prices for
similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices (e.g., interest rates and yield curves). Altaba utilizes a pricing service to assist
in obtaining fair value pricing for the marketable debt securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type of investment
|
|
Fair Value at
September 30, 2019
(in thousands)
|
|
|
Valuation Technique
|
|
|
Unobservable Inputs
|
|
Unaffiliated investments - common shares
|
|
$
|
185
|
|
|
|
Transaction price
|
|
|
Price per share
|
|
$3.90
|
|
Investment in controlled affiliate - Excalibur
|
|
$
|
223,000
|
|
|
|
Income approach
|
|
|
Number of patents plus
applications pending
|
|
3,420
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
12.5%
|
Investments in Affiliates
If the Fund’s holding represents ownership of 5% or more of voting securities of a company, the company is deemed to be an affiliate as defined in the
1940 Act. The Fund had the following transactions during the period ended September 30, 2019 with affiliated companies(1):
|
|
|
|
|
|
|
|
|
Alibaba Group
Holding
Limited
|
|
|
Balance of shares held at January 1, 2019
|
|
|
283,315,416
|
|
|
Purchases
|
|
|
—
|
|
|
Sales
|
|
|
(278,315,416
|
)
|
|
Balance of shares held at September 30, 2019
|
|
|
5,000,000
|
|
|
Fair value as of September 30,
2019(2)
|
|
$
|
836,150
|
|
|
Change in unrealized appreciation
(depreciation)(2)
|
|
$
|
(36,022,364
|
)
|
|
Distributions
|
|
$
|
—
|
|
|
Net realized gain (loss)(2)
|
|
$
|
44,017,327
|
|
|
|
|
|
|
|
|
|
|
Excalibur IP,
LLC
|
|
|
Balance of patents held and applications pending at January 1, 2019
|
|
|
3,420
|
|
|
Change in patents held
|
|
|
—
|
|
|
Balance of patents held and applications pending at September 30, 2019
|
|
|
3,420
|
|
|
Fair value as of September 30,
2019(2)
|
|
$
|
223,000
|
|
|
Change in unrealized appreciation
(depreciation)(2)
|
|
$
|
(27,000
|
)
|
|
Distributions
|
|
$
|
—
|
|
|
Net realized gain (loss)(2)
|
|
$
|
27,006
|
|
|
(1)
|
Affiliated issuer, as defined in the Investment Company Act of 1940, as amended.
|
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