UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
 



811-23264
Investment Company Act file number:


Altaba Inc.
(Exact name of registrant as specified in charter)


140 East 45th Street, 15th Floor
New York, New York 10017
(Address of principal executive offices) (Zip code)



Arthur Chong
Altaba Inc.
140 East 45th Street, 15th Floor
New York, New York 10017
 (Name and address of agent for service)


(646) 679-2000
Registrant's telephone number, including area code


Date of fiscal year end: December 31


Date of reporting period:  September 30, 2017
 

 
Item 1. Schedule of Investments.
 
 
Altaba Inc.
Unaudited Consolidated Statement of Investments
 
As of September 30, 2017
($ in 000's, except strike prices)
 
Description
       
Expiration
 
Principal $ / Shares / Units
 
Fair Value $
 
Affiliated Investments at Fair Value — 137.8%
                   
Online Services and e-Commerce
                   
Common Shares - 137.6%
                   
Alibaba Group Holding Limited (1)(2)(3)
             
383,565,416
   
66,245,583
 
Yahoo Japan Corporation (2)(3)
             
2,025,923,000
   
9,615,527
 
                         
Other Common Shares in Affiliated Investments at Fair Value — 0.1%
                 
Gomaji Corp., Ltd. (3)
             
3,589,942
   
4,499
 
Hortonworks, Inc. - Common Shares (1)(3)
             
3,845,806
   
65,186
 
                         
Warrants - 0.1%
                       
Hortonworks, Inc. - Common Warrants - Exercise Price: $8.46 (1)(4)
 
6/9/2023
   
476,368
   
5,564
 
Hortonworks, Inc. - Series A Stock Warrants - Exercise Price: $0.01 (1)(4)
 
6/30/2020
   
3,250,000
   
55,041
 
                         
Total Affiliated Investments at Fair Value (Cost — $5,627,180)
             
75,991,400
 
                         
Unaffiliated Investments at Fair Value — 0.0%
                       
Internet Software & Services
                       
Common Shares - 0.0%
                       
SeatGeek, Inc. (1)(4)
             
47,463
   
185
 
Total Common Shares (Cost — $9)
                   
185
 
                         
Preferred Shares — 0.0%
                       
Paperless Inc. - Series D Preferred (1)(4)
             
1,084,430
   
10,028
 
Total Preferred Shares (Cost — $14,000)
                   
10,028
 
                         
Warrants — 0.0%
                       
Internet Software & Services
                       
Eastman Kodak Co. - Exercise Price: $14.93 (1)
       
  9/3/2018
   
400
   
-
 
Total Warrants (Cost — $0)
                   
-
 
                         
     
Rate % (5)
 
Final Maturity (6)
 
Principal $
 
Fair Value $
 
Money Market Funds — 0.4%
                       
Fidelity Government and Agency Money Market Fund
   
0.91
       
197,304
   
197,304
 
Invesco Government and Agency Money Market Fund
   
0.93
       
254
   
254
 
JP Morgan Government and Agency Money Market Fund
   
0.90
       
45,072
   
45,072
 
Total Money Market Investments (Cost — $242,630)
             
242,630
   
242,630
 
                           
 
Rate Type 
     Rate % (7)  
Final Maturity
     Principal $      Fair Value $  
Fixed Income Securities 
                         
Short Term
                         
Corporate Debt — 4.2%
                         
Financial — 1.6%
                         
AIG Global Funding
 Fixed
   
1.65
 
12/15/2017
   
17,743
   
17,752
 
American Express Credit Corp.
 Fixed
   
1.80
 
7/31/2018
   
20,000
   
20,021
 
American Express Credit Corp.
 Floating
 
1.92 (3 month LIBOR USD + 0.61)
 
7/31/2018
   
5,000
   
5,019
 
Anz New Zealand (Intl) Ltd
 Fixed
   
1.75
 
3/29/2018
   
8,083
   
8,093
 
Bank of America N.A.
 Fixed
   
1.65
 
3/26/2018
   
8,790
   
8,796
 
Bank of America N.A.
 Fixed
   
1.75
 
6/5/2018
   
25,000
   
25,026
 
Bank of New York Mellon Corp.
 Fixed
   
1.30
 
1/25/2018
   
5,035
   
5,031
 
Bank of New York Mellon Corp.
 Fixed
   
1.35
 
3/6/2018
   
9,500
   
9,497
 
Bank of New York Mellon Corp.
 Floating
 
1.76 (3 month LIBOR USD + 0.44)
 
3/6/2018
   
700
   
701
 
Bank of New York Mellon Corp.
 Fixed
   
1.60
 
5/22/2018
   
8,600
   
8,607
 
Bank of Nova Scotia
 Fixed
   
1.45
 
4/25/2018
   
25,000
   
24,992
 
BB&T Corp.
 Fixed
   
1.45
 
1/12/2018
   
1,500
   
1,499
 
BB&T Corp.
 Fixed
   
2.05
 
6/19/2018
   
2,657
   
2,664
 
Berkshire Hathaway Finance Corp.
 Fixed
   
5.40
 
5/15/2018
   
3,000
   
3,071
 
Berkshire Hathaway Finance Corp.
 Fixed
   
1.30
 
5/15/2018
   
20,000
   
19,961
 
Berkshire Hathaway Finance Corp.
 Fixed
   
1.45
 
3/7/2018
   
25,000
   
25,008
 
Berkshire Hathaway Finance Corp.
 Floating
 
1.87 (3 month LIBOR USD + 0.55)
 
3/7/2018
   
6,130
   
6,145
 
Berkshire Hathaway Inc.
 Fixed
   
1.55
 
2/9/2018
   
7,000
   
7,000
 
Berkshire Hathaway Inc.
 Floating
 
1.46 (3 month LIBOR USD + 0.15)
 
8/6/2018
   
7,907
   
7,917
 
Berkshire Hathaway Inc.
 Fixed
   
1.15
 
8/15/2018
   
15,000
   
14,955
 
Charles Schwab Corp
 Fixed
   
1.50
 
3/10/2018
   
20,000
   
20,006
 
Chubb INA Holdings Inc
 Fixed
   
5.80
 
3/15/2018
   
14,231
   
14,497
 
Fifth Third Bank
 Fixed
   
1.45
 
2/28/2018
   
9,867
   
9,862
 
Fifth Third Bank
 Fixed
   
2.15
 
8/20/2018
   
13,000
   
13,060
 
HSBC USA Inc
 Fixed
   
1.63
 
1/16/2018
   
15,000
   
15,006
 
JPMorgan Chase & Co.
 Fixed
   
1.70
 
3/1/2018
   
15,000
   
15,004
 
JPMorgan Chase & Co.
 Fixed
   
1.80
 
1/25/2018
   
39,820
   
39,851
 
JPMorgan Chase & Co.
 Fixed
   
1.63
 
5/15/2018
   
11,000
   
11,001
 
Keybank N.A.
 Fixed
   
1.65
 
2/1/2018
   
19,436
   
19,442
 
Keybank N.A.
 Fixed
   
1.70
 
6/1/2018
   
12,235
   
12,247
 
Manufacturers And Traders Trust Co.
 Fixed
   
1.45
 
3/7/2018
   
4,515
   
4,514
 
Mass Mutual Global Funding II
 Fixed
   
2.10
 
8/2/2018
   
24,845
   
24,949
 
Metropolitan life Global Funding I
 Fixed
   
1.50
 
1/10/2018
   
32,900
   
32,901
 
Metropolitan life Global Funding I
 Fixed
   
1.88
 
6/22/2018
   
5,000
   
5,009
 
Metropolitan life Global Funding I
 Fixed
   
1.35
 
9/14/2018
   
950
   
948
 
Metropolitan life Global Funding I
 Floating
 
1.66 (3 month LIBOR USD + 0.34)
 
9/14/2018
   
10,000
   
10,027
 
National Rural Utilities Coop Finance Corp.
 Fixed
   
5.45
 
2/1/2018
   
2,033
   
2,059
 
New York Life Global Funding
 Fixed
   
1.30
 
10/30/2017
   
17,290
   
17,290
 
New York Life Global Funding
 Fixed
   
1.45
 
12/15/2017
   
33,657
   
33,652
 
New York Life Global Funding
 Fixed
   
1.30
 
4/27/2018
   
15,833
   
15,819
 
New York Life Global Funding
 Floating
 
1.70 (3 month LIBOR USD + 0.40)
 
4/13/2018
   
4,660
   
4,669
 
New York Life Global Funding
 Floating
 
1.48 (3 month LIBOR USD + 0.18)
 
7/6/2018
   
9,250
   
9,259
 
Pricoa Global Funding I
 Fixed
   
1.60
 
5/29/2018
   
24,985
   
24,999
 
Pricoa Global Funding I
 Fixed
   
1.90
 
9/21/2018
   
16,263
   
16,295
 
Principal Life Global Funding II
 Floating
 
1.82 (3 month LIBOR USD + 0.50)
 
12/1/2017
   
9,000
   
9,007
 
Principal Life Global Funding II
 Floating
 
1.62 (3 month LIBOR USD + 0.30)
 
5/21/2018
   
8,690
   
8,703
 
Protective Life Global Funding
 Floating
 
1.87 (3 month LIBOR USD + 0.55)
 
6/8/2018
   
15,000
   
15,048
 
Royal Bank of Canada
 Fixed
   
2.20
 
7/27/2018
   
10,000
   
10,046
 
Royal Bank of Canada
 Fixed
   
1.50
 
1/16/2018
   
20,000
   
19,999
 
Royal Bank of Canada
 Fixed
   
1.40
 
10/13/2017
   
27,000
   
27,001
 
Simon Property Group LP
 Fixed
   
1.50
 
2/1/2018
   
20,407
   
20,408
 
Swedbank AB
 Fixed
   
1.75
 
3/12/2018
   
9,525
   
9,529
 
The Toronto-Dominion Bank
 Fixed
   
2.63
 
9/10/2018
   
25,000
   
25,244
 
U.S. Bank N.A.
 Fixed
   
1.35
 
1/26/2018
   
25,000
   
24,998
 
U.S. Bank N.A.
 Floating
 
1.61 (3 month LIBOR USD + 0.30)
 
1/26/2018
   
2,750
   
2,752
 
U.S. Bank N.A.
 Fixed
   
1.45
 
1/29/2018
   
13,925
   
13,926
 
Wells Fargo & Co.
 Fixed
   
5.63
 
12/11/2017
   
40,000
   
40,309
 
Wells Fargo & Co.
 Fixed
   
1.50
 
1/16/2018
   
30,000
   
30,002
 
Wells Fargo Bank N.A.
 Fixed
   
1.65
 
1/22/2018
   
14,350
   
14,361
 
Wells Fargo Bank N.A.
 Floating
 
2.10 (3 month LIBOR USD + 0.74)
 
1/22/2018
   
8,331
   
8,348
 
Westpac Banking Corporation
 Fixed
   
1.50
 
12/1/2017
   
6,000
   
6,003
 
Total
               
878,393
   
879,805
 
                           
Industrial — 2.6%
                         
3M Co.
 Fixed
   
1.38
 
8/7/2018
   
15,000
   
14,988
 
Air Products and Chemicals Inc
 Fixed
   
1.20
 
10/15/2017
   
2,655
   
2,655
 
American Honda Finance Corp.
 Fixed
   
1.55
 
12/11/2017
   
41,000
   
41,014
 
American Honda Finance Corp.
 Floating
 
1.63 (3 month LIBOR USD + 0.31)
 
12/11/2017
   
6,000
   
6,003
 
American Honda Finance Corp.
 Fixed
   
1.50
 
3/13/2018
   
22,000
   
22,010
 
American Honda Finance Corp.
 Fixed
   
1.60
 
2/16/2018
   
25,000
   
25,003
 
Apple Inc.
 Floating
 
1.56 (3 month LIBOR USD + 0.25)
 
5/3/2018
   
6,655
   
6,664
 
Apple Inc.
 Fixed
   
1.00
 
5/3/2018
   
50,000
   
49,883
 
Apple Inc.
 Fixed
   
1.30
 
2/23/2018
   
15,000
   
14,996
 
Boeing Co
 Fixed
   
0.95
 
5/15/2018
   
7,077
   
7,058
 
BP Capital Markets Plc
 Fixed
   
1.67
 
2/13/2018
   
6,969
   
6,974
 
Caterpillar Financial Services Corp.
 Fixed
   
1.25
 
11/6/2017
   
16,000
   
15,997
 
Caterpillar Financial Services Corp.
 Fixed
   
1.50
 
2/23/2018
   
20,000
   
20,006
 
Chevron Corp
 Fixed
   
1.10
 
12/5/2017
   
20,000
   
19,990
 
Chevron Corp
 Fixed
   
1.72
 
6/24/2018
   
22,000
   
22,018
 
Chevron Corp
 Fixed
   
1.37
 
3/2/2018
   
13,357
   
13,355
 
Chevron Corp
 Fixed
   
1.34
 
11/9/2017
   
15,212
   
15,212
 
Chevron Corp
 Floating
 
1.81 (3 month LIBOR USD + 0.50)
 
5/16/2018
   
2,945
   
2,954
 
Cisco Systems Inc.
 Fixed
   
1.65
 
6/15/2018
   
44,000
   
44,072
 
Cisco Systems Inc.
 Floating
 
1.92 (3 month LIBOR USD + 0.60)
 
2/21/2018
   
25,000
   
25,059
 
Cisco Systems Inc.
 Fixed
   
1.40
 
2/28/2018
   
30,000
   
30,003
 
Coca-Cola Co
 Fixed
   
1.15
 
4/1/2018
   
31,400
   
31,357
 
Comcast Corp
 Fixed
   
5.88
 
2/15/2018
   
13,877
   
14,099
 
Comcast Corp
 Fixed
   
5.70
 
5/15/2018
   
2,500
   
2,563
 
Daimler Finance North America LLC
 Fixed
   
1.65
 
3/2/2018
   
5,000
   
5,001
 
Daimler Finance North America LLC
 Fixed
   
2.00
 
8/3/2018
   
8,215
   
8,237
 
Exxon Mobil Corp
 Fixed
   
1.44
 
3/1/2018
   
13,535
   
13,540
 
General Dynamics Corp.
 Fixed
   
1.00
 
11/15/2017
   
20,376
   
20,367
 
General Electric Capital Corp.
 Fixed
   
5.63
 
5/1/2018
   
49,394
   
50,558
 
General Electric Co.
 Fixed
   
1.60
 
11/20/2017
   
14,000
   
14,007
 
General Electric Company
 Fixed
   
5.25
 
12/6/2017
   
57,198
   
57,597
 
Home Depot Inc.
 Fixed
   
2.25
 
9/10/2018
   
3,400
   
3,423
 
Intel Corp.
 Fixed
   
1.35
 
12/15/2017
   
67,158
   
67,165
 
International Business Machines Corp.
 Fixed
   
1.25
 
2/8/2018
   
18,000
   
17,980
 
International Business Machines Corp.
 Fixed
   
1.13
 
2/6/2018
   
25,000
   
24,979
 
John Deere Capital Corp.
 Fixed
   
5.35
 
4/3/2018
   
1,187
   
1,209
 
John Deere Capital Corp.
 Fixed
   
1.20
 
10/10/2017
   
26,475
   
26,474
 
John Deere Capital Corp.
 Fixed
   
1.55
 
12/15/2017
   
20,000
   
20,007
 
John Deere Capital Corp.
 Fixed
   
1.35
 
1/16/2018
   
20,000
   
19,997
 
John Deere Capital Corp.
 Fixed
   
1.60
 
7/13/2018
   
6,000
   
6,004
 
John Deere Capital Corp.
 Fixed
   
1.75
 
8/10/2018
   
431
   
432
 
Lowe's Companies Inc.
 Floating
 
1.92 (3 month LIBOR USD + 0.60)
 
9/14/2018
   
1,940
   
1,950
 
Medtronic Inc
 Fixed
   
1.38
 
4/1/2018
   
25,000
   
24,982
 
Microsoft Corp.
 Fixed
   
0.88
 
11/15/2017
   
5,629
   
5,626
 
NBC Universal Enterprise Inc.
 Fixed
   
1.66
 
4/15/2018
   
15,824
   
15,837
 
Nissan Motor Acceptance Corp
 Fixed
   
1.80
 
3/15/2018
   
1,000
   
1,002
 
Nissan Motor Acceptance Corp
 Fixed
   
1.50
 
3/2/2018
   
935
   
935
 
Oracle Corp.
 Fixed
   
5.75
 
4/15/2018
   
18,580
   
18,992
 
Oracle Corp.
 Fixed
   
1.20
 
10/15/2017
   
58,555
   
58,548
 
Paccar Financial Corp.
 Fixed
   
1.40
 
11/17/2017
   
10,500
   
10,499
 
Paccar Financial Corp.
 Fixed
   
1.40
 
5/18/2018
   
1,067
   
1,066
 
Paccar Inc.
 Fixed
   
1.75
 
8/14/2018
   
7,600
   
7,617
 
Pepsico Inc.
 Fixed
   
5.00
 
6/1/2018
   
34,400
   
35,184
 
Pepsico Inc.
 Fixed
   
1.25
 
4/30/2018
   
25,000
   
24,980
 
Pepsico Inc.
 Fixed
   
1.00
 
10/13/2017
   
31,227
   
31,225
 
Pfizer Inc.
 Fixed
   
1.50
 
6/15/2018
   
20,000
   
20,007
 
Pfizer Inc.
 Fixed
   
1.20
 
6/1/2018
   
20,000
   
19,976
 
Philip Morris International Inc.
 Fixed
   
5.65
 
5/16/2018
   
35,000
   
35,887
 
Philip Morris International Inc.
 Fixed
   
1.25
 
11/9/2017
   
20,000
   
19,997
 
Praxair Inc.
 Fixed
   
1.05
 
11/7/2017
   
1,620
   
1,619
 
Precision Castparts Corp.
 Fixed
   
1.25
 
1/15/2018
   
15,244
   
15,234
 
Qualcomm Inc.
 Fixed
   
1.40
 
5/18/2018
   
36,532
   
36,528
 
Shell International Finance BV
 Fixed
   
1.90
 
8/10/2018
   
8,000
   
8,021
 
Shell International Finance BV
 Fixed
   
1.25
 
11/10/2017
   
5,000
   
4,999
 
Target Corporation
 Fixed
   
4.88
 
5/15/2018
   
5,000
   
5,095
 
Texas Instruments Inc.
 Fixed
   
1.00
 
5/1/2018
   
10,000
   
9,978
 
Toyota Motor Credit Corp.
 Fixed
   
1.25
 
10/5/2017
   
19,000
   
19,000
 
Toyota Motor Credit Corp.
 Fixed
   
1.38
 
1/10/2018
   
17,500
   
17,497
 
Toyota Motor Credit Corp.
 Fixed
   
1.45
 
1/12/2018
   
25,000
   
25,006
 
Toyota Motor Credit Corp.
 Floating
 
1.76 (3 month LIBOR USD + 0.46)
 
7/13/2018
   
13,731
   
13,773
 
Toyota Motor Credit Corp.
 Fixed
   
1.20
 
4/6/2018
   
15,000
   
14,981
 
Visa Inc.
 Fixed
   
1.20
 
12/14/2017
   
48,832
   
48,849
 
Wal-Mart Stores Inc.
 Fixed
   
5.80
 
2/15/2018
   
22,000
   
22,345
 
Wal-Mart Stores Inc.
 Fixed
   
1.13
 
4/11/2018
   
10,000
   
9,986
 
Walt Disney Co.
 Fixed
   
1.10
 
12/1/2017
   
16,572
   
16,567
 
 Total
               
1,410,304
   
1,414,698
 
                           
 Utility — 0.0%
                         
Alabama Power Company
 Fixed
   
5.50
 
10/15/2017
   
9,640
   
9,652
 
Duke Energy Florida LLC
 Fixed
   
5.65
 
6/15/2018
   
1,250
   
1,284
 
Nevada Power Co.
 Fixed
   
6.50
 
5/15/2018
   
2,341
   
2,407
 
Public Service Electric and Gas Co.
 Fixed
   
5.30
 
5/1/2018
   
10,900
   
11,131
 
Wisconsin Electric Power Co.
 Fixed
   
1.70
 
6/15/2018
   
721
   
722
 
 Total
               
24,852
   
25,196
 
 Total Corporate Debt (Cost — $2,333,926)
               
2,313,549
   
2,319,699
 
                           
 Commercial Paper — 4.8%
   
Rate % (8)
                 
ABN Amro Funding USA LLC
 Zero Coupon
   
1.33
 
11/6/2017
   
30,000
   
29,960
 
ABN Amro Funding USA LLC
 Zero Coupon
   
1.37
 
12/4/2017
   
30,000
   
29,927
 
ABN Amro Funding USA LLC
 Zero Coupon
   
1.44
 
1/5/2018
   
20,000
   
19,924
 
Apple Inc.
 Zero Coupon
   
1.11
 
10/16/2017
   
40,000
   
39,981
 
Apple Inc.
 Zero Coupon
   
1.17
 
11/27/2017
   
30,000
   
29,944
 
Apple Inc.
 Zero Coupon
   
1.35
 
2/26/2018
   
15,000
   
14,917
 
BMW US Capital, LLC
 Zero Coupon
   
1.12
 
10/10/2017
   
14,000
   
13,996
 
BMW US Capital, LLC
 Zero Coupon
   
1.12
 
10/12/2017
   
24,000
   
23,992
 
BMW US Capital, LLC
 Zero Coupon
   
1.12
 
10/13/2017
   
30,000
   
29,989
 
BMW US Capital, LLC
 Zero Coupon
   
1.10
 
10/25/2017
   
30,000
   
29,978
 
BNP Paribas
 Zero Coupon
   
1.16
 
10/2/2017
   
25,000
   
24,999
 
BNP Paribas
 Zero Coupon
   
1.16
 
10/5/2017
   
42,000
   
41,995
 
BNP Paribas
 Zero Coupon
   
1.14
 
10/27/2017
   
25,000
   
24,979
 
BNP Paribas
 Zero Coupon
   
1.29
 
10/30/2017
   
30,000
   
29,969
 
BNP Paribas
 Zero Coupon
   
1.33
 
11/10/2017
   
30,000
   
29,956
 
Caisse Amortissement de la Dette Sociale
 Zero Coupon
   
1.33
 
10/3/2017
   
30,000
   
29,998
 
Canadian Imperial Bank of Commerce
 Zero Coupon
   
1.16
 
10/30/2017
   
25,000
   
24,977
 
Cargill, Inc.
 Zero Coupon
   
1.12
 
10/10/2017
   
54,000
   
53,985
 
Cargill, Inc.
 Zero Coupon
   
1.13
 
10/11/2017
   
50,000
   
49,984
 
Chevron Corporation
 Zero Coupon
   
1.11
 
10/10/2017
   
62,000
   
61,983
 
Chevron Corporation
 Zero Coupon
   
1.17
 
10/13/2017
   
40,000
   
39,984
 
Chevron Corporation
 Zero Coupon
   
1.10
 
10/16/2017
   
20,000
   
19,991
 
Cooperatieve Rabobank U.A
 Zero Coupon
   
1.28
 
10/6/2017
   
36,000
   
35,994
 
Cooperatieve Rabobank U.A
 Zero Coupon
   
1.26
 
11/15/2017
   
30,000
   
29,953
 
Credit Suisse (USA), Inc.
 Zero Coupon
   
1.41
 
10/23/2017
   
30,000
   
29,974
 
Credit Suisse (USA), Inc.
 Zero Coupon
   
1.42
 
11/21/2017
   
30,000
   
29,940
 
Credit Suisse (USA), Inc.
 Zero Coupon
   
1.48
 
12/8/2017
   
20,000
   
19,944
 
Cummins Inc.
 Zero Coupon
   
1.11
 
10/10/2017
   
35,000
   
34,990
 
Danske Corporation
 Zero Coupon
   
1.20
 
10/6/2017
   
13,000
   
12,998
 
Danske Corporation
 Zero Coupon
   
1.28
 
10/30/2017
   
30,000
   
29,969
 
Danske Corporation
 Zero Coupon
   
1.35
 
11/6/2017
   
30,000
   
29,960
 
Exxon Mobil Corp
 Zero Coupon
   
1.10
 
10/13/2017
   
50,000
   
49,982
 
GE Capital Treasury Services (U.S.) LLC
 Zero Coupon
   
1.10
 
10/5/2017
   
20,000
   
19,998
 
ING (U.S.) Funding LLC
 Zero Coupon
   
1.27
 
10/13/2017
   
30,000
   
29,987
 
ING (U.S.) Funding LLC
 Zero Coupon
   
1.38
 
12/8/2017
   
20,000
   
19,948
 
J.P Morgan Securities LLC
 Zero Coupon
   
1.51
 
3/9/2018
   
20,000
   
19,868
 
J.P Morgan Securities LLC
 Zero Coupon
   
1.50
 
3/29/2018
   
12,000
   
11,911
 
Koch Resources, LLC
 Zero Coupon
   
1.17
 
10/10/2017
   
11,000
   
10,997
 
Koch Resources, LLC
 Zero Coupon
   
1.16
 
10/17/2017
   
50,000
   
49,974
 
Koch Resources, LLC
 Zero Coupon
   
1.17
 
10/27/2017
   
25,000
   
24,979
 
L'Oreal USA, Inc.
 Zero Coupon
   
1.13
 
10/3/2017
   
40,000
   
39,997
 
L'Oreal USA, Inc.
 Zero Coupon
   
1.12
 
10/12/2017
   
27,000
   
26,991
 
Microsoft Cop.
 Zero Coupon
   
1.12
 
10/2/2017
   
15,000
   
15,000
 
Microsoft Cop.
 Zero Coupon
   
1.20
 
11/2/2017
   
16,000
   
15,983
 
Microsoft Cop.
 Zero Coupon
   
1.22
 
11/14/2017
   
20,000
   
19,970
 
Mizuho Bank, Ltd.
 Zero Coupon
   
1.34
 
11/27/2017
   
25,000
   
24,947
 
Mizuho Bank, Ltd.
 Zero Coupon
   
1.28
 
12/11/2017
   
25,000
   
24,937
 
Mizuho Bank, Ltd.
 Zero Coupon
   
1.36
 
3/9/2018
   
30,000
   
29,820
 
Nestle Capital Corporation
 Zero Coupon
   
1.01
 
11/6/2017
   
21,000
   
20,979
 
Nestle Capital Corporation
 Zero Coupon
   
1.07
 
11/15/2017
   
23,000
   
22,969
 
Nestle Capital Corporation
 Zero Coupon
   
1.06
 
11/29/2017
   
20,000
   
19,965
 
Nestle Capital Corporation
 Zero Coupon
   
1.09
 
12/13/2017
   
30,000
   
29,934
 
Nestle Capital Corporation
 Zero Coupon
   
1.13
 
1/8/2018
   
14,000
   
13,956
 
Nissan Motor Acceptance Corp
 Zero Coupon
   
1.29
 
10/2/2017
   
20,000
   
19,999
 
Nissan Motor Acceptance Corp
 Zero Coupon
   
1.19
 
10/6/2017
   
30,000
   
29,995
 
Nissan Motor Acceptance Corp
 Zero Coupon
   
1.21
 
10/12/2017
   
15,000
   
14,994
 
Nissan Motor Acceptance Corp
 Zero Coupon
   
1.30
 
11/2/2017
   
30,000
   
29,965
 
Nissan Motor Acceptance Corp
 Zero Coupon
   
1.31
 
11/14/2017
   
20,000
   
19,968
 
Pfizer Inc.
 Zero Coupon
   
1.18
 
11/15/2017
   
40,000
   
39,941
 
Pfizer Inc.
 Zero Coupon
   
1.30
 
1/10/2018
   
20,000
   
19,928
 
Philip Morris International Inc.
 Zero Coupon
   
1.24
 
10/30/2017
   
30,000
   
29,970
 
Philip Morris International Inc.
 Zero Coupon
   
1.24
 
11/17/2017
   
30,000
   
29,951
 
Simon Property Group LP
 Zero Coupon
   
1.14
 
10/10/2017
   
30,000
   
29,991
 
Sumitomo Mitsui Trust Bank Ltd
 Zero Coupon
   
1.26
 
10/10/2017
   
30,000
   
29,991
 
Sumitomo Mitsui Trust Bank Ltd
 Zero Coupon
   
1.20
 
10/11/2017
   
35,000
   
34,988
 
Sumitomo Mitsui Trust Bank Ltd
 Zero Coupon
   
1.26
 
10/13/2017
   
25,000
   
24,990
 
Sumitomo Mitsui Trust Bank Ltd
 Zero Coupon
   
1.20
 
10/16/2017
   
30,000
   
29,985
 
Sumitomo Mitsui Trust Bank Ltd
 Zero Coupon
   
1.20
 
10/30/2017
   
25,000
   
24,976
 
Sumitomo Mitsui Trust Bank Ltd
 Zero Coupon
   
1.37
 
11/24/2017
   
35,000
   
34,929
 
Sumitomo Mitsui Trust Bank Ltd
 Zero Coupon
   
1.37
 
11/27/2017
   
25,000
   
24,946
 
The Bank of Nova Scotia
 Zero Coupon
   
1.37
 
1/26/2018
   
30,000
   
29,867
 
The Coca-Cola Company
 Zero Coupon
   
1.10
 
10/16/2017
   
15,000
   
14,993
 
The Coca-Cola Company
 Zero Coupon
   
1.16
 
11/6/2017
   
35,000
   
34,959
 
The Coca-Cola Company
 Zero Coupon
   
1.23
 
12/13/2017
   
6,000
   
5,985
 
The Coca-Cola Company
 Zero Coupon
   
1.26
 
1/4/2018
   
39,765
   
39,634
 
The Coca-Cola Company
 Zero Coupon
   
1.35
 
3/5/2018
   
25,000
   
24,856
 
The Coca-Cola Company
 Zero Coupon
   
1.36
 
3/6/2018
   
30,000
   
29,825
 
The Coca-Cola Company
 Zero Coupon
   
1.38
 
4/9/2018
   
25,000
   
24,819
 
The Hershey Company
 Zero Coupon
   
1.13
 
10/2/2017
   
15,000
   
15,000
 
The Hershey Company
 Zero Coupon
   
1.13
 
10/6/2017
   
23,000
   
22,996
 
The Hershey Company
 Zero Coupon
   
1.10
 
10/25/2017
   
25,000
   
24,982
 
The Toronto-Dominion Bank
 Zero Coupon
   
1.37
 
2/14/2018
   
25,000
   
24,871
 
Toronto Dominion Holdings (U.S.A.), Inc.
 Zero Coupon
   
1.27
 
10/13/2017
   
25,000
   
24,989
 
Toronto Dominion Holdings (U.S.A.), Inc.
 Zero Coupon
   
1.33
 
11/13/2017
   
30,000
   
29,953
 
Toronto Dominion Holdings (U.S.A.), Inc.
 Zero Coupon
   
1.37
 
12/13/2017
   
30,000
   
29,917
 
Toronto Dominion Holdings (U.S.A.), Inc.
 Zero Coupon
   
1.38
 
1/12/2018
   
30,000
   
29,882
 
Toronto Dominion Holdings (U.S.A.), Inc.
 Zero Coupon
   
1.43
 
4/5/2018
   
30,000
   
29,780
 
Toyota Motor Credit Corp.
 Zero Coupon
   
1.32
 
2/8/2018
   
25,000
   
24,882
 
Toyota Motor Credit Corp.
 Zero Coupon
   
1.36
 
3/9/2018
   
30,000
   
29,821
 
Toyota Motor Credit Corp.
 Zero Coupon
   
1.47
 
3/29/2018
   
15,000
   
14,891
 
Wal-Mart Stores Inc.
 Zero Coupon
   
1.10
 
10/2/2017
   
9,000
   
9,000
 
Wal-Mart Stores Inc.
 Zero Coupon
   
1.10
 
10/10/2017
   
35,000
   
34,990
 
Wal-Mart Stores Inc.
 Zero Coupon
   
1.10
 
10/23/2017
   
50,000
   
49,966
 
Wal-Mart Stores Inc.
 Zero Coupon
   
1.09
 
10/30/2017
   
53,000
   
52,953
 
Wal-Mart Stores Inc.
 Zero Coupon
   
1.09
 
10/31/2017
   
10,000
   
9,991
 
 Total Commercial Paper (Cost — $2,618,060)
               
2,629,765
   
2,625,531
 
                           
Certificates of Deposits — 2.8%
   
Rate % (7)
                 
ASB Finance Limited
 Floating
 
1.43 (1 month LIBOR USD + 0.19)
 
6/12/2018
   
50,000
   
50,000
 
Bank of Montreal
 Floating
 
1.72 (3 month LIBOR USD + 0.40)
 
6/18/2018
   
11,000
   
10,995
 
Canadian Imperial Bank of Commerce
 Floating
 
1.75 (3 month LIBOR USD + 0.45)
 
10/6/2017
   
47,100
   
47,103
 
Canadian Imperial Bank of Commerce
 Floating
 
1.69 (3 month LIBOR USD + 0.39)
 
7/13/2018
   
3,000
   
2,999
 
Canadian Imperial Bank of Commerce
 Floating
 
1.35 (1 month LIBOR USD + 0.11)
 
1/10/2018
   
75,000
   
75,000
 
Citibank, N.A.
 Fixed
   
1.24
 
10/5/2017
   
21,000
   
21,000
 
Cooperatieve Rabobank U.A.
 Floating
 
1.47 (3 month LIBOR USD + 0.30)
 
11/7/2017
   
24,404
   
24,409
 
Cooperatieve Rabobank U.A.
 Floating
 
1.40 (1 month LIBOR USD + 0.17)
 
5/8/2018
   
16,000
   
16,000
 
Cooperatieve Rabobank U.A.
 Floating
 
1.88 (3 month LIBOR USD + 0.58)
 
10/2/2017
   
12,500
   
12,500
 
Credit Agricole Corporate and Investment Bank
 Floating
 
1.86 (3 month LIBOR USD + 0.56)
 
7/13/2018
   
6,910
   
6,910
 
Credit Industriel
 Floating
 
1.38 (1 month LIBOR USD + 0.14)
 
1/12/2018
   
75,000
   
75,000
 
Credit Suisse (USA), Inc.
 Floating
 
1.50 (1 month LIBOR USD + 0.26)
 
10/16/2017
   
14,000
   
14,000
 
DZ Bank AG Deutsche Zentral-Genossenschaftsbank
 Fixed
   
1.30
 
10/20/2017
   
50,000
   
50,000
 
ING (U.S.) Funding LLC
 Floating
 
1.37 (1 month LIBOR USD + 0.14)
 
12/15/2017
   
50,000
   
50,000
 
J.P Morgan Securities LLC
 Floating
 
1.40 (1 month LIBOR USD + 0.16)
 
1/11/2018
   
78,500
   
78,500
 
Lloyds Bank PLC
 Floating
 
1.77 (3 month LIBOR USD + 0.45)
 
12/12/2017
   
15,000
   
15,000
 
Lloyds Bank PLC
 Floating
 
1.78 (3 month LIBOR USD + 0.45)
 
12/20/2017
   
25,000
   
25,000
 
Lloyds Bank PLC
 Floating
 
1.37 (1 month LIBOR USD + 0.13)
 
1/16/2018
   
75,700
   
75,700
 
Mizuho Bank, Ltd.
 Variable
   
1.81
 
10/19/2017
   
4,000
   
4,000
 
Mizuho Bank, Ltd.
 Floating
 
1.98 (3 month LIBOR USD + 0.70)
 
12/8/2017
   
14,000
   
14,000
 
Mizuho Bank, Ltd.
 Variable
   
1.38
 
12/21/2017
   
50,000
   
50,000
 
Mizuho Bank, Ltd.
 Variable
   
1.41
 
1/10/2018
   
76,000
   
76,000
 
National Bank of Canada
 Floating
 
1.51 (3 month LIBOR USD + 0.18)
 
3/21/2018
   
29,000
   
29,000
 
National Bank of Canada
 Floating
 
1.37 (1 month LIBOR USD + 0.13)
 
2/13/2018
   
75,000
   
75,000
 
Natixis
 Floating
 
1.80 (3 month LIBOR USD + 0.49)
 
11/1/2017
   
39,100
   
39,100
 
Natixis
 Floating
 
1.61 (3 month LIBOR USD + 0.30)
 
5/8/2018
   
2,500
   
2,500
 
Oversea-Chinese Banking Corporation Limited
 Floating
 
1.37 (1 month LIBOR USD + 0.14)
 
1/19/2018
   
48,000
   
48,000
 
Royal Bank of Canada
 Floating
 
2.02 (3 month LIBOR USD + 0.70)
 
3/22/2018
   
13,000
   
13,000
 
Royal Bank of Canada
 Fixed
   
1.31
 
10/19/2017
   
22,500
   
22,500
 
Royal Bank of Canada
 Fixed
   
1.50
 
1/4/2018
   
3,000
   
3,000
 
Societe Generale
 Fixed
   
1.47
 
10/19/2017
   
6,950
   
6,950
 
Societe Generale
 Fixed
   
1.45
 
10/20/2017
   
14,800
   
14,800
 
Societe Generale
 Fixed
   
1.58
 
1/12/2018
   
15,000
   
15,000
 
Standard Chartered Bank
 Fixed
   
1.38
 
10/25/2017
   
4,000
   
4,000
 
Standard Chartered Bank
 Floating
 
1.41 (1 month LIBOR USD + 0.18)
 
1/2/2018
   
48,000
   
48,000
 
Sumitomo Mitsui Banking Corporation
 Fixed
   
1.50
 
10/12/2017
   
30,000
   
30,000
 
Sumitomo Mitsui Banking Corporation
 Variable
 
1.44 (1 month LIBOR USD + 0.20)
 
1/26/2018
   
30,000
   
30,000
 
Sumitomo Mitsui Banking Corporation
 Floating
 
1.42 (1 month LIBOR USD + 0.20)
 
2/12/2018
   
76,000
   
76,000
 
Sumitomo Mitsui Trust Bank Ltd
 Floating
 
1.82 (3 month LIBOR USD + 0.50)
 
10/27/2017
   
30,000
   
30,000
 
Sumitomo Mitsui Trust Bank Ltd
 Floating
 
1.44 (1 month LIBOR USD + 0.20)
 
1/19/2018
   
48,000
   
48,000
 
Svenska Handelsbanken AB
 Floating
 
1.80 (3 month LIBOR USD + 0.48)
 
12/7/2017
   
25,000
   
25,000
 
Svenska Handelsbanken AB
 Floating
 
1.32 (1 month LIBOR USD + 0.10)
 
1/10/2018
   
75,000
   
75,000
 
The Bank of Nova Scotia
 Fixed
   
1.29
 
4/18/2018
   
28,500
   
28,500
 
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
 Fixed
   
1.55
 
10/13/2017
   
4,000
   
4,000
 
The Norinchukin Bank
 Fixed
   
1.55
 
10/13/2017
   
2,700
   
2,700
 
The Norinchukin Bank
 Fixed
   
1.63
 
1/31/2018
   
15,000
   
15,000
 
The Norinchukin Bank
 Floating
 
1.49 (1 month LIBOR USD + 0.25)
 
10/13/2017
   
2,000
   
2,000
 
The Toronto-Dominion Bank
 Floating
 
1.61 (3 month LIBOR USD + 0.30)
 
11/22/2017
   
15,000
   
15,000
 
The Toronto-Dominion Bank
 Floating
 
1.58 (3 month LIBOR USD + 0.27)
 
2/2/2018
   
15,000
   
15,000
 
UBS AG
 Fixed
   
1.53
 
5/4/2018
   
33,000
   
33,000
 
Wells Fargo Bank, National Assocation
 Floating
 
1.26 (3 month LIBOR USD + 0.35)
 
11/16/2017
   
5,000
   
5,000
 
Westpac Banking Corporation
 Floating
 
1.62 (3 month LIBOR USD + 0.30)
 
12/22/2017
   
11,000
   
11,000
 
Total Certificates of Deposits (Cost — $1,560,212)
             
1,560,164
   
1,560,166
 
                           
Agency Bonds — 0.3%
                         
Federal Farm Credit Banks Funding Corp.
Fixed
   
0.94
 
6/20/2018
   
10,000
   
9,971
 
Federal Home Loan Banks
Fixed
   
1.15
 
6/22/2018
   
20,000
   
19,974
 
Federal Home Loan Banks
Fixed
   
0.63
 
8/7/2018
   
20,300
   
20,182
 
Federal Home Loan Banks
Fixed
   
1.38
 
3/9/2018
   
35,000
   
35,031
 
Federal Home Loan Mortgage Corp.
Fixed
   
1.05
 
2/26/2018
   
15,000
   
14,985
 
Federal Home Loan Mortgage Corp.
Floating
 
1.27 (3 month LIBOR USD - 0.03)
 
1/12/2018
   
8,500
   
8,505
 
Federal Home Loan Mortgage Corp.
Fixed
   
1.05
 
7/27/2018
   
20,000
   
19,948
 
Federal National Mortgage Assocation
Fixed
   
0.85
 
7/13/2018
   
20,000
   
19,917
 
Total Agency Bonds (Cost — $149,016)
               
148,800
   
148,513
 
                           
US Government Debt — 0.3%
                         
United States Treasury
Fixed
   
1.88
 
10/31/2017
   
30,000
   
30,019
 
United States Treasury
Fixed
   
0.75
 
4/30/2018
   
15,000
   
14,957
 
United States Treasury
Fixed
   
2.38
 
5/31/2018
   
33,000
   
33,236
 
United States Treasury
Fixed
   
0.88
 
5/31/2018
   
26,800
   
26,732
 
United States Treasury
Fixed
   
0.63
 
11/30/2017
   
30,000
   
29,977
 
Total US Government Debt (Cost — $135,464)
               
134,800
   
134,921
 
                           
Sovereign Government Debt — 0.0%
                         
Asian Development Bank
Floating
 
1.30 (1 month LIBOR USD + 0.02)
 
6/18/2018
   
12,236
   
12,230
 
International Bank For Reconstruction and Develop
Fixed
   
0.80
 
10/13/2017
   
12,500
   
12,500
 
Total Sovereign Government Debt (Cost — $24,738)
             
24,736
   
24,730
 
                           
Total Short Term Fixed Income Securities (Cost — $6,821,416) — 12.4%
       
6,811,814
   
6,813,560
 
                           
                           
Long Term
                         
Corporate Debt — 1.1%
                         
Financial — 0.5%
                         
American Express Credit Corp.
 Fixed
   
2.13
 
3/18/2019
   
15,000
   
15,080
 
American Express Credit Corp.
 Floating
 
1.64 (3 month LIBOR USD + 0.33)
 
5/3/2019
   
1,501
   
1,505
 
Bank of New York Mellon Corp.
 Fixed
   
2.10
 
1/15/2019
   
10,000
   
10,039
 
Berkshire Hathaway Finance Corp.
 Floating
 
2.01 (3 month LIBOR USD + 0.69)
 
3/15/2019
   
5,102
   
5,155
 
Berkshire Hathaway Finance Corp.
 Floating
 
1.62 (3 month LIBOR USD + 0.32)
 
1/10/2020
   
2,500
   
2,511
 
Branch Banking and Trust Co.
 Floating
 
1.84 (3 month LIBOR USD + 0.53)
 
5/10/2019
   
12,500
   
12,565
 
Branch Banking and Trust Co.
 Floating
 
1.75 (3 month LIBOR USD + 0.45)
 
1/15/2020
   
4,000
   
4,014
 
Citibank, N.A.
 Fixed
   
2.00
 
3/20/2019
   
5,000
   
5,016
 
Citibank, N.A.
 Floating
 
1.67 (3 month LIBOR USD + 0.34)
 
3/20/2019
   
5,000
   
5,009
 
Citibank, N.A.
 Floating
 
1.54 (3 month LIBOR USD + 0.23)
 
11/9/2018
   
30,000
   
30,033
 
Jackson National Life Global Funding
 Fixed
   
1.88
 
10/15/2018
   
15,989
   
16,024
 
Metropolitan life Global Funding I
 Fixed
   
1.95
 
12/3/2018
   
8,695
   
8,712
 
National Rural Utilities Coop Finance Corp.
 Fixed
   
10.38
 
11/1/2018
   
13,982
   
15,250
 
National Rural Utilities Coop Finance Corp.
 Fixed
   
1.65
 
2/8/2019
   
275
   
275
 
National Rural Utilities Coop Finance Corp.
 Floating
 
1.50 (3 month LIBOR USD + 0.20)
 
4/5/2019
   
14,952
   
14,968
 
New York Life Funding
 Fixed
   
2.10
 
1/2/2019
   
15,000
   
15,079
 
New York Life Global Funding
 Fixed
   
1.55
 
11/2/2018
   
37,655
   
37,617
 
New York Life Global Funding
 Floating
 
1.57 (3 month LIBOR USD + 0.27)
 
4/9/2020
   
1,555
   
1,559
 
Principal Life Global Funding II
 Fixed
   
2.25
 
10/15/2018
   
14,148
   
14,221
 
Principal Life Global Funding II
 Fixed
   
1.50
 
4/18/2019
   
3,870
   
3,846
 
Protective Life Global Funding
 Floating
 
1.72 ( 3 month LIBOR USD + 0.42)
 
3/29/2019
   
10,000
   
10,006
 
U.S. Bancorp
 Fixed
   
1.95
 
11/15/2018
   
10,000
   
10,035
 
USAA Capital Corp.
 Floating
 
1.54 (3 month LIBOR USD + 0.23)
 
2/1/2019
   
2,520
   
2,523
 
Wells Fargo Bank N.A.
 Fixed
   
1.80
 
11/28/2018
   
20,000
   
20,022
 
Total
               
259,244
   
261,064
 
                           
Industrial — 0.6%
                         
American Honda Finance Corp.
 Fixed
   
2.13
 
10/10/2018
   
20,000
   
20,116
 
American Honda Finance Corp.
 Fixed
   
1.50
 
11/19/2018
   
10,000
   
9,983
 
American Honda Finance Corp.
 Floating
 
1.60 (3 month LIBOR USD + 0.28)
 
11/19/2018
   
11,172
   
11,199
 
Apple Inc.
 Fixed
   
1.70
 
2/22/2019
   
12,000
   
12,028
 
Apple Inc.
 Floating
 
2.13 (3 month LIBOR USD + 0.82)
 
2/22/2019
   
7,000
   
7,076
 
Apple Inc.
 Floating
 
1.51 (3 month LIBOR USD + 0.20)
 
2/7/2020
   
13,506
   
13,531
 
Apple Inc.
 Floating
 
1.38 (3 month LIBOR USD + 0.07)
 
5/11/2020
   
7,000
   
7,004
 
Chevron Corp
 Floating
 
1.53 (3 month LIBOR USD + 0.21)
 
3/3/2020
   
12,000
   
12,034
 
Cisco Systems Inc.
 Floating
 
1.67 (3 month LIBOR USD + 0.34)
 
9/20/2019
   
11,000
   
11,065
 
Honeywell International, Inc.
 Floating
 
1.59 (3 month LIBOR USD + 0.28)
 
10/30/2019
   
3,563
   
3,578
 
Intel Corp.
 Floating
 
1.39 (3 month LIBOR USD + 0.08)
 
5/11/2020
   
11,000
   
11,008
 
John Deere Capital Corp.
 Floating
 
1.87 ( 3 month LIBOR USD + 0.57)
 
1/8/2019
   
12,500
   
12,580
 
John Deere Capital Corp.
 Fixed
   
1.65
 
10/15/2018
   
7,394
   
7,398
 
John Deere Capital Corp.
 Floating
 
1.62 (3 month LIBOR USD + 0.30)
 
3/13/2020
   
8,140
   
8,160
 
Johnson & Johnson
 Floating
 
1.59 (3 month LIBOR USD + 0.27)
 
3/1/2019
   
2,339
   
2,348
 
Microsoft Corp.
 Fixed
   
1.30
 
11/3/2018
   
22,082
   
22,045
 
Oracle Corp.
 Fixed
   
2.38
 
1/15/2019
   
5,000
   
5,050
 
Pfizer Inc.
 Fixed
   
2.10
 
5/15/2019
   
8,000
   
8,070
 
Philip Morris International Inc.
 Fixed
   
1.63
 
2/21/2019
   
30,000
   
29,977
 
Qualcomm Inc.
 Fixed
   
1.85
 
5/20/2019
   
15,000
   
15,037
 
Siemens Financieringsmaatschappij N.V.
 Floating
 
1.66 (3 month LIBOR USD + 0.34)
 
3/16/2020
   
15,000
   
15,034
 
Toyota Motor Credit Corp.
 Fixed
   
2.00
 
10/24/2018
   
20,000
   
20,095
 
Toyota Motor Credit Corp.
 Floating
 
1.69 (3 month LIBOR USD + 0.39)
 
1/17/2019
   
6,000
   
6,024
 
Toyota Motor Credit Corp.
 Floating
 
2.14 (3 month LIBOR USD + 0.82)
 
2/19/2019
   
5,359
   
5,416
 
Toyota Motor Credit Corp.
 Floating
 
1.56 (3 month LIBOR USD + 0.26)
 
1/9/2019
   
2,000
   
2,004
 
Toyota Motor Credit Corp.
 Floating
 
1.56 (3 month LIBOR USD + 0.26)
 
4/17/2020
   
12,000
   
12,036
 
Walt Disney Co.
 Floating
 
1.62 (3 month LIBOR USD + 0.32)
 
1/8/2019
   
20,000
   
20,082
 
Total
               
309,055
   
309,978
 
Total Corporate Debt (Cost — $571,424)
               
568,299
   
571,042
 
                           
Agency Bonds — 0.0%
                         
Federal Home Loan Mortgage Corp.
 Fixed
   
1.35
 
1/25/2019
   
20,000
   
19,958
 
Total Agency Bonds (Cost — $20,000)
               
20,000
   
19,958
 
                           
US Government Debt — 0.1%
                         
United States Treasury
 Fixed
   
0.75
 
10/31/2018
   
47,600
   
47,278
 
Total US Government Debt (Cost — $47,336)
               
47,600
   
47,278
 
                           
Total Long Term Fixed Income Securities (Cost — $638,760) — 1.2%
       
635,899
   
638,278
 
 
Call Options (4)(9)
Counterparty
# of Contracts
 
Strike Price $
 
Expiration
 
Notional Amount $
 
Fair Value $
 
Call Options — 0.8%
                     
Altaba Inc.
JP Morgan
1
   
53.43
 
12/1/2018
   
475,299
   
117,748
 
Altaba Inc.
Goldman Sachs
1
   
53.43
 
12/1/2018
   
475,299
   
117,748
 
Altaba Inc.
Bank of America
1
   
53.43
 
12/1/2018
   
475,120
   
117,704
 
Altaba Inc.
Citibank
1
   
53.43
 
12/1/2018
   
178,215
   
44,150
 
Altaba Inc.
Morgan Stanley
1
   
53.43
 
12/1/2018
   
178,215
   
44,150
 
Total Call Options (Premiums Paid — $205,706) 
               
1,782,148
   
441,500
 
Total Unaffiliated Investments (Cost — $7,922,525) 
               
7,690,343
   
8,146,181
 
 
                           
Investment in Controlled Affiliate
                  
Units
 
Fair Value $
 
Internet Software & Services
                           
Excalibur IP, LLC (1)(4)
                 
3,589
   
675,000
 
Total Investment in Controlled Affiliate (Cost — $0) — 1.2%  
                   
675,000
 
 
 
         
 
             
Total Investments —  153.8%
                       
84,812,581
 
 
                           
Liabilities for Convertible Notes — (2.4)% 
                     
(1,352,129
)
Other Liabilities/Other Assets — (51.4)%
         
 
         
(28,321,838
)
Net Assets Applicable to Common Shares
         
 
       
$
55,138,614
 
 
(1) Non-income producing securities.
         
(2) The joint venture agreement related to Yahoo Japan contains certain provisions covering the sale of stock. Further, the Alibaba shares are currently in the form of ordinary shares and will require conversion to American Depository Shares.  For a further description of these investments, see the Fund's Registration Statement on Form N-2.
(3) Restricted security.  Resale is contigent on issuer consent, aggregate holdings equal 137.7% of the net assets of the Fund. 
     
(4) Fair-value security.  Represents fair value measured in good faith under procedures approved by the Board of Directors, aggregate holdings equal 2.2% of the net assets of the Fund.
   
(5) Presented rate represents the Money Market Fund's average 7-day % yield.
         
(6) Money Market Funds do not have a set maturity date.
         
(7) Coupon rate %.
         
(8) Rate presented is Yield as of September 30, 2017.
         
(9) American-style options.
         
           
Written Warrants (1)(2)(3)
 
Weighted Average Strike Price $
Expiration(1)
# of Contracts
Fair Value $
Total Value of Written Warrants (Premiums Received — $124,775)
 
67.51
3/1/19 - 5/24/19
5
(271,496)
           
(1) European style warrants.
         
(2) The warrants carry a weighted average strike price of $67.51 after giving effect to certain proposed adjustments by certain of the warrant counterparties; while we have utilized these proposed adjustments in estimating fair market value as of September 30, 2017, certain of the counterparties may pursue additional adjustments which would have the effect of changing the weighted average strike price and we reserve the right to challenge any past or future adjustments to the extent that we disagree with them.
(3) Fair-value security.  Represents fair value measured in good faith under procedures approved by the Board of Directors, aggregate holdings equal (0.5)% of the net assets of the Fund.
           
At September 30, 2017, the tax basis cost of the Fund's investments and derivatives was $9,046,085 and the unrealized appreciation and depreciation were $75,495,873 and ($873), respectively, with a net unrealized appreciation of $75,495,000.
 
 

Fair Value Measurements
 
 
Hierarchy of Fair Value Inputs
 
Altaba Inc. (“Altaba” or 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 Fund intends to recognize transfers between Level 1, Level 2, and Level 3 as of the beginning of the reporting period.
 
The following table reflects the valuation level used in the Consolidated Schedule of Investments as of September 30, 2017 for the Fund’s assets (in thousands):
 
 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Affiliated investments(1)
 
$
75,930,795
   
$
-
   
$
60,605
   
$
75,991,400
 
Unaffiliated investments:
                               
Common shares
   
-
     
-
     
185
     
185
 
Preferred shares
   
-
     
-
     
10,028
     
10,028
 
Money market funds
   
242,630
     
-