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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pioneer Floating Rate Fund Inc | NYSE:PHD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.11 | -1.11% | 9.80 | 9.9067 | 9.79 | 9.79 | 32,521 | 01:00:00 |
Annual Report | November 30, 2020
|
Ticker Symbol: PHD
|
|
|
1.
|
SPDR Blackstone/GSO Senior Loan ETF
|
3.99%
|
2.
|
Invesco Senior Loan ETF (formerly, PowerShares Senior Loan Portfolio)
|
2.87
|
3.
|
Bass Pro Group LLC, Initial Term Loan, 5.75% (LIBOR + 500 bps), 9/25/24
|
1.29
|
4.
|
Prime Security Services Borrower LLC (aka Protection 1 Security Solutions),
|
|
|
First Lien 2019 Refinancing Term B-1 Loan, 4.25% (LIBOR + 325 bps), 9/23/26
|
1.22
|
5.
|
Rackspace Technology Global, Inc., First Lien Term B Loan, 4.0%
|
|
|
(LIBOR + 300 bps), 11/3/23
|
1.16
|
6.
|
U.S. Renal Care, Inc., Initial Term Loan, 5.146% (LIBOR + 500 bps), 6/26/26
|
1.14
|
7.
|
Endo Luxembourg Finance Co. I S.a.r.l., Initial Term Loan, 5.0%
|
|
|
(LIBOR + 425 bps), 4/29/24
|
1.14
|
8.
|
Garda World Security Corp., Initial Term Loan, 4.91% (LIBOR + 475 bps),
|
|
|
10/30/26
|
1.11
|
9.
|
Allied Universal Holdco LLC (f/k/a USAGM Holdco LLC), Initial Term Loan,
|
|
|
4.396% (LIBOR + 425 bps), 7/10/26
|
1.05
|
10.
|
Team Health Holdings, Inc., Initial Term Loan, 3.75% (LIBOR + 275 bps), 2/6/24
|
1.01
|
|
11/30/20
|
11/30/19
|
Market Value
|
$10.73
|
$10.53
|
Premium/(Discount)
|
(3.94)%
|
(10.99)%
|
|
11/30/20
|
11/30/19
|
Net Asset Value
|
$11.17
|
$11.83
|
|
Net
|
|
|
|
Investment
|
Short-Term
|
Long-Term
|
|
Income
|
Capital Gains
|
Capital Gains
|
12/1/19–11/30/20
|
$0.7425
|
$ —
|
$ —
|
|
11/30/20
|
11/30/19
|
30-day SEC Yield
|
3.76%
|
5.25%
|
Average Annual Total Returns
|
|||
(As of November 30, 2020)
|
|
||
|
Net
|
|
|
|
Asset
|
|
S&P/LSTA
|
|
Value
|
Market
|
Leveraged
|
Period
|
(NAV)
|
Price
|
Loan Index
|
10 Years
|
5.84%
|
4.89%
|
4.31%
|
5 Years
|
4.87
|
6.71
|
4.73
|
1 Year
|
1.89
|
9.96
|
3.38
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
UNAFFILIATED ISSUERS — 125.1%
|
|
|
|
SENIOR SECURED FLOATING RATE LOAN
|
|
|
|
INTERESTS — 96.6% of Net Assets*(a)
|
||
|
Aerospace & Defense — 4.7%
|
|
|
1,217,289
|
American Airlines, Inc., 2017 Class B Term Loan,
|
|
|
|
2.141% (LIBOR + 200 bps), 12/15/23
|
$ 1,081,431
|
|
1,246,875
|
Delta Air Lines, Inc., Term Loan, 5.75% (LIBOR +
|
|
|
|
475 bps), 4/29/23
|
1,260,902
|
|
1,657,065
|
Jazz Acquisition, Inc., First Lien Initial Term Loan,
|
|
|
|
4.4% (LIBOR + 425 bps), 6/19/26
|
1,532,786
|
|
493,750
|
JetBlue Airways Corp., Term Loan, 6.25% (LIBOR +
|
|
|
|
525 bps), 6/17/24
|
503,111
|
|
775,000
|
MAG DS Corp., Initial Term Loan, 6.5% (LIBOR +
|
|
|
|
550 bps), 4/1/27
|
742,062
|
|
1,250,000
|
Mileage Plus Holdings LLC (Mileage Plus Intellectual
|
|
|
|
Property Assets, Ltd.), Initial Term Loan, 6.25%
|
||
|
(LIBOR + 525 bps), 6/21/27
|
1,291,812
|
|
1,223,712
|
MRO Holdings, Inc., Initial Term Loan, 5.22% (LIBOR +
|
|
|
|
500 bps), 6/4/26
|
1,036,077
|
|
1,943,584
|
Peraton Corp. (fka MHVC Acquisition Corp.), First Lien
|
|
|
|
Initial Term Loan, 6.25% (LIBOR +
|
|
|
|
525 bps), 4/29/24
|
1,943,584
|
|
700,000
|
Spirit Aerosystems, Inc. (fka Mid-Western Aircraft
|
|
|
|
Systems, Inc & Onex Wind Finance LP.), Initial Term
|
|
|
|
Loan, 6.0% (LIBOR + 525 bps), 1/15/25
|
708,313
|
|
2,960,361
|
WP CPP Holdings LLC, First Lien Initial Term Loan,
|
|
|
|
4.75% (LIBOR + 375 bps), 4/30/25
|
2,782,739
|
|
|
Total Aerospace & Defense
|
$ 12,882,817
|
|
|
Airlines — 1.8%
|
|
|
2,456,250
|
Allegiant Travel Co., Replacement Term Loan, 3.214%
|
|
|
|
(LIBOR + 300 bps), 2/5/24
|
$ 2,389,727
|
|
1,170,000
|
Grupo Aeromexico, Sociedad Anonima Bursatil De
|
|
|
|
Capital Variable, Senior Secured Tranche 1,
|
||
|
9.0% (LIBOR + 800 bps), 8/19/22
|
1,191,937
|
|
950,000
|
Highline Aftermarket Acquisition LLC, First Lien Initial
|
|
|
|
Term Loan, 5.25% (LIBOR + 450 bps), 11/9/27
|
945,250
|
|
340,000
|
SkyMiles IP, Ltd. (Delta Air Lines, Inc.), Initial Term
|
|
|
|
Loan, 4.75% (LIBOR + 375 bps), 10/20/27
|
348,394
|
|
|
Total Airlines
|
$ 4,875,308
|
|
|
Automobile — 4.1%
|
|
|
2,135,537
|
American Axle & Manufacturing, Inc., Tranche B Term
|
|
|
|
Loan, 3.0% (LIBOR + 225 bps), 4/6/24
|
$ 2,100,072
|
|
1,547,426
|
Commercial Vehicle Group, Inc., Initial Term Loan,
|
|
|
|
11.5% (LIBOR + 1,050 bps), 4/12/23
|
1,501,003
|
|
1,000,000
|
Drive Chassis Holdco LLC, Second Lien Term B Loan,
|
|
|
|
9.561% (LIBOR + 825 bps), 4/10/26
|
989,375
|
|
1,500,249
|
IXS Holdings, Inc., Initial Term Loan, 6.0% (LIBOR +
|
|
|
|
500 bps), 3/5/27
|
1,491,498
|
|
2,361,599
|
Navistar, Inc., Tranche B Term Loan, 3.65% (LIBOR +
|
|
|
|
350 bps), 11/6/24
|
2,355,695
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Automobile — (continued)
|
|
|
1,706,111
|
Thor Industries, Inc., Initial USD Term Loan, 3.938%
|
|
|
|
(LIBOR + 375 bps), 2/1/26
|
$ 1,701,846
|
|
898,483
|
TI Group Automotive Systems LLC, Initial US Term
|
|
|
|
Loan, 4.5% (LIBOR + 375 bps), 12/16/24
|
896,236
|
|
227,868
|
Wabash National Corp., Term B Loan, 4.0% (LIBOR +
|
|
|
|
325 bps), 9/28/27
|
227,156
|
|
|
Total Automobile
|
$ 11,262,881
|
|
|
Banking — 0.6%
|
|
|
500,000
|
Azalea TopCo, Inc., First Lien 2020 Incremental Term
|
|
|
|
Loan, 4.75% (LIBOR + 400 bps), 7/24/26
|
$ 496,250
|
|
1,190,694
|
Nouryon Finance BV (aka AkzoNobel), Initial Dollar
|
|
|
|
Term Loan, 3.141% (LIBOR + 300 bps), 10/1/25
|
1,170,974
|
|
|
Total Banking
|
$ 1,667,224
|
|
|
Broadcasting & Entertainment — 0.5%
|
|
|
1,488,750
|
Creative Artists Agency LLC, Closing Date Term Loan,
|
|
|
|
3.896% (LIBOR + 375 bps), 11/27/26
|
$ 1,466,419
|
|
|
Total Broadcasting & Entertainment
|
$ 1,466,419
|
|
|
Building Materials — 1.0%
|
|
|
1,451,748
|
CPG International LLC (fka CPG International, Inc.), New
|
|
|
|
Term Loan, 4.75% (LIBOR + 375 bps), 5/5/24
|
$ 1,453,336
|
|
1,451,250
|
WKI Holding Co., Inc. (aka World Kitchen), Initial Term
|
|
|
|
Loan, 5.0% (LIBOR + 400 bps), 5/1/24
|
1,443,994
|
|
|
Total Building Materials
|
$ 2,897,330
|
|
|
Buildings & Real Estate — 1.5%
|
|
|
1,488,579
|
Ply Gem Midco, Inc., Initial Term Loan, 3.88% (LIBOR +
|
|
|
|
375 bps), 4/12/25
|
$ 1,481,136
|
|
2,841,420
|
WireCo WorldGroup, Inc. (WireCo WorldGroup
|
|
|
|
Finance LP), First Lien Initial Term Loan, 6.0% (LIBOR +
|
|
|
|
500 bps), 9/29/23
|
2,600,342
|
|
|
Total Buildings & Real Estate
|
$ 4,081,478
|
|
|
Chemicals — 0.4%
|
|
|
1,000,000
|
Plaze, Inc., 2020-1 Additional Term Loan, 5.25% (LIBOR +
|
|
|
|
425 bps), 8/3/26
|
$ 988,125
|
|
|
Total Chemicals
|
$ 988,125
|
|
|
Chemicals, Plastics & Rubber — 1.7%
|
|
|
423,981
|
Core & Main LP, Initial Term Loan, 3.75% (LIBOR +
|
|
|
|
275 bps), 8/1/24
|
$ 419,741
|
|
265,000
|
Emerald Performance Materials LLC, Initial Term Loan,
|
|
|
|
5.0% (LIBOR + 400 bps), 8/12/25
|
265,332
|
|
1,037,935
|
Hexion, Inc., USD Term Loan, 3.73% (LIBOR +
|
|
|
|
350 bps), 7/1/26
|
1,032,745
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Chemicals, Plastics & Rubber — (continued)
|
||
2,610,951
|
Tronox Finance LLC, First Lien Initial Dollar Term Loan,
|
|
|
|
3.176% (LIBOR + 300 bps), 9/23/24
|
$ 2,583,209
|
|
436,693
|
Twist Beauty International Holdings SA, Facility B2, 4.0%
|
|
|
|
(LIBOR + 300 bps), 4/22/24
|
417,042
|
|
|
Total Chemicals, Plastics & Rubber
|
$ 4,718,069
|
|
|
Computers & Electronics — 6.1%
|
|
|
1,135,000
|
Ahead DB Holdings LLC, First Lien Initial Term Loan,
|
|
|
|
6.0% (LIBOR + 500 bps), 10/18/27
|
$ 1,098,112
|
|
234,715
|
Applied Systems, Inc., First Lien Closing Date Term
|
|
|
|
Loan, 4.0% (LIBOR + 300 bps), 9/19/24
|
234,379
|
|
2,750,000
|
Applied Systems, Inc., Second Lien Initial Term Loan,
|
|
|
|
8.0% (LIBOR + 700 bps), 9/19/25
|
2,766,041
|
|
2,211,116
|
Chloe OX Parent LLC, Initial Term Loan, 5.5% (LIBOR +
|
|
|
|
450 bps), 12/23/24
|
2,150,311
|
|
1,708,822
|
CornerStone OnDemand, Inc., Term Loan, 4.396%
|
|
|
|
(LIBOR + 425 bps), 4/22/27
|
1,710,157
|
|
325,000
|
ECi Macola/MAX Holding LLC (ECI Software
|
|
|
|
Solution, Inc.), First Lien Initial Term Loan, 4.5% (LIBOR +
|
|
|
|
375 bps), 11/9/27
|
322,816
|
|
1,755,648
|
Energy Acquisition LP (aka Electrical Components
|
|
|
|
International), First Lien Initial Term Loan,
|
||
|
4.396% (LIBOR + 425 bps), 6/26/25
|
1,684,690
|
|
1,250,000
|
LogMeIn, Inc., First Lien Initial Term Loan, 4.888%
|
|
|
|
(LIBOR + 475 bps), 8/31/27
|
1,237,695
|
|
3,120,000
|
Pitney Bowes, Inc., Incremental Tranche B Term Loan,
|
|
|
|
5.65% (LIBOR + 550 bps), 1/7/25
|
3,092,700
|
|
2,651,376
|
Ultra Clean Holdings, Inc., Term B Loan, 4.646% (LIBOR +
|
|
|
|
450 bps), 8/27/25
|
2,651,376
|
|
|
Total Computers & Electronics
|
$ 16,948,277
|
|
|
Construction & Building — 0.8%
|
|
|
750,000(b)
|
CP Atlas Buyer, Inc., Initial Tranche B-1 Term
|
|
|
|
Loan, 11/23/27
|
$ 750,187
|
|
250,000(b)
|
CP Atlas Buyer, Inc., Initial Tranche B-2 Term
|
|
|
|
Loan, 11/23/27
|
250,063
|
|
1,255,836
|
Quikrete Holdings, Inc., First Lien Initial Term Loan,
|
|
|
|
2.646% (LIBOR + 250 bps), 2/1/27
|
1,239,963
|
|
|
Total Construction & Building
|
$ 2,240,213
|
|
|
Consumer Nondurables — 0.5%
|
|
|
1,488,750
|
Sunshine Luxembourg VII S.a.r.l., Facility B1, 5.25%
|
|
|
|
(LIBOR + 425 bps), 10/1/26
|
$ 1,488,628
|
|
|
Total Consumer Nondurables
|
$ 1,488,628
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Consumer Services — 1.5%
|
|
|
4,236,389
|
Prime Security Services Borrower LLC (aka Protection 1
|
|
|
|
Security Solutions), First Lien 2019 Refinancing
|
||
|
Term B-1 Loan, 4.25% (LIBOR + 325 bps), 9/23/26
|
$ 4,220,020
|
|
|
Total Consumer Services
|
$ 4,220,020
|
|
|
Containers, Packaging & Glass — 1.6%
|
|
|
725,000
|
Graham Packaging Co., Inc., Initial Term Loan, 4.5%
|
||
(LIBOR + 375 bps), 8/4/27
|
$ 725,050
|
||
1,575,000
|
Pactiv Evergreen, Inc., Tranche B-1 US Term Loan, 2.896%
|
|
|
(LIBOR + 275 bps/PRIME + 175 bps), 2/5/23
|
739,436 | ||
747,494
|
Pactiv Evergreen, Inc., Tranche B-2 US Term Loan, 3.396%
|
|
|
(LIBOR + 325 bps), 2/5/26
|
1,551,572
|
||
1,488,750
|
Pregis TopCo LLC, First Lien Initial Term Loan, 3.896%
|
|
|
|
(LIBOR + 375 bps), 7/31/26
|
1,471,692
|
|
|
Total Containers, Packaging & Glass
|
$ 4,487,750
|
|
|
Diversified & Conglomerate Manufacturing — 2.1%
|
|
|
864,112
|
ExamWorks Group, Inc. (fka Gold Merger Co., Inc.),
|
|
|
|
Term B-1 Loan, 4.25% (LIBOR + 325 bps), 7/27/23
|
$ 860,440
|
|
3,854,092
|
Garda World Security Corp., Initial Term Loan, 4.91%
|
|
|
|
(LIBOR + 475 bps), 10/30/26
|
3,852,485
|
|
1,002,613
|
Pelican Products, Inc., First Lien Term Loan, 4.5%
|
|
|
|
(LIBOR + 350 bps), 5/1/25
|
975,668
|
|
|
Total Diversified & Conglomerate Manufacturing
|
$ 5,688,593
|
|
|
Diversified & Conglomerate Service — 9.6%
|
||
1,955,623
|
Albany Molecular Research, Inc., First Lien Initial Term
|
|
|
|
Loan, 4.25% (LIBOR + 325 bps), 8/30/24
|
$ 1,952,690
|
|
2,168,709
|
Alion Science & Technology Corp., First Line
|
|
|
|
Replacement Term Loan, 4.75% (LIBOR +
|
|
|
|
375 bps), 7/23/24
|
2,182,264
|
|
3,640,006
|
Allied Universal Holdco LLC (f/k/a USAGM Holdco LLC),
|
|
|
|
Initial Term Loan, 4.396% (LIBOR + 425 bps), 7/10/26
|
3,621,581
|
|
1,000,000
|
Camelot U.S. Acquisition 1 Co. (aka Thomson Reuters
|
|
|
|
Intellectual Property & Science), Amendment No. 2
|
|
|
|
Incremental Term Loan, 4.0% (LIBOR +
|
|
|
|
300 bps), 10/30/26
|
997,812
|
|
1,996,467
|
CB Poly Investments LLC, First Lien Closing Date Term
|
|
|
|
Loan, 5.5% (LIBOR + 450 bps), 8/16/23
|
1,846,732
|
|
999,792
|
DG Investment Intermediate Holdings 2, Inc. (aka
|
|
|
|
Convergint Technologies Holdings LLC), First Lien Initial
|
|
|
|
Term Loan, 3.75% (LIBOR + 300 bps), 2/3/25
|
979,484
|
|
2,422,427
|
DTI Holdco, Inc., Replacement B-1 Term Loan, 5.75%
|
|
|
|
(LIBOR + 475 bps), 9/29/23
|
2,194,026
|
|
1,532,082
|
First Brands Group LLC, First Lien Tranche B-3 Term
|
|
|
|
Loan, 8.5% (LIBOR + 750 bps), 2/2/24
|
1,532,082
|
|
1,407,892
|
Gates Global LLC, Initial B-2 Dollar Term Loan, 3.75%
|
|
|
|
(LIBOR + 275 bps), 4/1/24
|
1,398,017
|
|
1,324,237
|
Intrado Corp., Incremental Term B-1 Loan, 4.5% (LIBOR +
|
|
|
|
350 bps), 10/10/24
|
1,257,198
|
|
2,391,521
|
Intrado Corp., Initial Term B Loan, 5.0% (LIBOR +
|
|
|
|
400 bps), 10/10/24
|
2,281,767
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Diversified & Conglomerate Service — (continued)
|
|
|
1,974,797
|
Mitchell International, Inc., First Lien Initial Term Loan,
|
||
3.396% (LIBOR + 325 bps), 11/29/24
|
$ 1,913,496 | ||
807,655
|
Sound Inpatient Physicians, Inc., Second Lien Initial
|
|
|
|
Term Loan, 6.896% (LIBOR + 675 bps), 6/26/26
|
799,578
|
|
3,955,508
|
Team Health Holdings, Inc., Initial Term Loan, 3.75%
|
|
|
|
(LIBOR + 275 bps), 2/6/24
|
3,480,847
|
|
|
Total Diversified & Conglomerate Service
|
$ 26,437,574
|
|
|
Electric & Electrical — 1.4%
|
|
|
4,020,625
|
Rackspace Technology Global, Inc., First Lien Term B
|
|
|
|
Loan, 4.0% (LIBOR + 300 bps), 11/3/23
|
$ 3,998,287
|
|
|
Total Electric & Electrical
|
$ 3,998,287
|
|
|
Electronics — 1.9%
|
|
|
2,351,820
|
Natel Engineering Co., Inc., Initial Term Loan, 6.0%
|
|
|
|
(LIBOR + 500 bps), 4/30/26
|
$ 2,075,481
|
|
3,260,417
|
Scientific Games International, Inc., Initial Term B-5
|
|
|
|
Loan, 2.896% (LIBOR + 275 bps), 8/14/24
|
3,149,019
|
|
|
Total Electronics
|
$ 5,224,500
|
|
|
Financial Services — 1.8%
|
|
|
2,372,116
|
Blackhawk Network Holdings, Inc., First Lien Term
|
|
|
|
Loan, 3.146% (LIBOR + 300 bps), 6/15/25
|
$ 2,269,523
|
|
656,721
|
Cardtronics USA, Inc., Initial Term Loan, 5.0% (LIBOR +
|
|
|
|
400 bps), 6/29/27
|
658,691
|
|
1,905,288
|
Everi Payments, Inc., Term B loan, 3.75% (LIBOR +
|
|
|
|
275 bps), 5/9/24
|
1,866,189
|
|
99,750
|
Everi Payments, Inc., Term Loan, 11.5% (LIBOR +
|
|
|
|
1,050 bps), 5/9/24
|
103,989
|
|
|
Total Financial Services
|
$ 4,898,392
|
|
|
Forest Products — 1.1%
|
|
|
1,750,000
|
Chobani LLC, 2020 New Term Loan, 4.5% (LIBOR +
|
|
|
|
350 bps), 10/25/27
|
$ 1,745,312
|
|
1,310,814
|
ProAmpac PG Borrower LLC, First Lien 2020-1 Term
|
|
|
|
Loan, 5.0% (LIBOR + 400 bps), 11/3/25
|
1,297,706
|
|
|
Total Forest Products
|
$ 3,043,018
|
|
|
Gaming and Hotels — 0.2%
|
|
|
439,135
|
PCI Gaming Authority, Term B Facility Loan, 2.646%
|
|
|
|
(LIBOR + 250 bps), 5/29/26
|
$ 431,274
|
|
|
Total Gaming and Hotels
|
$ 431,274
|
|
|
Healthcare — 2.1%
|
|
|
525,000
|
CNT Holdings I Corp, First Lien Initial Term Loan, 4.5%
|
|
|
|
(LIBOR + 375 bps), 11/8/27
|
$ 521,842
|
|
629,118
|
Milano Acquisition Corp., First Lien Term B Loan, 4.75%
|
|
|
|
(LIBOR + 400 bps), 10/1/27
|
624,923
|
|
3,225,625
|
Option Care Health, Inc., Term B Loan, 4.396% (LIBOR +
|
|
|
|
425 bps), 8/6/26
|
3,217,561
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Healthcare — (continued)
|
|
|
1,382,553
|
Phoenix Guarantor, Inc. (aka Brightspring), First Lien
|
|
|
|
Tranche B-1 Term Loan, 3.4% (LIBOR +
|
|
|
|
325 bps), 3/5/26
|
$ 1,366,135
|
|
|
Total Healthcare
|
$ 5,730,461
|
|
|
Healthcare & Pharmaceuticals — 6.2%
|
|
|
3,212,002
|
Alphabet Holding Co., Inc. (aka Nature’s Bounty), First
|
|
|
|
Lien Initial Term Loan, 3.646% (LIBOR +
|
|
|
|
350 bps), 9/26/24
|
$ 3,150,916
|
|
1,500,000
|
Alphabet Holding Co., Inc. (aka Nature’s Bounty),
|
|
|
|
Second Lien Initial Term Loan, 7.896% (LIBOR +
|
||
|
775 bps), 9/26/25
|
1,461,875
|
|
4,037,182
|
Endo Luxembourg Finance Co. I S.a.r.l., Initial Term
|
|
|
|
Loan, 5.0% (LIBOR + 425 bps), 4/29/24
|
3,931,206
|
|
1,488,750
|
FC Compassus LLC, Initial Term Loan, 6.0% (LIBOR +
|
|
|
|
500 bps), 12/31/26
|
1,477,584
|
|
1,571,038
|
Kindred Healthcare LLC, Closing Date Term Loan,
|
|
|
|
5.188% (LIBOR + 500 bps), 7/2/25
|
1,573,002
|
|
1,265,427
|
NMN Holdings III Corp., First Lien Closing Date Term
|
|
|
|
Loan, 3.679% (LIBOR + 350 bps), 11/13/25
|
1,230,627
|
|
218,576
|
NMN Holdings III Corp., First Lien Delayed Draw Term
|
|
|
|
Loan, 4.011% (LIBOR + 375 bps/PRIME +
|
|
|
|
275 bps), 11/13/25
|
212,565
|
|
750,000
|
Parexel International Corp., Initial Term Loan, 2.896%
|
|
|
|
(LIBOR + 275 bps), 9/27/24
|
735,234
|
|
1,872,669
|
Sotera Health Holdings LLC, First Lien Initial Term Loan,
|
|
|
|
5.5% (LIBOR + 450 bps), 12/11/26
|
1,875,478
|
|
1,485,000
|
Upstream Newco, Inc., First Lien Initial Term Loan,
|
|
|
|
4.646% (LIBOR + 450 bps), 11/20/26
|
1,447,875
|
|
|
Total Healthcare & Pharmaceuticals
|
$ 17,096,362
|
|
|
Healthcare, Education & Childcare — 5.0%
|
||
1,512,917
|
Alliance HealthCare Services, Inc., Second Lien Initial
|
|
|
|
Term Loan, 12.0% (LIBOR + 1,100 bps), 4/24/24
|
$ 707,289
|
|
2,887,237
|
ATI Holdings Acquisition, Inc., First Lien Initial Term
|
|
|
|
Loan, 4.5% (LIBOR + 350 bps), 5/10/23
|
2,778,965
|
|
2,704,225
|
KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare),
|
|
|
|
Term B-3 Loan, 4.75% (LIBOR + 375 bps), 2/21/25
|
2,585,240
|
|
1,413,103
|
LifePoint Health, Inc. (fka Regionalcare Hospital
|
|
|
|
Partners Holdings, Inc.), First Lien Term B Loan, 3.896%
|
|
|
|
(LIBOR + 375 bps), 11/16/25
|
1,395,665
|
|
1,809,736
|
Quorum Health Corp., Exit Term Loan, 9.25% (LIBOR +
|
|
|
|
825 bps), 4/29/25
|
1,757,706
|
|
537,300
|
Surgery Center Holdings, Inc., 2020 Incremental Term
|
|
|
|
Loan, 9.0% (LIBOR + 800 bps), 9/3/24
|
550,665
|
|
3,967,456
|
U.S. Renal Care, Inc., Initial Term Loan, 5.146% (LIBOR +
|
|
|
|
500 bps), 6/26/26
|
3,941,005
|
|
|
Total Healthcare, Education & Childcare
|
$ 13,716,535
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Hotel, Gaming & Leisure — 2.8%
|
|
|
2,218,947
|
Caesars Resort Collection LLC, Term B Loan, 2.896%
|
|
|
|
(LIBOR + 275 bps), 12/23/24
|
$ 2,151,129
|
|
1,100,000
|
Caesars Resort Collection LLC, Term B-1 Loan, 4.646%
|
|
|
|
(LIBOR + 450 bps), 7/21/25
|
1,091,652
|
|
215,169
|
Flutter Entertainment plc, USD Term Loan, 3.72%
|
|
|
|
(LIBOR + 350 bps), 7/10/25
|
215,853
|
|
231,125
|
Golden Nugget Online Gaming, Inc., 2020 Buyback Term
|
|
|
|
Loan, 13.0% (LIBOR + 1,200 bps), 10/4/23
|
266,949
|
|
18,875
|
Golden Nugget Online Gaming, Inc., 2020 Initial Term
|
|
|
|
Loan, 13.0% (LIBOR + 1,200 bps), 10/4/23
|
21,801
|
|
2,986,004
|
Golden Nugget, Inc. (aka Landry’s, Inc.), Initial Term B
|
|
|
|
Loan, 3.25% (LIBOR + 250 bps), 10/4/23
|
2,847,901
|
|
1,290,306
|
Penn National Gaming, Inc., Term B-1 Facility Loan, 3.0%
|
|
|
|
(LIBOR + 225 bps), 10/15/25
|
1,269,631
|
|
|
Total Hotel, Gaming & Leisure
|
$ 7,864,916
|
|
|
Insurance — 3.7%
|
|
|
992,462
|
Alliant Holdings Intermediate LLC, 2019 New Term Loan,
|
|
|
|
3.393% (LIBOR + 325 bps), 5/9/25
|
$ 970,364
|
|
523,688
|
AqGen Ascensus, Inc., First Lien Seventh Amendment
|
|
|
|
Replacement Term Loan, 5.0% (LIBOR +
|
|
|
|
400 bps), 12/3/26
|
521,069
|
|
1,590,930
|
Confie Seguros Holding II Co., Term B Loan, 5.75%
|
|
|
|
(LIBOR + 475 bps), 4/19/22
|
1,570,713
|
|
1,247,791
|
Integro Parent, Inc., First Lien Initial Term Loan, 6.75%
|
|
|
|
(LIBOR + 575 bps), 10/31/22
|
1,210,357
|
|
1,196,605
|
MPH Acquisition Holdings LLC, Initial Term Loan, 3.75%
|
|
|
|
(LIBOR + 275 bps), 6/7/23
|
1,182,097
|
|
1,250,000
|
Navicure, Inc., First Lien 2020 Incremental Term Loan,
|
|
|
|
4.75% (LIBOR + 400 bps), 10/22/26
|
1,248,437
|
|
1,728,125
|
Sedgwick Claims Management Services, Inc. (Lightning
|
|
|
|
Cayman Merger Sub, Ltd.), 2019 Term Loan, 4.146%
|
|
|
|
(LIBOR + 400 bps), 9/3/26
|
1,711,805
|
|
249,375
|
Sedgwick Claims Management Services, Inc. (Lightning
|
|
|
|
Cayman Merger Sub, Ltd.), 2020 Term Loan, 5.25%
|
|
|
|
(LIBOR + 425 bps), 9/3/26
|
250,622
|
|
1,619,900
|
USI, Inc. (fka Compass Investors, Inc.), 2017 New Term
|
|
|
|
Loan, 3.22% (LIBOR + 300 bps), 5/16/24
|
1,588,514
|
|
|
Total Insurance
|
$ 10,253,978
|
|
|
Leasing — 0.5%
|
|
|
1,550,000
|
Fly Funding II S.a.r.l., Term B Loan, 7.0% (LIBOR +
|
|
|
|
600 bps), 10/15/25
|
$ 1,499,625
|
|
|
Total Leasing
|
$ 1,499,625
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Leisure & Entertainment — 1.5%
|
|
|
1,082,266(b)(c)
|
24 Hour Fitness Worldwide, Inc., Term Loan (LIBOR +
|
|
|
|
350 bps), 5/30/25
|
$ 27,902
|
|
1,989,899
|
AMC Entertainment Holdings, Inc. (fka AMC
|
|
|
|
Entertainment, Inc.), Term B-1 Loan, 3.23% (LIBOR +
|
|
|
|
300 bps/PRIME + 200 bps), 4/22/26
|
1,518,169
|
|
1,645,875
|
Carnival Corp., Initial Advance, 8.5% (LIBOR +
|
|
|
|
750 bps), 6/30/25
|
1,705,538
|
|
928,057
|
Fitness International LLC, Term B Loan, 4.25% (LIBOR +
|
|
|
|
325 bps), 4/18/25
|
781,888
|
|
|
Total Leisure & Entertainment
|
$ 4,033,497
|
|
|
Machinery — 1.8%
|
|
|
1,421,164
|
Blount International, Inc., New Refinancing Term Loan,
|
|
|
|
4.75% (LIBOR + 375 bps), 4/12/23
|
$ 1,424,717
|
|
851,429
|
CTC AcquiCo GmbH, Facility B2, 2.897% (LIBOR +
|
|
|
|
275 bps), 3/7/25
|
808,857
|
|
1,240,625
|
MHI Holdings LLC, Initial Term Loan, 5.146% (LIBOR +
|
|
|
|
500 bps), 9/21/26
|
1,234,422
|
|
97,196
|
NN, Inc., Tranche B Term Loan, 6.5% (LIBOR +
|
|
|
|
575 bps), 10/19/22
|
96,791
|
|
384,755
|
Shape Technologies Group, Inc., Initial Term Loan,
|
|
|
|
3.146% (LIBOR + 300 bps), 4/21/25
|
311,651
|
|
1,035,865
|
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), Term B
|
|
|
|
Loan, 2.647% (LIBOR + 250 bps), 10/23/25
|
982,130
|
|
|
Total Machinery
|
$ 4,858,568
|
|
|
Media — 0.7%
|
|
|
1,977,196
|
Altice France SA, USD TLB-13 Incremental Term Loan,
|
|
|
|
4.237% (LIBOR + 400 bps), 8/14/26
|
$ 1,962,367
|
|
|
Total Media
|
$ 1,962,367
|
|
|
Metals & Mining — 2.1%
|
|
|
930,511
|
Atkore International, Inc., First Lien Initial Incremental
|
|
|
|
Term Loan, 3.75% (LIBOR + 275 bps), 12/22/23
|
$ 929,445
|
|
1,508,411
|
BWay Holding Co., Initial Term Loan, 3.48% (LIBOR +
|
|
|
|
325 bps), 4/3/24
|
1,440,399
|
|
2,887,704
|
Phoenix Services International LLC, Term B Loan, 4.75%
|
|
|
|
(LIBOR + 375 bps), 3/1/25
|
2,828,145
|
|
746,142
|
TMS International Corp. (aka Tube City IMS Corp.),
|
|
|
|
Term B-2 Loan, 3.75% (LIBOR + 275 bps), 8/14/24
|
740,546
|
|
|
Total Metals & Mining
|
$ 5,938,535
|
|
|
Oil & Gas — 1.8%
|
|
|
540,375
|
Centurion Pipeline Co. LLC (fka Lotus Midstream LLC),
|
|
|
|
Initial Term Loan, 3.396% (LIBOR +
|
|
|
|
325 bps), 9/29/25
|
$ 534,634
|
|
612,500
|
NorthRiver Midstream Finance LP, Initial Term B Loan,
|
|
|
|
3.475% (LIBOR + 325 bps), 10/1/25
|
591,971
|
|
1,609,222(b)
|
Summit Midstream Partners Holdings LLC, Term Loan
|
|
|
|
Credit Facility (LIBOR + 600 bps), 5/13/22
|
362,075
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Oil & Gas — (continued)
|
|
|
3,562,000
|
Traverse Midstream Partners LLC, Advance, 6.5%
|
|
|
|
(LIBOR + 550 bps), 9/27/24
|
$ 3,379,447
|
|
|
Total Oil & Gas
|
$ 4,868,127
|
|
|
Personal, Food & Miscellaneous Services — 1.6%
|
|
|
2,513,592
|
IRB Holding Corp. (aka Arby’s/Buffalo Wild Wings),
|
|
|
|
2020 Replacement Term B Loan, 3.75% (LIBOR +
|
|
|
|
275 bps), 2/5/25
|
$ 2,474,666
|
|
992,031
|
Knowlton Development Corp., Inc., Initial Term Loan,
|
|
|
|
3.896% (LIBOR + 375 bps), 12/22/25
|
982,111
|
|
1,000,000
|
Parfums Holding Co., Inc., Second Lien Initial Term Loan,
|
|
|
|
9.977% (LIBOR + 875 bps/PRIME + 775 bps), 6/30/25
|
957,500
|
|
|
Total Personal, Food & Miscellaneous Services
|
$ 4,414,277
|
|
|
Printing & Publishing — 0.7%
|
|
|
1,393,000
|
Nielsen Finance LLC, Dollar Term B-5 Loan, 4.75%
|
|
|
|
(LIBOR + 375 bps), 6/4/25
|
$ 1,398,920
|
|
454,779
|
Trader Corp., First Lien 2017 Refinancing Term Loan,
|
|
|
|
4.0% (LIBOR + 300 bps), 9/28/23
|
451,369
|
|
|
Total Printing & Publishing
|
$ 1,850,289
|
|
|
Professional & Business Services — 7.2%
|
|
|
995,000
|
AI Convoy (Luxembourg) S.a.r.l., Facility B, 4.5%
|
|
|
|
(LIBOR + 350 bps), 1/18/27
|
$ 993,756
|
|
1,800,000(b)
|
Amentum Government Services Holdings LLC,
|
|
|
|
Incremental Term Loan, 1/29/27
|
1,789,875
|
|
1,492,500
|
APX Group, Inc., Initial Loan, 5.146% (LIBOR + 500 bps/
|
|
|
|
PRIME + 400 bps), 12/31/25
|
1,482,862
|
|
2,969,924
|
athenahealth, Inc., First Lien Term B Loan, 4.75%
|
|
|
|
(LIBOR + 450 bps), 2/11/26
|
2,958,787
|
|
987,500
|
Blackstone CQP Holdco LP, Initial Term Loan, 3.725%
|
|
|
|
(LIBOR + 350 bps), 9/30/24
|
978,242
|
|
2,107,462
|
Clear Channel Outdoor Holdings, Inc., Term B Loan,
|
|
|
|
3.714% (LIBOR + 350 bps), 8/21/26
|
1,982,770
|
|
1,485,000
|
Ensemble RCM LLC, Closing Date Term Loan, 3.964%
|
|
|
|
(LIBOR + 375 bps), 8/3/26
|
1,480,359
|
|
1,481,250
|
MYOB US Borrower LLC, First Lien Initial US Term Loan,
|
|
|
|
4.146% (LIBOR + 400 bps), 5/6/26
|
1,451,625
|
|
1,050,000
|
PAE Incorporated, First Lien Initial Term Loan, 5.25%
|
|
|
|
(LIBOR + 450 bps), 10/19/27
|
1,048,031
|
|
2,005,630
|
Pre-Paid Legal Services, Inc. (aka LegalShield), First Lien
|
|
|
|
Initial Term Loan, 3.396% (LIBOR +
|
|
|
|
325 bps), 5/1/25
|
1,956,743
|
|
1,136,822
|
SIWF Holdings, Inc. (aka Spring Window Fashions),
|
|
|
|
First Lien Initial Term Loan, 4.396% (LIBOR +
|
||
|
425 bps), 6/15/25
|
1,119,060
|
|
735,000
|
Tosca Services LLC, First Lien Term Loan, 5.25%
|
|
|
|
(LIBOR + 425 bps), 8/18/27
|
738,675
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Professional & Business Services — (continued)
|
|
|
1,920,295
|
Verscend Holding Corp., Term B Loan, 4.646%
|
|
|
|
(LIBOR + 450 bps), 8/27/25
|
$ 1,919,494
|
|
|
Total Professional & Business Services
|
$ 19,900,279
|
|
|
Retail — 5.9%
|
|
|
4,441,887
|
Bass Pro Group LLC, Initial Term Loan, 5.75% (LIBOR +
|
|
|
|
500 bps), 9/25/24
|
$ 4,448,980
|
|
2,228,138
|
Dealer Tire LLC, Term B-1 Loan, 4.396% (LIBOR +
|
|
|
|
425 bps), 12/12/25
|
2,204,464
|
|
975,000
|
Harbor Freight Tools USA, Inc., Initial Term Loan, 4.0%
|
|
|
|
(LIBOR + 325 bps), 10/19/27
|
970,038
|
|
2,208,969
|
Michaels Stores, Inc., 2020 Refinancing Term B Loan,
|
|
|
|
4.25% (LIBOR + 350 bps), 10/1/27
|
2,182,737
|
|
1,958,481
|
PetSmart, Inc., Amended Term Loan, 4.5% (LIBOR +
|
|
|
|
350 bps), 3/11/22
|
1,951,343
|
|
3,193,745
|
Staples, Inc., 2019 Refinancing New Term B-2 Loan,
|
|
|
|
4.714% (LIBOR + 450 bps), 9/12/24
|
3,111,241
|
|
650,000
|
TruGreen LP, First Lien Second Refinancing Term Loan,
|
|
|
|
4.75% (LIBOR + 400 bps), 11/2/27
|
649,188
|
|
856,540
|
United Natural Foods, Inc., Initial Term Loan, 4.396%
|
|
|
|
(LIBOR + 425 bps), 10/22/25
|
852,257
|
|
|
Total Retail
|
$ 16,370,248
|
|
|
Securities & Trusts — 1.2%
|
|
|
1,514,553
|
KSBR Holding Corp., Initial Term Loan, 3.393% (LIBOR +
|
|
|
|
325 bps), 4/15/26
|
$ 1,507,609
|
|
1,861,776
|
Spectacle Gary Holdings LLC, Closing Date Term Loan,
|
|
|
|
11.0% (LIBOR + 900 bps), 12/23/25
|
1,829,195
|
|
|
Total Securities & Trusts
|
$ 3,336,804
|
|
|
Telecommunications — 2.3%
|
|
|
1,765,001
|
Commscope, Inc., Initial Term Loan, 3.396% (LIBOR +
|
|
|
|
325 bps), 4/6/26
|
$ 1,739,786
|
|
800,000
|
Consolidated Communications, Inc., Initial Term Loan,
|
|
|
|
5.75% (LIBOR + 475 bps), 10/2/27
|
801,834
|
|
675,000
|
Frontier Communications Corp., Initial Term Loan,
|
|
|
|
5.75% (LIBOR + 475 bps), 10/8/21
|
677,531
|
|
500,000(b)
|
Virgin Media Bristol LLC, Term Q Loan, 1/31/29
|
497,125
|
|
798,000
|
Windstream Services II LLC, Initial Term Loan, 7.25%
|
|
|
|
(LIBOR + 625 bps), 9/21/27
|
768,740
|
|
1,998,475
|
Xplornet Communications, Inc., Initial Term Loan,
|
|
|
|
4.898% (LIBOR + 475 bps), 6/10/27
|
1,980,676
|
|
|
Total Telecommunications
|
$ 6,465,692
|
|
|
Textile & Apparel — 1.0%
|
|
|
2,476,212
|
Adient US LLC, Initial Term Loan, 4.413% (LIBOR +
|
|
|
|
425 bps), 5/6/24
|
$ 2,408,116
|
|
350,000
|
Canada Goose, Inc., 2020 Refinancing Term Loan, 5.0%
|
|
|
|
(LIBOR + 425 bps), 10/7/27
|
350,219
|
|
|
Total Textile & Apparel
|
$ 2,758,335
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Transport — 0.4%
|
|
|
1,117,994
|
Patriot Container Corp. (aka Wastequip), First Lien
|
|
|
|
Closing Date Term Loan, 4.5% (LIBOR +
|
|
|
|
350 bps), 3/20/25
|
$ 1,094,237
|
|
|
Total Transport
|
$ 1,094,237
|
|
|
Transportation — 0.7%
|
|
|
2,200,949
|
Envision Healthcare Corp., Initial Term Loan, 3.896%
|
|
|
|
(LIBOR + 375 bps), 10/10/25
|
$ 1,810,967
|
|
257,522
|
Syncreon Group BV, Second Out Term Loan, 7.0%
|
|
|
|
(LIBOR + 600 bps), 4/1/25
|
247,543
|
|
|
Total Transportation
|
$ 2,058,510
|
|
|
Utilities — 2.5%
|
|
|
671,522
|
Compass Power Generation LLC, Tranche B-1 Term
|
|
|
|
Loan, 4.5% (LIBOR + 350 bps), 12/20/24
|
$ 667,325
|
|
1,929,719
|
Eastern Power LLC (Eastern Covert Midco LLC)
|
|
|
|
(aka TPF II LC LLC), Term Loan, 4.75% (LIBOR +
|
||
|
375 bps), 10/2/25
|
1,928,245
|
|
1,968,022
|
Edgewater Generation LLC, Term Loan, 3.896%
|
|
|
|
(LIBOR + 375 bps), 12/13/25
|
1,930,968
|
|
997,500
|
Hamilton Projects Acquiror LLC, Term Loan, 5.75%
|
|
|
|
(LIBOR + 475 bps), 6/17/27
|
998,539
|
|
1,451,363
|
PG&E Corp., Term Loan, 5.5% (LIBOR + 450 bps), 6/23/25
|
1,464,969
|
|
|
Total Utilities
|
$ 6,990,046
|
|
|
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
|
|
|
|
(Cost $269,372,239)
|
$267,007,865
|
|
|
|||
Shares
|
|
|
|
|
COMMON STOCKS — 0.5% of Net Assets
|
||
|
Energy Equipment & Services — 0.5%
|
|
|
72,091(d)
|
FTS International, Inc.
|
$ 1,347,381
|
|
|
Total Energy Equipment & Services
|
$ 1,347,381
|
|
|
Specialty Retail — 0.0%†
|
|
|
91,346+^(d)
|
Targus Cayman SubCo., Ltd.
|
$ 120,576
|
|
|
Total Specialty Retail
|
$ 120,576
|
|
|
TOTAL COMMON STOCKS
|
|
|
|
(Cost $2,065,469)
|
$ 1,467,957
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
ASSET BACKED SECURITIES — 1.4% of Net Assets
|
|
|
1,000,000(a)
|
522 Funding Clo, Ltd., Series 2019-4A, Class E, 7.218%
|
|
|
|
(3 Month USD LIBOR + 700 bps), 4/20/30 (144A)
|
$ 937,476
|
|
1,000,000(a)
|
Goldentree Loan Management US CLO 2, Ltd., Series
|
|
|
|
2017-2A, Class E, 4.918% (3 Month USD LIBOR +
|
|
|
|
470 bps), 11/28/30 (144A)
|
879,237
|
|
1,000,000(a)
|
Madison Park Funding XXII, Ltd., Series 2016-22A,
|
|
|
|
Class ER, 6.937% (3 Month USD LIBOR +
|
|
|
|
670 bps), 1/15/33 (144A)
|
959,585
|
|
1,000,000(a)
|
Octagon Investment Partners XXI, Ltd., Series 2014-1A,
|
|
|
|
Class DRR, 7.221% (3 Month USD LIBOR +
|
||
|
700 bps), 2/14/31 (144A)
|
967,133
|
|
|
TOTAL ASSET BACKED SECURITIES
|
|
|
|
(Cost $3,935,369)
|
$ 3,743,431
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS —
|
|
|
|
1.5% of Net Assets
|
|
|
4,100,000(a)
|
Connecticut Avenue Securities Trust, Series 2019-HRP1,
|
|
|
|
Class B1, 9.4% (1 Month USD LIBOR + 925 bps),
|
||
|
11/25/39 (144A)
|
$ 3,363,731
|
|
760,000(a)
|
Freddie Mac Stacr Trust, Series 2019-HQA1, Class B2,
|
|
|
|
12.4% (1 Month USD LIBOR + 1,225 bps),
|
|
|
|
2/25/49 (144A)
|
802,950
|
|
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
|
|
|
|
(Cost $4,860,000)
|
$ 4,166,681
|
|
|
COMMERCIAL MORTGAGE-BACKED
|
||
|
SECURITIES — 0.5% of Net Assets
|
|
|
235,938(a)
|
FREMF Mortgage Trust, Series 2020-KF74, Class C, 6.37%
|
|
|
|
(1 Month USD LIBOR + 623 bps), 1/25/27 (144A)
|
$ 227,299
|
|
625,000(a)
|
Morgan Stanley Capital I Trust, Series 2019-BPR,
|
|
|
|
Class D, 4.141% (1 Month USD LIBOR +
|
|
|
|
400 bps), 5/15/36 (144A)
|
474,024
|
|
1,000,000
|
Wells Fargo Commercial Mortgage Trust, Series
|
|
|
|
2015-C28, Class E, 3.0%, 5/15/48 (144A)
|
574,741
|
|
|
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
|
|
|
|
(Cost $1,630,858)
|
$ 1,276,064
|
|
|
CORPORATE BONDS — 15.2% of Net Assets
|
|
|
|
Advertising — 0.5%
|
|
|
1,250,000
|
MDC Partners, Inc., 6.5%, 5/1/24 (144A)
|
$ 1,231,250
|
|
|
Total Advertising
|
$ 1,231,250
|
|
|
Banks — 0.6%
|
|
|
1,000,000(e)(f)
|
Citigroup, Inc., 4.7% (SOFRRATE + 323 bps)
|
$ 1,021,550
|
|
700,000(e)(f)
|
Credit Suisse Group AG, 7.5% (5 Year USD Swap
|
|
|
|
Rate + 460 bps) (144A)
|
762,090
|
|
|
Total Banks
|
$ 1,783,640
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Building Materials — 0.4%
|
|
|
996,000
|
Patrick Industries, Inc., 7.5%, 10/15/27 (144A)
|
$ 1,080,660
|
|
|
Total Building Materials
|
$ 1,080,660
|
|
|
Chemicals — 0.6%
|
|
|
1,000,000
|
Hexion, Inc., 7.875%, 7/15/27 (144A)
|
$ 1,072,500
|
|
500,000
|
OCI NV, 4.625%, 10/15/25 (144A)
|
521,250
|
|
|
Total Chemicals
|
$ 1,593,750
|
|
|
Coal — 0.7%
|
|
|
2,000,000
|
SunCoke Energy Partners LP/SunCoke Energy Partners
|
|
|
|
Finance Corp., 7.5%, 6/15/25 (144A)
|
$ 1,970,000
|
|
|
Total Coal
|
$ 1,970,000
|
|
|
Commercial Services — 1.1%
|
|
|
1,380,000
|
Allied Universal Holdco LLC/Allied Universal Finance
|
|
|
|
Corp., 9.75%, 7/15/27 (144A)
|
$ 1,530,448
|
|
1,000,000
|
APX Group, Inc., 6.75%, 2/15/27 (144A)
|
1,080,000
|
|
495,000
|
Garda World Security Corp., 4.625%, 2/15/27 (144A)
|
496,237
|
|
|
Total Commercial Services
|
$ 3,106,685
|
|
|
Computers — 0.0%†
|
|
|
100,000
|
Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A)
|
$ 109,750
|
|
|
Total Computers
|
$ 109,750
|
|
|
Diversified Financial Services — 1.0%
|
|
|
1,700,000
|
Avation Capital SA, 6.5%, 5/15/21 (144A)
|
$ 1,105,000
|
|
440,000
|
Nationstar Mortgage Holdings, Inc., 5.5%,
|
|
|
|
8/15/28 (144A)
|
453,200
|
|
1,000,000
|
Nationstar Mortgage Holdings, Inc., 9.125%,
|
|
|
|
7/15/26 (144A)
|
1,073,750
|
|
|
Total Diversified Financial Services
|
$ 2,631,950
|
|
|
Engineering & Construction — 0.4%
|
|
|
1,000,000
|
PowerTeam Services LLC, 9.033%, 12/4/25 (144A)
|
$ 1,097,500
|
|
|
Total Engineering & Construction
|
$ 1,097,500
|
|
|
Entertainment — 1.0%
|
|
|
1,000,000
|
Caesars Entertainment, Inc., 8.125%, 7/1/27 (144A)
|
$ 1,099,945
|
|
1,500,000
|
Enterprise Development Authority, 12.0%,
|
|
|
|
7/15/24 (144A)
|
1,680,000
|
|
|
Total Entertainment
|
$ 2,779,945
|
|
|
Environmental Control — 0.4%
|
|
|
940,000
|
Covanta Holding Corp., 5.0%, 9/1/30
|
$ 1,001,100
|
|
|
Total Environmental Control
|
$ 1,001,100
|
|
|
Forest Products & Paper — 0.6%
|
|
|
1,515,000
|
Schweitzer-Mauduit International, Inc., 6.875%,
|
|
|
|
10/1/26 (144A)
|
$ 1,604,582
|
|
|
Total Forest Products & Paper
|
$ 1,604,582
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Healthcare-Products — 0.1%
|
|
|
380,000
|
Varex Imaging Corp., 7.875%, 10/15/27 (144A)
|
$ 389,644
|
|
|
Total Healthcare-Products
|
$ 389,644
|
|
|
Healthcare-Services — 0.5%
|
|
|
1,000,000
|
RegionalCare Hospital Partners Holdings, Inc./LifePoint
|
|
|
|
Health, Inc., 9.75%, 12/1/26 (144A)
|
$ 1,099,080
|
|
395,000
|
West Street Merger Sub, Inc., 6.375%, 9/1/25 (144A)
|
405,369
|
|
|
Total Healthcare-Services
|
$ 1,504,449
|
|
|
Holding Companies-Diversified — 0.6%
|
|
|
1,520,000
|
VistaJet Malta Finance plc/XO Management
|
|
|
|
Holding, Inc., 10.5%, 6/1/24 (144A)
|
$ 1,527,600
|
|
|
Total Holding Companies-Diversified
|
$ 1,527,600
|
|
|
Home Builders — 0.4%
|
|
|
1,000,000
|
Beazer Homes USA, Inc., 6.75%, 3/15/25
|
$ 1,038,750
|
|
85,000
|
Winnebago Industries, Inc., 6.25%, 7/15/28 (144A)
|
92,013
|
|
|
Total Home Builders
|
$ 1,130,763
|
|
|
Housewares — 0.0%†
|
|
|
70,000
|
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25 (144A)
|
$ 75,075
|
|
|
Total Housewares
|
$ 75,075
|
|
|
Iron & Steel — 0.9%
|
|
|
625,000
|
Carpenter Technology Corp., 6.375%, 7/15/28
|
$ 680,919
|
|
1,645,000
|
Cleveland-Cliffs, Inc., 9.875%, 10/17/25 (144A)
|
1,918,481
|
|
|
Total Iron & Steel
|
$ 2,599,400
|
|
|
Leisure Time — 0.0%†
|
|
|
105,000
|
Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A)
|
$ 113,663
|
|
|
Total Leisure Time
|
$ 113,663
|
|
|
Lodging — 0.4%
|
|
|
1,000,000
|
Station Casinos LLC, 4.5%, 2/15/28 (144A)
|
$ 985,000
|
|
|
Total Lodging
|
$ 985,000
|
|
|
Media — 0.6%
|
|
|
1,111,000
|
Diamond Sports Group LLC/Diamond Sports
|
|
|
|
Finance Co., 6.625%, 8/15/27 (144A)
|
$ 637,103
|
|
1,000,000
|
Sinclair Television Group, Inc., 5.5%, 3/1/30 (144A)
|
1,001,250
|
|
|
Total Media
|
$ 1,638,353
|
|
|
Mining — 0.5%
|
|
|
1,000,000
|
Hudbay Minerals, Inc., 7.625%, 1/15/25 (144A)
|
$ 1,042,500
|
|
388,000
|
Joseph T Ryerson & Son, Inc., 8.5%, 8/1/28 (144A)
|
422,920
|
|
|
Total Mining
|
$ 1,465,420
|
|
|
Miscellaneous Manufacturers — 0.4%
|
|
|
1,000,000
|
Koppers, Inc., 6.0%, 2/15/25 (144A)
|
$ 1,031,250
|
|
|
Total Miscellaneous Manufacturers
|
$ 1,031,250
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Oil & Gas — 0.9%
|
|
|
1,000,000
|
Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A)
|
$ 1,010,000
|
|
1,500,000
|
MEG Energy Corp., 7.125%, 2/1/27 (144A)
|
1,470,000
|
|
|
Total Oil & Gas
|
$ 2,480,000
|
|
|
Pharmaceuticals — 0.4%
|
|
|
1,000,000
|
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.5%,
|
|
|
|
7/31/27 (144A)
|
$ 1,100,405
|
|
|
Total Pharmaceuticals
|
$ 1,100,405
|
|
|
REITs — 0.8%
|
|
|
1,000,000
|
iStar, Inc., 4.75%, 10/1/24
|
$ 1,000,000
|
|
1,065,000
|
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL
|
|
|
|
Capital LLC, 7.875%, 2/15/25 (144A)
|
1,131,914
|
|
|
Total REITs
|
$ 2,131,914
|
|
|
Retail — 0.9%
|
|
|
1,000,000
|
Beacon Roofing Supply, Inc., 4.875%, 11/1/25 (144A)
|
$ 1,013,500
|
|
95,000
|
L Brands, Inc., 6.625%, 10/1/30 (144A)
|
104,034
|
|
1,250,000
|
Michaels Stores, Inc., 8.0%, 7/15/27 (144A)
|
1,287,500
|
|
|
Total Retail
|
$ 2,405,034
|
|
|
Transportation — 0.5%
|
|
|
935,421(a)
|
Golar LNG Partners LP, 6.463% (3 Month USD LIBOR +
|
|
|
|
625 bps), 11/22/21
|
$ 757,691
|
|
767,959(a)
|
Golar LNG Partners LP, 8.321% (3 Month USD LIBOR +
|
|
|
|
810 bps), 11/15/22 (144A)
|
599,008
|
|
|
Total Transportation
|
$ 1,356,699
|
|
|
TOTAL CORPORATE BONDS
|
|
|
|
(Cost $40,275,104)
|
$ 41,925,481
|
|
|
INSURANCE-LINKED SECURITIES — 0.7% of
|
|
|
|
Net Assets#
|
|
|
|
Event Linked Bond — 0.1%
|
|
|
|
Windstorm – U.S. Regional — 0.1%
|
|
|
250,000(a)
|
Matterhorn Re, 7.076% (3 Month U.S. Treasury Bill +
|
|
|
|
700 bps), 12/7/21 (144A)
|
$ 254,325
|
|
|
Total Event Linked Bond
|
$ 254,325
|
|
|
|||
Face
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
|
|
|
Collateralized Reinsurance — 0.0%†
|
|
|
|
Multiperil – Worldwide — 0.0%†
|
|
|
27,000+(d)(g)
|
Limestone Re 2019-2, 3/1/23 (144A)
|
$ 42,412
|
|
300,000+(d)(g)
|
Resilience Re, 4/6/21
|
30
|
|
|
|
$ 42,442
|
Face
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Windstorm – Florida — 0.0%†
|
|
|
250,000+(d)(g)
|
Formby Re 2018, 2/28/21
|
$ 44,229
|
|
|
Total Collateralized Reinsurance
|
$ 86,671
|
|
|
Reinsurance Sidecars — 0.6%
|
|
|
|
Multiperil – U.S. — 0.0%†
|
|
|
250,000+(d)(g)
|
Carnoustie Re 2017, 11/30/21
|
$ 32,950
|
|
250,000+(h)
|
Harambee Re 2018, 12/31/21
|
4,662
|
|
250,000+(h)
|
Harambee Re 2019, 12/31/22
|
4,050
|
|
|
|
$ 41,662
|
|
|
Multiperil – Worldwide — 0.6%
|
|
|
3,037+(g)(h)
|
Alturas Re 2019-2, 3/10/22
|
$ 16,206
|
|
246,000+(g)(h)
|
Alturas Re 2020-2, 3/10/23
|
273,577
|
|
250,000+(d)(g)
|
Bantry Re 2016, 3/31/21
|
20,150
|
|
1,270,809+(d)(g)
|
Berwick Re 2018-1, 12/31/21
|
154,657
|
|
907,913+(d)(g)
|
Berwick Re 2019-1, 12/31/22
|
108,496
|
|
20,000+(g)
|
Eden Re II, 3/22/22 (144A)
|
13,770
|
|
3,800+(g)
|
Eden Re II, 3/22/23 (144A)
|
14,782
|
|
250,000+(d)(g)
|
Gleneagles Re 2016, 11/30/20
|
7,800
|
|
300,000+(h)
|
Lorenz Re 2018, 7/1/21
|
15,060
|
|
199,590+(h)
|
Lorenz Re 2019, 6/30/22
|
13,153
|
|
300,000+(d)(g)
|
Merion Re 2018-2, 12/31/21
|
335,482
|
|
400,000+(d)(g)
|
Pangaea Re 2018-1, 12/31/21
|
8,422
|
|
400,000+(d)(g)
|
Pangaea Re 2018-3, 7/1/22
|
8,297
|
|
327,699+(d)(g)
|
Pangaea Re 2019-1, 2/1/23
|
6,828
|
|
294,125+(d)(g)
|
Pangaea Re 2019-3, 7/1/23
|
10,580
|
|
324,259+(d)(g)
|
Pangaea Re 2020-1, 2/1/24
|
355,431
|
|
150,000+(d)(g)
|
Sector Re V, 12/1/23 (144A)
|
45,510
|
|
100,000+(d)(g)
|
Sector Re V, 12/1/24 (144A)
|
114,628
|
|
400,000+(d)(g)
|
St. Andrews Re 2017-1, 2/1/21
|
27,120
|
|
347,597+(d)(g)
|
St. Andrews Re 2017-4, 6/1/21
|
34,204
|
|
253,645+(d)(g)
|
Woburn Re 2018, 12/31/21
|
23,370
|
|
244,914+(d)(g)
|
Woburn Re 2019, 12/31/22
|
83,452
|
|
|
|
$ 1,690,975
|
|
|
Total Reinsurance Sidecars
|
$ 1,732,637
|
|
|
TOTAL INSURANCE-LINKED SECURITIES
|
|
|
|
(Cost $2,329,561)
|
$ 2,073,633
|
Shares
|
|
Value
|
|
|
INVESTMENT COMPANIES — 8.6% of Net
|
||
|
Assets
|
|
|
450,000
|
Invesco Senior Loan ETF (formerly, PowerShares
|
|
|
|
Senior Loan Portfolio)
|
$ 9,904,500
|
|
305,752
|
SPDR Blackstone/GSO Senior Loan ETF
|
13,795,530
|
|
|
TOTAL INVESTMENT COMPANIES
|
|
|
|
(Cost $23,271,722)
|
$ 23,700,030
|
|
|
RIGHT/WARRANT — 0.1% of Net Assets
|
||
|
Telecommunication Services — 0.1%
|
|
|
17,944^(d)(i)
|
Windstream Holding, Inc., 12/31/49
|
$ 170,295
|
|
|
Total Telecommunication Services
|
$ 170,295
|
|
|
TOTAL RIGHT/WARRANT
|
|
|
|
(Cost $170,297)
|
$ 170,295
|
|
|
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 125.1%
|
|
|
|
(Cost $347,910,619)
|
$345,531,437
|
|
|
OTHER ASSETS AND LIABILITIES — (25.1)%
|
$ (69,297,586)
|
|
|
NET ASSETS — 100.0%
|
$276,233,851
|
bps
|
Basis Points.
|
FREMF
|
Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
|
LIBOR
|
London Interbank Offered Rate.
|
PRIME
|
U.S. Federal Funds Rate.
|
REIT
|
Real Estate Investment Trust.
|
SOFRRATE
|
Secured Overnight Financing Rate.
|
(144A)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At November 30, 2020, the value of
these securities amounted to $46,097,074, or 16.7% of net assets.
|
†
|
Amount rounds to less than 0.1%.
|
*
|
Senior secured floating rate loan interests in which the Trust invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the
lending rate offered by one or more major European banks, such as LIBOR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial
lenders. The interest rate shown is the rate accruing at November 30, 2020.
|
^
|
Security is valued using fair value methods (other than supplied by independent pricing services).
|
+
|
Security that used significant unobservable inputs to determine its value.
|
(a)
|
Floating rate note. Coupon rate, reference index and spread shown at November 30, 2020.
|
(b)
|
This term loan will settle after November 30, 2020, at which time the interest rate will be determined.
|
(c)
|
Security is in default.
|
(d)
|
Non-income producing security.
|
(e)
|
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at November 30, 2020.
|
(f)
|
Security is perpetual in nature and has no stated maturity date.
|
(g)
|
Issued as participation notes.
|
(h)
|
Issued as preference shares.
|
(i)
|
Windstream Holding, Inc. warrants are exercisable into 17,944 shares.
|
#
|
Securities are restricted as to resale.
|
Restricted Securities
|
Acquisition date
|
Cost
|
Value
|
||||||
Alturas Re 2019-2
|
12/19/2018
|
$
|
3,037
|
$
|
16,206
|
||||
Alturas Re 2020-2
|
1/1/2020
|
246,000
|
273,577
|
||||||
Bantry Re 2016
|
2/6/2019
|
20,150
|
20,150
|
||||||
Berwick Re 2018-1
|
1/10/2018
|
242,108
|
154,657
|
||||||
Berwick Re 2019-1
|
12/31/2018
|
108,488
|
108,496
|
||||||
Carnoustie Re 2017
|
1/5/2017
|
59,439
|
32,950
|
||||||
Eden Re II
|
12/15/2017
|
1,195
|
13,770
|
||||||
Eden Re II
|
1/22/2019
|
446
|
14,782
|
||||||
Formby Re 2018
|
7/9/2018
|
37,013
|
44,229
|
||||||
Gleneagles Re 2016
|
1/14/2016
|
—
|
7,800
|
||||||
Harambee Re 2018
|
12/19/2017
|
19,513
|
4,662
|
||||||
Harambee Re 2019
|
12/20/2018
|
—
|
4,050
|
||||||
Limestone Re 2019-2
|
6/20/2018
|
27,000
|
42,412
|
||||||
Lorenz Re 2018
|
6/26/2018
|
80,485
|
15,060
|
||||||
Lorenz Re 2019
|
6/26/2019
|
64,926
|
13,153
|
||||||
Matterhorn Re
|
4/30/2020
|
250,000
|
254,325
|
||||||
Merion Re 2018-2
|
12/28/2017
|
300,000
|
335,482
|
||||||
Pangaea Re 2018-1
|
12/26/2017
|
57,203
|
8,422
|
||||||
Pangaea Re 2018-3
|
5/31/2018
|
96,345
|
8,297
|
||||||
Pangaea Re 2019-1
|
1/9/2019
|
3,440
|
6,828
|
||||||
Pangaea Re 2019-3
|
7/25/2019
|
8,824
|
10,580
|
||||||
Pangaea Re 2020-1
|
1/21/2020
|
324,259
|
355,431
|
||||||
Resilience Re
|
4/13/2017
|
980
|
30
|
||||||
Sector Re V
|
12/4/2018
|
82,093
|
45,510
|
||||||
Sector Re V
|
1/1/2020
|
100,000
|
114,628
|
||||||
St. Andrews Re 2017-1
|
1/5/2017
|
27,099
|
27,120
|
||||||
St. Andrews Re 2017-4
|
3/31/2017
|
—
|
34,204
|
||||||
Woburn Re 2018
|
3/20/2018
|
94,515
|
23,370
|
||||||
Woburn Re 2019
|
1/30/2019
|
75,003
|
83,452
|
||||||
Total Restricted Securities
|
|
$
|
2,073,633
|
||||||
% of Net assets
|
|
0.7
|
%
|
|
Purchases
|
Sales
|
||||||
Long-Term U.S. Government Securities
|
$
|
5,005,331
|
$
|
4,997,093
|
||||
Other Long-Term Securities
|
$
|
266,865,635
|
$
|
325,867,280
|
|
||||
Aggregate gross unrealized appreciation for all investments in which
|
||||
there is an excess of value over tax cost
|
$
|
6,991,486
|
||
Aggregate gross unrealized depreciation for all investments in which
|
||||
there is an excess of tax cost over value
|
(10,036,688
|
)
|
||
Net unrealized depreciation
|
$
|
(3,045,202
|
)
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Senior Secured Floating Rate
|
||||||||||||||||
Loan Interests
|
$
|
—
|
$
|
267,007,865
|
$
|
—
|
$
|
267,007,865
|
||||||||
Common Stocks
|
||||||||||||||||
Specialty Retail
|
—
|
—
|
120,576
|
120,576
|
||||||||||||
All Other Common Stock
|
1,347,381
|
—
|
—
|
1,347,381
|
||||||||||||
Asset Backed Securities
|
—
|
3,743,431
|
—
|
3,743,431
|
||||||||||||
Collateralized Mortgage
|
||||||||||||||||
Obligations
|
—
|
4,166,681
|
—
|
4,166,681
|
||||||||||||
Commercial Mortgage-Backed
|
||||||||||||||||
Securities
|
—
|
1,276,064
|
—
|
1,276,064
|
||||||||||||
Corporate Bonds
|
—
|
41,925,481
|
—
|
41,925,481
|
||||||||||||
Insurance-Linked Securities
|
||||||||||||||||
Collateralized Reinsurance
|
||||||||||||||||
Multiperil - Worldwide
|
—
|
—
|
42,442
|
42,442
|
||||||||||||
Windstorm - Florida
|
—
|
—
|
44,229
|
44,229
|
||||||||||||
Reinsurance Sidecars
|
||||||||||||||||
Multiperil - U.S.
|
—
|
—
|
41,662
|
41,662
|
||||||||||||
Multiperil - Worldwide
|
—
|
—
|
1,690,975
|
1,690,975
|
||||||||||||
All Other Insurance-Linked
|
||||||||||||||||
Security
|
—
|
254,325
|
—
|
254,325
|
||||||||||||
Investment Companies
|
23,700,030
|
—
|
—
|
23,700,030
|
||||||||||||
Right/Warrant
|
—
|
170,295
|
—
|
170,295
|
||||||||||||
Total Investments in Securities
|
$
|
25,047,411
|
$
|
318,544,142
|
$
|
1,939,884
|
$
|
345,531,437
|
||||||||
Other Financial Instruments
|
||||||||||||||||
Credit agreement(a)
|
$
|
—
|
$
|
(105,450,000
|
)
|
$
|
—
|
$
|
(105,450,000
|
)
|
||||||
Total Other Financial Instruments
|
$
|
—
|
$
|
(105,450,000
|
)
|
$
|
—
|
$
|
(105,450,000
|
)
|
|
Change in
|
|||||||||||||||||||||||||||
|
Balance
|
Realized
|
unrealized
|
Accrued
|
Balance
|
|||||||||||||||||||||||
|
as of
|
gain
|
appreciation
|
discounts/
|
as of
|
|||||||||||||||||||||||
|
11/30/19
|
(loss)(1)
|
(depreciation)(2)
|
Purchases
|
Sales
|
premiums
|
11/30/20
|
|||||||||||||||||||||
Common Stocks
|
||||||||||||||||||||||||||||
Health Care
|
||||||||||||||||||||||||||||
Technology
|
$
|
2,096
|
$
|
312,341
|
$
|
—
|
$
|
—
|
$
|
(314,437
|
)
|
$
|
—
|
$
|
—
|
|||||||||||||
Specialty Retail
|
108,702
|
—
|
11,874
|
—
|
—
|
—
|
120,576
|
|||||||||||||||||||||
Insurance-Linked
|
||||||||||||||||||||||||||||
Securities
|
||||||||||||||||||||||||||||
Collateralized
|
||||||||||||||||||||||||||||
Reinsurance
|
||||||||||||||||||||||||||||
Multiperil -
|
||||||||||||||||||||||||||||
U.S. Regional
|
248,379
|
—
|
(11,494
|
)
|
—
|
(236,885
|
)
|
—
|
—
|
|||||||||||||||||||
Multiperil -
|
||||||||||||||||||||||||||||
Worldwide
|
397,211
|
(32,920
|
)
|
50,564
|
—
|
(372,413
|
)
|
—
|
42,442
|
|||||||||||||||||||
Windstorms –
|
||||||||||||||||||||||||||||
Florida
|
79,929
|
—
|
(1,912
|
)
|
88,105
|
(121,893
|
)
|
—
|
44,229
|
|||||||||||||||||||
Reinsurance
|
||||||||||||||||||||||||||||
Sidecars
|
||||||||||||||||||||||||||||
Multiperil - U.S.
|
386,450
|
—
|
(24,618
|
)
|
—
|
(320,170
|
)
|
—
|
41,662
|
|||||||||||||||||||
Multiperil -
|
||||||||||||||||||||||||||||
Worldwide
|
3,710,611
|
(70,134
|
)
|
81,671
|
670,259
|
(2,701,432
|
)
|
—
|
1,690,975
|
|||||||||||||||||||
Total
|
$
|
4,933,378
|
$
|
209,287
|
$
|
106,085
|
$
|
758,364
|
$
|
(4,067,230
|
)
|
$
|
—
|
$
|
1,939,884
|
(1) | Realized gain (loss) on these securities is included in the realized gain (loss) from investments on the Statement of Operations. | |
(2) | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations. | |
* | Transfers are calculated on the beginning of period value. For the year ended November 30, 2020, there were no transfers between Levels 1, 2 and 3. | |
Net change in unrealized appreciation (depreciation) of Level 3 investments
|
|
|
still held and considered Level 3 at November 30, 2020:
|
$41,150
|
ASSETS:
|
||||
Investments in unaffiliated issuers, at value (cost $347,910,619)
|
$
|
345,531,437
|
||
Cash
|
6,847,246
|
|||
Receivables —
|
||||
Distribution paid in advance
|
1,546,136
|
|||
Investment securities sold
|
32,604,401
|
|||
Dividends
|
33,525
|
|||
Interest
|
2,010,889
|
|||
Other assets
|
8
|
|||
Total assets
|
$
|
388,573,642
|
||
LIABILITIES:
|
||||
Payables —
|
||||
Credit agreement
|
$
|
105,450,000
|
||
Investment securities purchased
|
4,872,958
|
|||
Interest expense
|
3,469
|
|||
Distributions
|
1,546,136
|
|||
Trustees’ fees
|
5,029
|
|||
Unrealized depreciation on unfunded loan commitments
|
1,912
|
|||
Due to affiliates
|
35,115
|
|||
Accrued expenses
|
425,172
|
|||
Total liabilities
|
$
|
112,339,791
|
||
NET ASSETS:
|
||||
Paid-in capital
|
$
|
344,939,989
|
||
Distributable earnings (loss)
|
(68,706,138
|
)
|
||
Net assets
|
$
|
276,233,851
|
||
NET ASSET VALUE PER SHARE:
|
||||
No par value
|
||||
Based on $276,233,851/24,738,174 shares
|
$
|
11.17
|
INVESTMENT INCOME:
|
||||||||
Interest from unaffiliated issuers
|
$
|
23,417,100
|
||||||
Dividends from unaffiliated issuers
|
330,087
|
|||||||
Total investment income
|
$
|
23,747,187
|
||||||
EXPENSES:
|
||||||||
Management fees
|
$
|
2,686,130
|
||||||
Administrative expense
|
181,984
|
|||||||
Transfer agent fees
|
17,924
|
|||||||
Shareowner communications expense
|
78,317
|
|||||||
Custodian fees
|
94,608
|
|||||||
Professional fees
|
221,435
|
|||||||
Proxy related expenses (Note 9)
|
1,294,113
|
|||||||
Printing expense
|
184,140
|
|||||||
Pricing fees
|
38,282
|
|||||||
Trustees’ fees
|
13,550
|
|||||||
Insurance expense
|
813
|
|||||||
Interest expense
|
1,888,336
|
|||||||
Miscellaneous
|
223,859
|
|||||||
Total expenses
|
$
|
6,923,491
|
||||||
Net investment income
|
$
|
16,823,696
|
||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
|
||||||||
Net realized gain (loss) on:
|
||||||||
Investments in unaffiliated issuers
|
$
|
(15,531,740
|
)
|
|||||
Swap contracts
|
(2,327,585
|
)
|
||||||
Other assets and liabilities denominated in
|
||||||||
foreign currencies
|
(3,831
|
)
|
$
|
(17,863,156
|
)
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||||||
Investments in unaffiliated issuers
|
$
|
3,167,001
|
||||||
Swap contracts
|
(261,360
|
)
|
||||||
Unfunded loan commitments
|
2,491
|
|||||||
Other assets and liabilities denominated in
|
||||||||
foreign currencies
|
2,989
|
$
|
2,911,121
|
|||||
Net realized and unrealized gain (loss) on investments
|
$
|
(14,952,035
|
)
|
|||||
Net increase in net assets resulting from operations
|
$
|
1,871,661
|
|
Year
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
11/30/20
|
11/30/19
|
||||||
FROM OPERATIONS:
|
||||||||
Net investment income (loss)
|
$
|
16,823,696
|
$
|
17,994,475
|
||||
Net realized gain (loss) on investments
|
(17,863,156
|
)
|
(9,886,339
|
)
|
||||
Change in net unrealized appreciation (depreciation)
|
||||||||
on investments
|
2,911,121
|
4,901,588
|
||||||
Net increase in net assets resulting from operations
|
$
|
1,871,661
|
$
|
13,009,724
|
||||
DISTRIBUTIONS TO SHAREOWNERS:
|
||||||||
($0.74 and $0.74 per share, respectively)
|
$
|
(18,368,094
|
)
|
$
|
(18,182,558
|
)
|
||
Total distributions to shareowners
|
$
|
(18,368,094
|
)
|
$
|
(18,182,558
|
)
|
||
Net decrease in net assets
|
$
|
(16,496,433
|
)
|
$
|
(5,172,834
|
)
|
||
NET ASSETS:
|
||||||||
Beginning of year
|
$
|
292,730,284
|
$
|
297,903,118
|
||||
End of year
|
$
|
276,233,851
|
$
|
292,730,284
|
Cash Flows From Operating Activities:
|
||||
Net increase in net assets resulting from operations
|
$
|
1,871,661
|
||
Adjustments to reconcile net decrease in net assets resulting from operations
|
||||
to net cash, restricted cash and foreign currencies from operating activities:
|
||||
Purchases of investment securities
|
$
|
(343,394,059
|
)
|
|
Proceeds from disposition and maturity of investment securities
|
374,233,109
|
|||
Net sales of temporary cash investments
|
11,020,000
|
|||
Net accretion and amortization of discount/premium on investment securities
|
(1,967,495
|
)
|
||
Change in unrealized appreciation on investments in unaffiliated issuers
|
(3,167,001
|
)
|
||
Change in unrealized appreciation on unfunded loan commitments
|
(2,491
|
)
|
||
Change in unrealized appreciation on swap contracts
|
261,360
|
|||
Change in unrealized appreciation on other assets and liabilities denominated
|
||||
in foreign currencies
|
(2,989
|
)
|
||
Net realized loss on investments in unaffiliated issuers
|
15,531,740
|
|||
Net premiums received on swap contracts
|
877,234
|
|||
Increase in interest receivable
|
(678,100
|
)
|
||
Decrease in other assets
|
25
|
|||
Decrease in due to affiliates
|
(22,912
|
)
|
||
Decrease in trustees’ fees payable
|
(1,771
|
)
|
||
Increase in accrued expenses payable
|
200,538
|
|||
Decrease in cash due to broker
|
(1,133,779
|
)
|
||
Decrease in variation margin for swap contracts
|
(1,464
|
)
|
||
Net cash, restricted cash and foreign currencies from operating activities
|
$
|
53,623,606
|
||
Cash Flows Used in Financing Activities:
|
||||
Borrowings received
|
$
|
8,000,000
|
||
Borrowings repaid
|
(42,000,000
|
)
|
||
Decrease in interest expense payable
|
(111,144
|
)
|
||
Distributions to shareowners
|
(18,368,094
|
)
|
||
Net cash, restricted cash and foreign currencies used in financing activities
|
$
|
(52,479,238
|
)
|
|
Effect of Foreign Exchange Fluctuations on Cash:
|
||||
Effect of foreign exchange fluctuations on cash
|
$
|
2,989
|
||
Cash, Restricted Cash and Foreign Currencies:
|
||||
Beginning of year*
|
$
|
5,699,889
|
||
End of year*
|
$
|
6,847,246
|
||
Cash Flow Information:
|
||||
Cash paid for interest
|
$
|
1,999,480
|
|
||||||||
|
Year Ended
|
Year Ended
|
||||||
|
11/30/20
|
11/30/19
|
||||||
Cash
|
$
|
6,847,246
|
$
|
4,920,837
|
||||
Foreign currencies, at value
|
—
|
31,145
|
||||||
Swaps collateral
|
—
|
747,907
|
||||||
Total cash, restricted cash and foreign currencies
|
||||||||
shown in the Statement of Cash Flows
|
$
|
6,847,246
|
$
|
5,699,889
|
|
Year
|
Year
|
Year
|
Year
|
Year
|
|||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||||
|
11/30/20
|
11/30/19
|
11/30/18
|
11/30/17
|
11/30/16*
|
|||||||||||||||
Per Share Operating Performance
|
||||||||||||||||||||
Net asset value, beginning of period
|
$
|
11.83
|
$
|
12.04
|
$
|
12.42
|
$
|
12.50
|
$
|
12.30
|
||||||||||
Increase (decrease) from investment operations: (a)
|
||||||||||||||||||||
Net investment income
|
$
|
0.68
|
$
|
0.73
|
$
|
0.74
|
$
|
0.71
|
$
|
0.77
|
||||||||||
Net realized and unrealized gain (loss) on investments
|
(0.60
|
)
|
(0.20
|
)
|
(0.40
|
)
|
(0.06
|
)
|
0.15
|
|||||||||||
Net increase (decrease) from investment operations
|
$
|
0.08
|
$
|
0.53
|
$
|
0.34
|
$
|
0.65
|
$
|
0.92
|
||||||||||
Distributions to shareowners from:
|
||||||||||||||||||||
Net investment income and previously undistributed net investment income
|
$
|
(0.74)
|
(b)
|
$
|
(0.74)
|
(b)
|
$
|
(0.72
|
)
|
$
|
(0.73)
|
(b)
|
$
|
(0.72
|
)
|
|||||
Net increase (decrease) in net asset value
|
$
|
(0.66
|
)
|
$
|
(0.21
|
)
|
$
|
(0.38
|
)
|
$
|
(0.08
|
)
|
$
|
0.20
|
||||||
Net asset value, end of period
|
$
|
11.17
|
$
|
11.83
|
$
|
12.04
|
$
|
12.42
|
$
|
12.50
|
||||||||||
Market value, end of period
|
$
|
10.73
|
$
|
10.53
|
$
|
10.40
|
$
|
11.47
|
$
|
11.78
|
||||||||||
Total return at net asset value (c)
|
1.89
|
%
|
5.38
|
%
|
3.34
|
%
|
5.55
|
%
|
8.31
|
%
|
||||||||||
Total return at market value (c)
|
9.96
|
%
|
8.59
|
%
|
(3.34
|
)%
|
3.43
|
%
|
15.92
|
%
|
||||||||||
Ratios to average net assets of shareowners:
|
||||||||||||||||||||
Total expenses plus interest expense (d)
|
2.58
|
%
|
2.90
|
%
|
2.56
|
%
|
2.21
|
%
|
1.96
|
%
|
||||||||||
Net investment income available to shareowners
|
6.26
|
%
|
6.08
|
%
|
5.98
|
%
|
5.62
|
%
|
6.32
|
%
|
||||||||||
Portfolio turnover rate
|
73
|
%
|
48
|
%
|
34
|
%
|
75
|
%
|
52
|
%
|
||||||||||
Net assets, end of period (in thousands)
|
$
|
276,234
|
$
|
292,730
|
$
|
297,903
|
$
|
307,195
|
$
|
309,308
|
|
Year
|
Year
|
Year
|
Year
|
Year
|
|||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||||
|
11/30/20
|
11/30/19
|
11/30/18
|
11/30/17
|
11/30/16*
|
|||||||||||||||
Total amount of debt outstanding (in thousands)
|
$
|
105,450
|
$
|
139,450
|
$
|
143,450
|
$
|
143,450
|
$
|
143,450
|
||||||||||
Asset coverage per $1,000 of indebtedness
|
$
|
3,620
|
$
|
3,099
|
$
|
3,077
|
$
|
3,141
|
$
|
3,156
|
*
|
The Trust was audited by an independent registered public accounting firm other than Ernst & Young LLP.
|
(a)
|
The per common share data presented above is based upon the average common shares outstanding for the periods presented.
|
(b)
|
The amount of distributions made to shareowners during the period was in excess of the net investment income earned by the Trust during the period. The Trust has accumulated undistributed net investment income which is the part of the
Trust’s net asset value (“NAV”). A portion of this accumulated net investment income was distributed to shareowners during the period.
|
(c)
|
Total investment return is calculated assuming a purchase of common shares at the current net asset value or market value on the first day and a sale at the current net asset value or market value on the last day of the periods reported.
Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions. Past
performance is not a guarantee of future results.
|
(d)
|
Includes interest expense of 0.70%, 1.60%, 1.35%, 0.95% and 0.63%, respectively.
|
|
||||||||
|
2020
|
2019
|
||||||
Distributions paid from:
|
||||||||
Ordinary income
|
$
|
18,368,094
|
$
|
18,182,558
|
||||
Total
|
$
|
18,368,094
|
$
|
18,182,558
|
|
||||
|
2020
|
|||
Distributable earnings/(losses):
|
||||
Undistributed ordinary income
|
$
|
833,701
|
||
Capital loss carryforward
|
(64,946,589
|
)
|
||
Other book/tax temporary differences
|
(1,546,136
|
)
|
||
Unrealized depreciation
|
(3,047,114
|
)
|
||
Total
|
$
|
(68,706,138
|
)
|
Statement of Operations
|
||||||||||||||||||||
|
Foreign
|
|||||||||||||||||||
|
Interest
|
Credit
|
Exchange
|
Equity
|
Commodity
|
|||||||||||||||
|
Rate Risk
|
Risk
|
Rate Risk
|
Risk
|
Risk
|
|||||||||||||||
Net realized
|
||||||||||||||||||||
gain (loss) on:
|
||||||||||||||||||||
Swap contracts
|
$
|
—
|
$
|
(2,327,585
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||||
Total Value
|
$
|
—
|
$
|
(2,327,585
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||||
Change in net
|
||||||||||||||||||||
unrealized
|
||||||||||||||||||||
appreciation
|
||||||||||||||||||||
(depreciation) on:
|
||||||||||||||||||||
Swap contracts
|
$
|
—
|
$
|
(261,360
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||||
Total Value
|
$
|
—
|
$
|
(261,360
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
|
Unrealized
|
|||||||||||||||
|
Appreciation
|
|||||||||||||||
Loan
|
Principal
|
Cost
|
Value
|
(Depreciation)
|
||||||||||||
Spectacle Gary
|
||||||||||||||||
Holdings LLC
|
$
|
138,224
|
$
|
137,199
|
$
|
135,287
|
$
|
(1,912
|
)
|
|||||||
Total Value
|
$
|
138,224
|
$
|
137,199
|
$
|
135,287
|
$
|
(1,912
|
)
|
|
11/30/20
|
11/30/19
|
||||||
Shares outstanding at beginning of year
|
24,738,174
|
24,738,174
|
||||||
Shares outstanding at end of year
|
24,738,174
|
24,738,174
|
Nominee
|
For
|
Withhold
|
||||||
Diane P. Durnin
|
15,041,926
|
385,052
|
||||||
Benjamin M. Friedman
|
14,941,015
|
485,963
|
||||||
Kenneth J. Taubes
|
15,044,382
|
382,596
|
• |
In an attempt to hedge against adverse changes in the market prices of securities, interest rates or currency exchange rates
|
•
|
As a substitute for purchasing or selling securities
|
•
|
To attempt to increase the Trust’s return as a non-hedging strategy that may be considered speculative
|
•
|
To manage portfolio characteristics (for example, the duration or credit quality of the Trust’s portfolio)
|
•
|
As a cash flow management technique
|
(1)
|
Issue senior securities, other than as permitted by the 1940 Act.
|
(2)
|
Borrow money, other than as permitted by the 1940 Act.
|
(3)
|
Invest in real estate, except the Trust may invest in securities of issuers that invest in real estate or interests therein, securities that are secured by real estate or interests therein, securities of real
estate investment trusts, mortgage-backed securities and other securities that represent a similar indirect interest in real estate, and the Trust may acquire real estate or interests therein through exercising rights or remedies with
regard to an instrument.
|
(4)
|
Make loans, except that the Trust may (i) make loans or lend portfolio securities in accordance with the Trust’s investment policies, (ii) enter into repurchase agreements, (iii) purchase all or a portion of an
issue of publicly distributed debt securities, bank loan participation interests, bank certificates of deposit, acceptances, debentures or other securities, whether or not the purchase is made upon the original issuance of the securities,
(iv) participate in a credit facility whereby the Trust may directly lend to and borrow money from other affiliated funds to the extent permitted under the 1940 Act or an exemption therefrom and (v) make loans in any other manner consistent
with applicable law, as amended and interpreted or modified from time to time by any regulatory authority having jurisdiction.
|
(5)
|
Invest in commodities or commodity contracts, except that the Trust may invest in currency instruments and contracts and financial instruments and contracts that might be deemed to be commodities and commodity
contracts.
|
(6)
|
Act as an underwriter, except insofar as the Trust technically may be deemed to be an underwriter in connection with the purchase or sale of its portfolio securities.
|
(7)
|
Invest 25% or more of the value of its total assets in any one industry, provided that this limitation does not apply to the purchase of obligations issued or guaranteed by the U.S government, its agencies or
instrumentalities.
|
(8)
|
Amend its policy to invest at least 80% of its assets in Senior Loans.
|
|
|
Borrowings under Credit Agreement as a percentage of total managed assets
|
|
(including assets attributable to borrowings)
|
27.63%
|
Annual effective interest rate payable by Trust on borrowings
|
1.04%
|
Annual return Trust portfolio must experience (net of expenses) to cover interest
|
|
rate on borrowings
|
0.29%
|
Common share total return for (10.00)% assumed portfolio total return
|
(14.21)%
|
Common share total return for (5.00)% assumed portfolio total return
|
(7.31)%
|
Common share total return for 0.00% assumed portfolio total return
|
(0.40)%
|
Common share total return for 5.00% assumed portfolio total return
|
6.51%
|
Common share total return for 10.00% assumed portfolio total return
|
13.42%
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Trust
|
Length of Service
|
Principal Occupation
|
Held by Trustee
|
Thomas J. Perna (70)
Chairman of the Board
and Trustee
|
Class III Trustee since
2006. Term expires
in 2021.
|
Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of
New York (financial and securities services) (1986 – 2004)
|
Director, Broadridge Financial Solutions, Inc. (investor communications and securities processing provider for financial services industry) (2009 – present); Director, Quadriserv, Inc. (2005 – 2013); and Commissioner, New Jersey State
Civil Service Commission (2011 – 2015)
|
John E.
Baumgardner, Jr. (69)
Trustee
|
Class I Trustee since
2019. Term expires
in 2021.
|
Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm).
|
Chairman, The Lakeville Journal Company, LLC, (privately-held community newspaper group) (2015-present)
|
Diane Durnin (63)
Trustee
|
Class II Trustee since
2020. Term expires
in 2023.
|
Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY
Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm)
(2000-2005); and Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000)
|
None
|
Benjamin M.
Friedman (76)
Trustee
|
Class II Trustee since
2008. Term expires
in 2023.
|
William Joseph Maier Professor of Political Economy, Harvard University (1972 – present)
|
Trustee, Mellon Institutional Funds Investment Trust and Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008)
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Trust
|
Length of Service
|
Principal Occupation
|
Held by Trustee
|
Lorraine H. Monchak (64)
Trustee
|
Class I Trustee since
2015 (Advisory Trustee
from 2014 - 2015). Term expires in 2022.
|
Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President –
Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage
Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987)
|
None
|
Marguerite A. Piret (72)
Trustee
|
Class III Trustee since
2003. Term expires
in 2021.
|
Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); and President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment
banking firm) (1981 – 2019)
|
Director of New America High
Income Fund, Inc. (closed-end
investment company) (2004 – present); and Member, Board of Governors, Investment Company Institute (2000 – 2006)
|
Fred J. Ricciardi (73)
Trustee
|
Class III Trustee since
2014. Term expires
in 2021.
|
Private investor (2020 – present); Consultant (investment company
services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment
Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland
(financial services) (1999-2006); and Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007)
|
None
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Trust
|
Length of Service
|
Principal Occupation
|
Held by Trustee
|
Lisa M. Jones (58)*
Trustee, President and
Chief Executive Officer
|
Class I Trustee since
2014. Term expires
in 2022.
|
Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor
US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018);
Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); and Director of
Amundi Holdings US, Inc. (since 2017)
|
None
|
Kenneth J. Taubes (62)*
Trustee
|
Class II Trustee since
2014. Term expires
in 2023.
|
Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US
(since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); and Director of Amundi Holdings US, Inc. (since 2017)
|
None
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Trust
|
Length of Service
|
Principal Occupation
|
Held by Officer
|
Christopher J. Kelley (55)
Secretary and Chief Legal Officer
|
Since 2004. Serves at the discretion of the Board
|
Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010;
and Vice President and Senior Counsel of Amundi US from July 2002 to December 2007
|
None
|
Carol B. Hannigan (59)
Assistant Secretary
|
Since 2010. Serves at the discretion of the Board
|
Fund Governance Director of Amundi US since December 2006 and
Assistant Secretary of all the Pioneer Funds since June 2010; Manager – Fund Governance of Amundi US from December 2003 to November 2006; and Senior Paralegal of Amundi US from January 2000 to November 2003
|
None
|
Thomas Reyes (58)
Assistant Secretary
|
Since 2010. Serves at the discretion of the Board
|
Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; and Counsel of Amundi US from June 2007 to May 2013
|
None
|
Mark E. Bradley (61)
Treasurer and Chief Financial and Accounting Officer
|
Since 2008. Serves at the discretion of the Board
|
Vice President – Fund Treasury of Amundi US; Treasurer of all of the Pioneer Funds since March 2008; Deputy Treasurer of Amundi US from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to
February 2008
|
None
|
Luis I. Presutti (55)
Assistant Treasurer
|
Since 2004. Serves at the discretion of the Board
|
Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999
|
None
|
Gary Sullivan (62)
Assistant Treasurer
|
Since 2004. Serves at the discretion of the Board
|
Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002
|
None
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Trust
|
Length of Service
|
Principal Occupation
|
Held by Officer
|
Antonio Furtado (38)
Assistant Treasurer
|
Since 2020. Serves at the discretion of the Board
|
Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020
|
None
|
John Malone (50)
Chief Compliance Officer
|
Since 2018. Serves at the discretion of the Board
|
Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; and Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014.
|
None
|
Kelly O’Donnell (49)
Anti-Money Laundering
Officer
|
Since 2006. Serves at the discretion of the Board
|
Vice President – Amundi Asset Management; and Anti-Money Laundering Officer of all the Pioneer Funds since 2006
|
None
|
Account Information
|
1-800-710-0935
|
|
|
Or write to AST:
|
|
For
|
Write to
|
|
|
General inquiries, lost dividend checks,
|
American Stock
|
change of address, lost stock certificates,
|
Transfer & Trust
|
stock transfer
|
Operations Center
|
|
6201 15th Ave.
|
|
Brooklyn, NY 11219
|
|
|
Dividend reinvestment plan (DRIP)
|
American Stock
|
|
Transfer & Trust
|
|
Wall Street Station
|
|
P.O. Box 922
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New York, NY 10269-0560
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Website
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www.amstock.com
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SECTION II - POLICY
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SERVICE CATEGORY
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SERVICE CATEGORY DESCRIPTION
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SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
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I. AUDIT SERVICES
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Services that are directly
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o Accounting research assistance
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related to performing the
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o SEC consultation, registration
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independent audit of the Funds
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statements, and reporting
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o Tax accrual related matters
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o Implementation of new accounting standards
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o Compliance letters (e.g. rating agency letters)
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o Regulatory reviews and assistance
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regarding financial matters
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o Semi-annual reviews (if requested)
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o Comfort letters for closed end offerings
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II. AUDIT-RELATED
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Services which are not
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o AICPA attest and agreed-upon procedures
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SERVICES
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prohibited under Rule
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o Technology control assessments
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210.2-01(C)(4) (the “Rule”)
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o Financial reporting control assessments
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and are related extensions of
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o Enterprise security architecture
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the audit services support the
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assessment
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audit, or use the knowledge/expertise
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gained from the audit procedures as a
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foundation to complete the project.
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In most cases, if the Audit-Related
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Services are not performed by the
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Audit firm, the scope of the Audit
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Services would likely increase.
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The Services are typically well-defined
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and governed by accounting
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professional standards (AICPA,
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SEC, etc.)
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AUDIT COMMITTEE APPROVAL POLICY
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AUDIT COMMITTEE REPORTING POLICY
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o “One-time” pre-approval
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o A summary of all such
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for the audit period for all
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services and related fees
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pre-approved specific service
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reported at each regularly
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subcategories. Approval of the
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scheduled Audit Committee
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independent auditors as
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meeting.
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auditors for a Fund shall
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constitute pre approval for
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these services.
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o “One-time” pre-approval
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o A summary of all such
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for the fund fiscal year within
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services and related fees
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a specified dollar limit
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(including comparison to
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for all pre-approved
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specified dollar limits)
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specific service subcategories
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reported quarterly.
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o Specific approval is
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needed to exceed the
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pre-approved dollar limit for
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these services (see general
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Audit Committee approval policy
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below for details on obtaining
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specific approvals)
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o Specific approval is
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needed to use the Fund’s
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auditors for Audit-Related
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Services not denoted as
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“pre-approved”, or
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to add a specific service
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subcategory as “pre-approved”
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SERVICE CATEGORY
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SERVICE CATEGORY DESCRIPTION
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SPECIFIC PRE-APPROVED SERVICE
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SUBCATEGORIES
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III. TAX SERVICES
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Services which are not
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o Tax planning and support
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prohibited by the Rule,
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o Tax controversy assistance
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if an officer of the Fund
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o Tax compliance, tax returns, excise
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determines that using the
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tax returns and support
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Fund’s auditor to provide
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o Tax opinions
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these services creates
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significant synergy in
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the form of efficiency,
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minimized disruption, or
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the ability to maintain a
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desired level of
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confidentiality.
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AUDIT COMMITTEE APPROVAL POLICY
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AUDIT COMMITTEE REPORTING POLICY
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o “One-time” pre-approval
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o A summary of
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for the fund fiscal year
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all such services and
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within a specified dollar limit
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related fees
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(including comparison
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to specified dollar
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limits) reported
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quarterly.
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o Specific approval is
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needed to exceed the
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pre-approved dollar limits for
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these services (see general
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Audit Committee approval policy
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below for details on obtaining
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specific approvals)
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o Specific approval is
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needed to use the Fund’s
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auditors for tax services not
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denoted as pre-approved, or to
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add a specific service subcategory as
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“pre-approved”
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SERVICE CATEGORY
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SERVICE CATEGORY DESCRIPTION
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SPECIFIC PRE-APPROVED SERVICE
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SUBCATEGORIES
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IV. OTHER SERVICES
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Services which are not
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o Business Risk Management support
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prohibited by the Rule,
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o Other control and regulatory
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A. SYNERGISTIC,
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if an officer of the Fund
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compliance projects
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UNIQUE QUALIFICATIONS
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determines that using the
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Fund’s auditor to provide
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these services creates
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significant synergy in
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the form of efficiency,
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minimized disruption,
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the ability to maintain a
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desired level of
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confidentiality, or where
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the Fund’s auditors
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posses unique or superior
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qualifications to provide
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these services, resulting
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in superior value and
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results for the Fund.
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AUDIT COMMITTEE APPROVAL POLICY
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AUDIT COMMITTEE REPORTING POLICY
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o “One-time” pre-approval
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o A summary of
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for the fund fiscal year within
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all such services and
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a specified dollar limit
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related fees
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(including comparison
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to specified dollar
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limits) reported
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quarterly.
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o Specific approval is
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needed to exceed the
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pre-approved dollar limits for
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these services (see general
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Audit Committee approval policy
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below for details on obtaining
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specific approvals)
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o Specific approval is
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needed to use the Fund’s
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auditors for “Synergistic” or
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“Unique Qualifications” Other
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Services not denoted as
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pre-approved to the left, or to
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add a specific service
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subcategory as “pre-approved”
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SERVICE CATEGORY
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SERVICE CATEGORY DESCRIPTION
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SPECIFIC PROHIBITED SERVICE
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SUBCATEGORIES
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PROHIBITED SERVICES
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Services which result
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1. Bookkeeping or other services
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in the auditors losing
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related to the accounting records or
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independence status
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financial statements of the audit
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under the Rule.
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client*
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2. Financial information systems design
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and implementation*
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3. Appraisal or valuation services,
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fairness* opinions, or
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contribution-in-kind reports
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4. Actuarial services (i.e., setting
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actuarial reserves versus actuarial
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audit work)*
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5. Internal audit outsourcing services*
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6. Management functions or human
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resources
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7. Broker or dealer, investment
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advisor, or investment banking services
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8. Legal services and expert services
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unrelated to the audit
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9. Any other service that the Public
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Company Accounting Oversight Board
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determines, by regulation, is
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impermissible
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AUDIT COMMITTEE APPROVAL POLICY
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AUDIT COMMITTEE REPORTING POLICY
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o These services are not to be
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o A summary of all
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performed with the exception of the(*)
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services and related
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services that may be permitted
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fees reported at each
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if they would not be subject to audit
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regularly scheduled
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procedures at the audit client (as
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Audit Committee meeting
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defined in rule 2-01(f)(4)) level
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will serve as continual
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the firm providing the service.
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confirmation that has
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not provided any
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restricted services.
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NAME
OF PORTFOLIO MANAGER
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TYPE OF ACCOUNT
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NUMBER OF ACCOUNTS MANAGED
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TOTAL
ASSETS MANAGED
(000’S)
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NUMBER OF ACCOUNTS MANAGED
FOR WHICH ADVISORY FEE
IS
PERFORMANCE-BASED
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ASSETS MANAGED
FOR
WHICH ADVISORY
FEE IS PERFORMANCE-BASED (000’S)
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Jonathan Sharkey
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Other Registered Investments Companies
Other Pooled Investment Vehicles
Other Accounts
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3
1
1
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$5,049,781
$ 446,966
$ 390,218
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N/A
N/A
N/A
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N/A
N/A
N/A
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NAME OF PORTFOLIO MANAGER
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BENEFICIAL OWNERSHIP OF THE FUND*
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Jonathan Sharkey
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A
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A.
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None
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B.
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$1 - $10,000
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C.
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$10,001 - $50,000
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D.
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$50,001 - $100,000
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E.
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$100,001 - $500,000
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F.
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$500,001 - $1,000,000
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G.
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Over $1,000,000
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