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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 |
Ticker Symbol: PHD
|
|
|
10 Largest Holdings
|
|
|
(As a percentage of total investments)*
|
|
|
1.
|
Connecticut Avenue Securities Trust, Series 2019-HRP1, Class B1, 9.342%
|
|
|
(1 Month USD LIBOR + 925 bps), 11/25/39 (144A)
|
1.95%
|
2.
|
Team Health Holdings, Inc., Initial Term Loan, 3.75% (LIBOR + 275 bps), 2/6/24
|
1.76
|
3.
|
Traverse Midstream Partners LLC, Advance, 6.5% (LIBOR + 550 bps), 9/27/24
|
1.63
|
4.
|
Signify Health LLC, Initial Term Loan, 5.5% (LIBOR + 450 bps), 12/23/24
|
1.02
|
5.
|
Golden Nugget, Inc. (aka Landry’s, Inc.), Initial Term B Loan, 3.25%
|
|
|
(LIBOR + 250 bps), 10/4/23
|
1.01
|
6.
|
DTI Holdco, Inc., Replacement B-1 Term Loan, 5.75% (LIBOR +
|
|
|
475 bps), 9/29/23
|
1.01
|
7.
|
Natel Engineering Co., Inc., Initial Term Loan, 6.0% (LIBOR + 500 bps), 4/30/26
|
1.00
|
8.
|
Staples, Inc., 2019 Refinancing New Term B-2 Loan, 4.676% (LIBOR +
|
|
|
450 bps), 9/12/24
|
0.97
|
9.
|
Caesars Resort Collection LLC, Term B Loan, 2.843% (LIBOR +
|
|
|
275 bps), 12/23/24
|
0.97
|
10.
|
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.,
|
|
|
7.5%, 6/15/25 (144A)
|
0.96
|
*
|
Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or
sell any securities.
|
|
5/31/21
|
11/30/20
|
Market Value
|
$11.30
|
$10.73
|
Premium/(Discount)
|
(3.50)%
|
(3.94)%
|
|
5/31/21
|
11/30/20
|
Net Asset Value
|
$11.71
|
$11.17
|
|
Net
|
|
|
|
Investment
|
Short-Term
|
Long-Term
|
|
Income
|
Capital Gains
|
Capital Gains
|
12/1/20–5/31/21
|
$0.375
|
$ —
|
$ —
|
|
5/31/21
|
11/30/20
|
30-day SEC Yield
|
5.02%
|
3.76%
|
Average Annual Total Returns
|
|||
(As of May 31, 2021)
|
|
||
|
Net
|
|
|
|
Asset
|
|
S&P/LSTA
|
|
Value
|
Market
|
Leveraged
|
Period
|
(NAV)
|
Price
|
Loan Index
|
10 Years
|
5.63%
|
4.63%
|
4.31%
|
5 Years
|
5.83
|
7.17
|
4.91
|
1 Year
|
23.13
|
35.11
|
12.51
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
UNAFFILIATED ISSUERS — 149.1%
|
|
|
|
SENIOR SECURED FLOATING RATE LOAN
|
|
|
|
INTERESTS — 123.9% of Net Assets*(a)
|
||
|
Aerospace & Defense — 5.7%
|
|
|
500,000
|
AAdvantage Loyalty IP, Ltd. (American Airlines, Inc.),
|
|
|
|
Initial Term Loan, 5.5% (LIBOR + 475 bps), 4/20/28
|
$ 516,027
|
|
950,000
|
ADS Tactical, Inc., Initial Term Loan, 6.75% (LIBOR +
|
|
|
|
575 bps), 3/19/26
|
954,750
|
|
255,160
|
JetBlue Airways Corp., Term Loan, 6.25% (LIBOR +
|
|
|
|
525 bps), 6/17/24
|
261,344
|
|
771,125
|
MAG DS Corp., Initial Term Loan, 6.5% (LIBOR +
|
|
|
|
550 bps), 4/1/27
|
761,486
|
|
1,250,000
|
Mileage Plus Holdings LLC (Mileage Plus Intellectual
|
|
|
|
Property Assets, Ltd.), Initial Term Loan, 6.25%
|
||
|
(LIBOR + 525 bps), 6/21/27
|
1,335,781
|
|
1,217,516
|
MRO Holdings, Inc., Initial Term Loan, 5.203% (LIBOR +
|
|
|
|
500 bps), 6/4/26
|
1,211,429
|
|
1,000,000
|
Peraton Corp., First Lien Term B Loan, 4.5% (LIBOR +
|
|
|
|
375 bps), 2/1/28
|
1,003,661
|
|
698,250
|
Spirit Aerosystems, Inc. (fka Mid-Western Aircraft
|
|
|
|
Systems, Inc & Onex Wind Finance LP.), Initial Term
|
|
|
|
Loan, 6.0% (LIBOR + 525 bps), 1/15/25
|
705,523
|
|
1,552,999
|
WP CPP Holdings LLC, First Lien Initial Term Loan,
|
|
|
|
4.75% (LIBOR + 375 bps), 4/30/25
|
1,515,145
|
|
|
Total Aerospace & Defense
|
$ 8,265,146
|
|
|
Airlines — 2.7%
|
|
|
1,280,667
|
Allegiant Travel Co., Replacement Term Loan, 3.156%
|
|
|
|
(LIBOR + 300 bps), 2/5/24
|
$ 1,275,665
|
|
1,170,000
|
Grupo Aeromexico, SAB de CV, DIP Tranche 1 Term
|
|
|
|
Loan, 9.0% (LIBOR + 800 bps), 12/31/21
|
1,178,775
|
|
1,033,333
|
Highline Aftermarket Acquisition LLC, First Lien Initial
|
|
|
|
Term Loan, 5.25% (LIBOR + 450 bps), 11/9/27
|
1,035,917
|
|
340,000
|
SkyMiles IP, Ltd. (Delta Air Lines, Inc.), Initial Term
|
|
|
|
Loan, 4.75% (LIBOR + 375 bps), 10/20/27
|
356,882
|
|
|
Total Airlines
|
$ 3,847,239
|
|
|
Automobile — 2.5%
|
|
|
1,492,519
|
IXS Holdings, Inc., Initial Term Loan, 5.0% (LIBOR +
|
|
|
|
425 bps), 3/5/27
|
$ 1,496,250
|
|
1,214,610
|
Navistar, Inc., Tranche B Term Loan, 0.0% (LIBOR +
|
|
|
|
350 bps), 11/6/24
|
1,216,381
|
|
750,000
|
RVR Dealership Holdings LLC, Term Loan, 4.75%
|
|
|
|
(LIBOR + 400 bps), 2/8/28
|
752,344
|
|
5,801
|
Thor Industries, Inc., Term B-1 USD Loan, 3.125%
|
|
|
|
(LIBOR + 300 bps), 2/1/26
|
5,826
|
|
188,121
|
Wabash National Corp., Term B Loan, 4.0% (LIBOR +
|
|
|
|
325 bps), 9/28/27
|
188,356
|
|
|
Total Automobile
|
$ 3,659,157
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Automotive — 0.8%
|
|
|
600,000
|
Autokiniton US Holdings, Inc., (aka L&W, Inc.) Closing
|
|
|
|
Date Term B Loan, 5.0% (LIBOR + 450 bps), 4/6/28
|
$ 604,625
|
|
500,000(b)
|
Wheel Pros, Inc., First Lien Initial Term Loan, 5/11/28
|
502,031
|
|
|
Total Automotive
|
$ 1,106,656
|
|
|
Building Materials — 0.3%
|
|
|
400,000
|
Foundation Building Materials, Inc., First Lien Initial Term
|
|
|
|
Loan, 3.75% (LIBOR + 325 bps), 1/31/28
|
$ 397,812
|
|
|
Total Building Materials
|
$ 397,812
|
|
|
Buildings & Real Estate — 2.5%
|
|
|
1,480,964
|
Cornerstone Building Brands, Inc., Term Loan B, 3.75%
|
|
|
|
(LIBOR + 325 bps), 4/12/28
|
$ 1,483,001
|
|
700,000(b)
|
SRS Distribution Inc., Term Loan B, 5/19/28
|
699,708
|
|
1,470,250
|
WireCo WorldGroup, Inc. (WireCo WorldGroup
|
|
|
|
Finance LP), First Lien Initial Term Loan, 6.0% (LIBOR +
|
|
|
|
500 bps), 9/29/23
|
1,470,775
|
|
|
Total Buildings & Real Estate
|
$ 3,653,484
|
|
|
Chemicals — 2.6%
|
|
|
1,100,000
|
CPC Acquisition Corp., First Lien Initial Term Loan, 4.5%
|
|
|
|
(LIBOR + 375 bps), 12/29/27
|
$ 1,097,250
|
|
600,000(b)
|
Herens Holdco S.a.r.l., Term Loan B, 4/28/28
|
600,657
|
|
300,000
|
INEOS Styrolution Group GmbH, 2026 Tranche B Dollar
|
|
|
|
Term Loan, 3.25% (LIBOR + 275 bps), 1/29/26
|
299,175
|
|
725,000
|
LSF11 Skyscraper Holdco S.a r.l. Facility B3 (USD),
|
|
|
|
4.25% (LIBOR + 350 bps), 9/29/27
|
729,078
|
|
24,164
|
Nouryon Finance BV (aka AkzoNobel), Initial Dollar
|
|
|
|
Term Loan, 2.848% (LIBOR + 275 bps), 10/1/25
|
24,000
|
|
995,006
|
Plaze, Inc., 2020-1 Additional Term Loan, 4.5% (LIBOR +
|
|
|
|
375 bps), 8/3/26
|
994,384
|
|
|
Total Chemicals
|
$ 3,744,544
|
|
|
Chemicals, Plastics & Rubber — 1.4%
|
|
|
986,973
|
Gemini HDPE LLC Term Loan B, 3.5% (LIBOR +
|
|
|
|
300 bps), 12/31/27
|
$ 987,280
|
|
1,032,679
|
Hexion, Inc., USD Term Loan, 3.71% (LIBOR +
|
|
|
|
350 bps), 7/1/26
|
1,032,465
|
|
|
Total Chemicals, Plastics & Rubber
|
$ 2,019,745
|
|
|
Computers & Electronics — 6.9%
|
|
|
1,135,000
|
Ahead DB Holdings LLC, First Lien Term B Loan, 4.5%
|
|
|
|
(LIBOR + 375 bps), 10/18/27
|
$ 1,136,845
|
|
1,307,989
|
Cornerstone OnDemand, Inc., 2021 Refinancing Term
|
|
|
|
Loan, 3.343% (LIBOR + 325 bps), 4/22/27
|
1,310,169
|
|
1,723,248
|
Energy Acquisition LP (aka Electrical Components
|
|
|
|
International), First Lien Initial Term Loan,
|
||
|
4.368% (LIBOR + 425 bps), 6/26/25
|
1,694,526
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Computers & Electronics — (continued)
|
|
|
600,000
|
Indy US Bidco LLC, (aka NielsenIQ) Tranche B-1 Term
|
|
|
|
Loan, 4.108% (LIBOR + 400 bps), 3/6/28
|
$ 602,550
|
|
1,246,875
|
LogMeIn, Inc., First Lien Initial Term Loan, 4.845%
|
|
|
|
(LIBOR + 475 bps), 8/31/27
|
1,248,693
|
|
900,000(b)
|
Magenta Buyer LLC, Term Loan, 4/29/28
|
902,719
|
|
900,000
|
Pitney Bowes Inc. Refinancing Tranche B Term Loan,
|
|
|
|
4.1% (LIBOR + 400 bps), 3/17/28
|
901,969
|
|
2,199,777
|
Signify Health LLC, Initial Term Loan, 5.5% (LIBOR +
|
|
|
|
450 bps), 12/23/24
|
2,209,402
|
|
|
Total Computers & Electronics
|
$ 10,006,873
|
|
|
Construction & Building — 1.4%
|
|
|
500,000
|
Aegion Corp., Initial Term Loan, 5.5% (LIBOR +
|
|
|
|
475 bps), 5/17/28
|
$ 501,875
|
|
1,000,000
|
CP Atlas Buyer, Inc. (aka American Bath), Term B Loan,
|
|
|
|
4.25% (LIBOR + 375 bps), 11/23/27
|
999,688
|
|
500,000
|
Pike Corp., 2028 Initial Term Loan, 3.1% (LIBOR +
|
|
|
|
300 bps), 1/21/28
|
499,883
|
|
|
Total Construction & Building
|
$ 2,001,446
|
|
|
Consumer Nondurables — 0.5%
|
|
|
784,091
|
Sunshine Luxembourg VII S.a.r.l,, (aka Galderma)
|
|
|
|
Facility B3 Term loan, 4.5% (LIBOR + 375 bps), 10/1/26
|
$ 787,194
|
|
|
Total Consumer Nondurables
|
$ 787,194
|
|
|
Containers, Packaging & Glass — 1.0%
|
|
|
710,254
|
Graham Packaging Co., Inc. Initial Term Loan (2021),
|
|
|
|
3.75% (LIBOR + 300 bps), 8/4/27
|
$ 711,021
|
|
793,333
|
Pregis TopCo LLC, First Lien Initial Term Loan, 3.843%
|
|
|
|
(LIBOR + 375 bps), 7/31/26
|
792,539
|
|
|
Total Containers, Packaging & Glass
|
$ 1,503,560
|
|
|
Diversified & Conglomerate Manufacturing — 2.0%
|
|
|
1,964,719
|
Garda World Security Corp., Term B-2 Loan, 4.35%
|
|
|
|
(LIBOR + 425 bps), 10/30/26
|
$ 1,971,934
|
|
997,485
|
Pelican Products, Inc., First Lien Term Loan, 4.5%
|
|
|
|
(LIBOR + 350 bps), 5/1/25
|
991,250
|
|
|
Total Diversified & Conglomerate Manufacturing
|
$ 2,963,184
|
|
|
Diversified & Conglomerate Service — 8.7%
|
||
1,141,150
|
Alion Science and Technology Corp., First Lien
|
|
|
|
Replacement Term Loan, 3.5% (LIBOR +
|
|
|
|
275 bps), 7/23/24
|
$ 1,140,794
|
|
1,963,216
|
CB Poly Investments LLC, First Lien Closing Date Term
|
|
|
|
Loan, 5.5% (LIBOR + 450 bps), 8/16/23
|
1,913,527
|
|
372,078
|
Convergint Technologies LLC, Term Loan, 4.5% (LIBOR +
|
|
|
|
375 bps), 3/31/28
|
372,427
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Diversified & Conglomerate Service — (continued)
|
|
|
59,221
|
DG Investment Intermediate Holdings 2, Inc., (aka
|
|
|
|
Convergint Technologies Holdings LLC) First Lien Initial
|
|
|
|
Term Loan, 4.32% (LIBOR + 375 bps), 3/31/28
|
$ 59,276
|
|
500,000
|
DG Investment Intermediate Holdings 2, Inc., (aka
|
|
|
|
Convergint Technologies Holdings LLC) Second Lien
|
|
|
|
Initial Term Loan, 7.5% (LIBOR + 675 bps), 3/30/29
|
502,500
|
|
2,255,548
|
DTI Holdco, Inc., Replacement B-1 Term Loan, 5.75%
|
|
|
|
(LIBOR + 475 bps), 9/29/23
|
2,182,646
|
|
1,480,046
|
First Brands Group LLC, 2021 First Lien Term Loan,
|
|
|
|
6.0% (LIBOR + 500 bps), 3/30/27
|
1,502,246
|
|
1,150,232
|
Gates Global LLC, Initial B-3 Dollar Term Loan, 3.5%
|
|
|
|
(LIBOR + 275 bps), 3/31/27
|
1,148,292
|
|
500,000
|
GHX Ultimate Parent Corp., First Lien Initial Term Loan,
|
|
|
|
0.0% (LIBOR + 325 bps), 6/28/24
|
501,250
|
|
950,187
|
Intrado Corp., Initial Term B Loan, 5.0% (LIBOR +
|
|
|
|
400 bps), 10/10/24
|
926,630
|
|
487,500
|
Ozark Holdings LLC (aka Royal Oak), 2020 Refinancing
|
|
|
|
Term Loan, 4.75% (LIBOR + 400 bps), 12/16/27
|
489,938
|
|
1,826,872
|
Prime Security Services Borrower LLC (aka Protection 1
|
|
|
|
Security Solutions), First Lien 2021 Refinancing Term
|
|
|
|
B-1 Loan, 3.5% (LIBOR + 275 bps), 9/23/26
|
1,829,808
|
|
|
Total Diversified & Conglomerate Service
|
$ 12,569,334
|
|
|
Electric & Electrical — 0.7%
|
|
|
1,050,000
|
Rackspace Technology Global, Inc., First Lien 2021 Term B
|
|
|
|
Loan, 3.5% (LIBOR + 275 bps), 2/15/28
|
$ 1,046,421
|
|
|
Total Electric & Electrical
|
$ 1,046,421
|
|
|
Electronics — 4.4%
|
|
|
750,000(b)
|
CoreLogic, Inc., (fka First American Corpo.) Term Loan,
|
|
|
|
4/14/28
|
$ 748,500
|
|
2,246,764
|
Natel Engineering Co., Inc., Initial Term Loan, 6.0%
|
|
|
|
(LIBOR + 500 bps), 4/30/26
|
2,153,148
|
|
2,016,086
|
Scientific Games International, Inc., Initial Term B-5 Loan,
|
|
|
|
2.843% (LIBOR + 275 bps), 8/14/24
|
1,999,144
|
|
1,437,293
|
Ultra Clean Holdings, Inc., Second Amendment Term
|
|
|
|
Loan B, 3.843% (LIBOR + 375 bps), 8/27/25
|
1,442,084
|
|
|
Total Electronics
|
$ 6,342,876
|
|
|
Entertainment — 0.5%
|
|
|
660,000
|
Enterprise Development Authority, The Term Loan B,
|
|
|
|
5.0% (LIBOR + 425 bps), 2/28/28
|
$ 662,062
|
|
|
Total Entertainment
|
$ 662,062
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Entertainment & Leisure — 0.8%
|
|
|
1,097,250
|
Great American Outdoors Group LLC, Term Loan B,
|
|
|
|
5.0% (LIBOR + 425 bps), 3/6/28
|
$ 1,107,125
|
|
|
Total Entertainment & Leisure
|
$ 1,107,125
|
|
|
Environmental Services — 0.5%
|
|
|
700,000
|
LTR Intermediate Holdings, Inc., Initial Term Loan, 5.5%
|
|
|
|
(LIBOR + 450 bps), 5/5/28
|
$ 697,375
|
|
|
Total Environmental Services
|
$ 697,375
|
|
|
Finance — 1.0%
|
|
|
1,480,623
|
EFS Cogen Holdings I LLC, Term B Loan, 4.5% (LIBOR +
|
|
|
|
350 bps), 10/1/27
|
$ 1,480,044
|
|
|
Total Finance
|
$ 1,480,044
|
|
|
Financial Services — 1.6%
|
|
|
653,429
|
Cardtronics USA, Inc., Initial Term Loan, 5.0% (LIBOR +
|
|
|
|
400 bps), 6/29/27
|
$ 655,267
|
|
500,000
|
Edelman Financial Center LLC (fka Flight Debt Merger
|
|
|
|
Sub, Inc.), First Lien 2021 Initial Term Loan, 4.5%
|
|
|
|
(LIBOR + 375 bps), 4/7/28
|
501,146
|
|
1,016,067
|
Everi Payments, Inc., Term B loan, 3.5% (LIBOR +
|
|
|
|
275 bps), 5/9/24
|
1,012,734
|
|
99,250
|
Everi Payments, Inc., Term Loan, 11.5% (LIBOR +
|
|
|
|
1,050 bps), 5/9/24
|
103,716
|
|
|
Total Financial Services
|
$ 2,272,863
|
|
|
Food & Beverage — 1.6%
|
|
|
500,000
|
City Brewing Co., LLC, First Lien Closing Date Term
|
|
|
|
Loan, 4.25% (LIBOR + 350 bps), 4/5/28
|
$ 501,863
|
|
1,741,250
|
Chobani LLC, 2020 New Term Loan, 4.5% (LIBOR +
|
|
|
|
350 bps), 10/25/27
|
1,749,738
|
|
|
Total Food & Beverage
|
$ 2,251,601
|
|
|
Forest Products — 1.6%
|
|
|
1,310,814
|
ProAmpac PG Borrower LLC, First Lien 2020-1 Term
|
|
|
|
Loan, 4.5% (LIBOR + 375 bps), 11/3/25
|
$ 1,313,819
|
|
1,000,000
|
Schweitzer-Mauduit International, Inc., Term Loan B,
|
|
|
|
4.5% (LIBOR + 375 bps), 2/9/28
|
997,500
|
|
|
Total Forest Products
|
$ 2,311,319
|
|
|
Gaming & Hotels — 0.4%
|
|
|
500,000
|
J & J Ventures Gaming LLC, Initial Term Loan, 4.75%
|
|
|
|
(LIBOR + 400 bps), 4/26/28
|
$ 503,125
|
|
|
Total Gaming & Hotels
|
$ 503,125
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Healthcare — 6.7%
|
|
|
498,750
|
Azalea TopCo, Inc., First Lien 2021 Term Loan, 4.5%
|
|
|
|
(LIBOR + 375 bps), 7/24/26
|
$ 499,685
|
|
500,000
|
CNT Holdings I Corp, First Lien Initial Term Loan, 4.5%
|
|
|
|
(LIBOR + 375 bps), 11/8/27
|
501,211
|
|
1,177,268
|
Envision Healthcare Corp., Initial Term Loan, 3.843%
|
|
|
|
(LIBOR + 375 bps), 10/10/25
|
1,009,507
|
|
877,545
|
Milano Acquisition Corp., First Lien Term B Loan, 4.75%
|
|
|
|
(LIBOR + 400 bps), 10/1/27
|
880,287
|
|
997,475
|
Option Care Health, Inc., Term B Loan, 3.843% (LIBOR +
|
|
|
|
375 bps), 8/6/26
|
999,969
|
|
1,600,000
|
Sotera Health Holdings LLC, Refinancing, First Lien
|
|
|
|
Term Loan, 3.25% (LIBOR + 275 bps), 12/11/26
|
1,595,667
|
|
500,000
|
Sound Inpatient Physicians, Inc., First Lien 2021
|
|
|
|
Incremental Term Loan, 4.0% (LIBOR +
|
|
|
|
350 bps), 6/27/25
|
499,375
|
|
3,935,013
|
Team Health Holdings, Inc., Initial Term Loan, 3.75%
|
|
|
|
(LIBOR + 275 bps), 2/6/24
|
3,803,190
|
|
|
Total Healthcare
|
$ 9,788,891
|
|
|
Healthcare & Pharmaceuticals — 5.6%
|
|
|
1,244,811
|
Endo Luxembourg Finance Co., I S.a r.l. 2021 Term
|
|
|
|
Loan, 5.75% (LIBOR + 500 bps), 3/27/28
|
$ 1,208,245
|
|
1,481,288
|
FC Compassus LLC, Term B-1 Loan, 5.0% (LIBOR +
|
|
|
|
425 bps), 12/31/26
|
1,488,925
|
|
1,567,031
|
Kindred Healthcare LLC, Closing Date Term Loan,
|
|
|
|
4.625% (LIBOR + 450 bps), 7/2/25
|
1,568,989
|
|
1,259,483
|
NMN Holdings III Corp., First Lien Closing Date Term
|
|
|
|
Loan, 3.593% (LIBOR + 350 bps), 11/13/25
|
1,252,136
|
|
217,561
|
NMN Holdings III Corp., First Lien Delayed Draw Term
|
|
|
|
Loan, 3.593% (LIBOR + 350 bps), 11/13/25
|
216,292
|
|
249,367
|
PetVet Care Centers LLC (fka Pearl Intermediate Parent
|
|
|
|
LLC), 2021 First Lien Replacement Term Loan, 4.25%
|
|
|
|
(LIBOR + 350 bps), 2/14/25
|
249,873
|
|
1,477,538
|
Upstream Newco, Inc., First Lien Initial Term Loan,
|
|
|
|
4.593% (LIBOR + 450 bps), 11/20/26
|
1,455,375
|
|
748,125
|
U.S. Radiology Specialists, Inc. (US Outpatient Imaging
|
|
|
|
Services, Inc.), Initial Term Loan, 6.25% (LIBOR +
|
|
|
|
550 bps), 12/15/27
|
752,801
|
|
|
Total Healthcare & Pharmaceuticals
|
$ 8,192,636
|
|
|
Healthcare, Education & Childcare — 6.4%
|
||
1,000,000(b)
|
ANI Pharmaceuticals, Inc., Term Loan B, 5/24/27
|
$ 987,500
|
|
1,532,237
|
ATI Holdings Acquisition, Inc., First Lien Initial Term
|
|
|
|
Loan, 4.5% (LIBOR + 350 bps), 5/10/23
|
1,533,195
|
|
500,000
|
Jazz Pharmaceuticals Public Ltd., Co., Initial Dollar Term
|
|
|
|
Loan, 4.0% (LIBOR + 350 bps), 5/5/28
|
502,768
|
|
1,088,930
|
KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare),
|
|
|
|
Term B-3 Loan, 4.75% (LIBOR + 375 bps), 2/21/25
|
1,074,789
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Healthcare, Education & Childcare — (continued)
|
|
|
1,000,000
|
One Call Corpo., First Lien Term B Loan, 6.25% (LIBOR +
|
|
|
|
550 bps), 4/22/27
|
$ 1,005,000
|
|
1,800,687
|
Quorum Health Corp., Exit Term Loan, 9.25% (LIBOR +
|
|
|
|
825 bps), 4/29/25
|
1,836,701
|
|
210,000
|
Surgery Center Holdings, Inc. First Lien Term Loan,
|
|
|
|
4.5% (LIBOR + 375 bps), 8/31/26
|
210,656
|
|
2,070,183
|
U.S. Renal Care, Inc., Initial Term Loan, 5.125% (LIBOR +
|
|
|
|
500 bps), 6/26/26
|
2,062,161
|
|
|
Total Healthcare, Education & Childcare
|
$ 9,212,770
|
|
|
Home Furnishings — 1.3%
|
|
|
1,435,000
|
Instant Brands Holdings, Inc. Term Loan, 5.75% (LIBOR +
|
|
|
|
500 bps), 4/12/28
|
$ 1,431,413
|
|
498,750
|
Weber-Stephen Products LLC, Initial Term B Loan,
|
|
|
|
4.0% (LIBOR + 325 bps), 10/30/27
|
500,086
|
|
|
Total Home Furnishings
|
$ 1,931,499
|
|
|
Hotel, Gaming & Leisure — 3.7%
|
|
|
2,109,537
|
Caesars Resort Collection LLC, Term B Loan, 2.843%
|
|
|
|
(LIBOR + 275 bps), 12/23/24
|
$ 2,095,237
|
|
1,094,500
|
Caesars Resort Collection LLC, Term B-1 Loan, 4.593%
|
|
|
|
(LIBOR + 450 bps), 7/21/25
|
1,100,058
|
|
18,875
|
Golden Nugget Online Gaming, Inc., 2020 Initial Term
|
|
|
|
Loan, 13.0% (LIBOR + 1,200 bps), 10/4/23
|
21,187
|
|
2,204,847
|
Golden Nugget, Inc. (aka Landry’s, Inc.), Initial Term B
|
|
|
|
Loan, 3.25% (LIBOR + 250 bps), 10/4/23
|
2,189,840
|
|
|
Total Hotel, Gaming & Leisure
|
$ 5,406,322
|
|
|
Insurance — 2.3%
|
|
|
515,245
|
Alliant Holdings Intermediate LLC, 2019 New Term Loan,
|
|
|
|
3.343% (LIBOR + 325 bps), 5/9/25
|
$ 511,702
|
|
521,063
|
AqGen Ascensus, Inc., First Lien Seventh Amendment
|
|
|
|
Replacement Term Loan, 5.0% (LIBOR +
|
|
|
|
400 bps), 12/3/26
|
521,836
|
|
500,000
|
Asurion LLC (fka Asurion Corp.), New B-9 Term Loan,
|
|
|
|
3.343% (LIBOR + 325 bps), 7/31/27
|
498,177
|
|
1,586,295
|
Confie Seguros Holding II Co., Term B Loan, 5.75%
|
|
|
|
(LIBOR + 475 bps), 4/19/22
|
1,587,122
|
|
248,125
|
Sedgwick Claims Management Services, Inc. (Lightning
|
|
|
|
Cayman Merger Sub, Ltd.), 2020 Term Loan, 5.25%
|
|
|
|
(LIBOR + 425 bps), 9/3/26
|
249,133
|
|
|
Total Insurance
|
$ 3,367,970
|
|
|
Leasing — 1.1%
|
|
|
1,511,250
|
Fly Funding II S.a.r.l., Term B Loan, 7.0% (LIBOR +
|
|
|
|
600 bps), 10/8/25
|
$ 1,524,473
|
|
|
Total Leasing
|
$ 1,524,473
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Leisure & Entertainment — 2.2%
|
|
|
1,066,267
|
AMC Entertainment Holdings, Inc. (fka AMC
|
|
|
|
Entertainment, Inc.), Term B-1 Loan, 3.107% (LIBOR +
|
|
|
|
300 bps), 4/22/26
|
$ 982,965
|
|
1,637,625
|
Carnival Corp., Initial Advance, 8.5% (LIBOR +
|
|
|
|
750 bps), 6/30/25
|
1,682,659
|
|
467,500
|
E.W. Scripps Co., The Tranche B-3 Term Loan, 3.75%
|
|
|
|
(LIBOR + 300 bps), 1/7/28
|
468,604
|
|
|
Total Leisure & Entertainment
|
$ 3,134,228
|
|
|
Machinery — 1.5%
|
|
|
400,000(b)
|
MajorDrive Holdings IV LLC, Term Loan B, 5/12/28
|
$ 401,188
|
|
1,234,372
|
MHI Holdings LLC, Initial Term Loan, 5.093% (LIBOR +
|
|
|
|
500 bps), 9/21/26
|
1,240,159
|
|
500,000
|
Triton Water Holdings, Inc., First Lien Initial Term Loan,
|
|
|
|
4.0% (LIBOR + 350 bps), 3/31/28
|
500,268
|
|
|
Total Machinery
|
$ 2,141,615
|
|
|
Media — 3.3%
|
|
|
1,967,108
|
Altice France SA, USD TLB-13 Incremental Term Loan,
|
|
|
|
4.155% (LIBOR + 400 bps), 8/14/26
|
$ 1,969,813
|
|
2,096,819
|
Clear Channel Outdoor Holdings, Inc., Term B Loan,
|
|
|
|
3.69% (LIBOR + 350 bps), 8/21/26
|
2,034,962
|
|
750,000(b)
|
Univision Communications Inc., Term Loan B, 5/5/28
|
748,203
|
|
|
Total Media
|
$ 4,752,978
|
|
|
Metals & Mining — 1.7%
|
|
|
1,513,938
|
Phoenix Services International LLC, Term B Loan, 4.75%
|
|
|
|
(LIBOR + 375 bps), 3/1/25
|
$ 1,506,841
|
|
11,128
|
TMS International Corp. (aka Tube City IMS Corp.),
|
|
|
|
Term B-2 Loan, 3.75% (LIBOR + 275 bps), 8/14/24
|
11,159
|
|
997,500
|
TMS International Corp., Term Loan B3, 3.75% (LIBOR +
|
|
|
|
275 bps), 8/14/24
|
996,253
|
|
|
Total Metals & Mining
|
$ 2,514,253
|
|
|
Oil & Gas — 2.4%
|
|
|
3,517,119
|
Traverse Midstream Partners LLC, Advance, 6.5%
|
|
|
|
(LIBOR + 550 bps), 9/27/24
|
$ 3,520,636
|
|
|
Total Oil & Gas
|
$ 3,520,636
|
|
|
Personal, Food & Miscellaneous Services — 2.1%
|
|
|
1,331,017
|
IRB Holding Corp. (aka Arby’s/Buffalo Wild Wings),
|
|
|
|
2020 Replacement Term B Loan, 3.75% (LIBOR +
|
|
|
|
275 bps), 2/5/25
|
$ 1,328,022
|
|
986,983
|
Knowlton Development Corp., Inc., Initial Term Loan,
|
|
|
|
3.843% (LIBOR + 375 bps), 12/22/25
|
980,660
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Personal, Food & Miscellaneous Services — (continued)
|
|
|
748,125
|
Kronos Acquisition Holdings Inc., Tranche B-1 Term
|
|
|
|
Loan, 4.25% (LIBOR + 375 bps), 12/22/26
|
$ 743,060
|
|
|
Total Personal, Food & Miscellaneous Services
|
$ 3,051,742
|
|
|
Printing & Publishing — 0.3%
|
|
|
454,779
|
Trader Corp., First Lien 2017 Refinancing Term Loan,
|
|
|
|
4.0% (LIBOR + 300 bps), 9/28/23
|
$ 454,211
|
|
|
Total Printing & Publishing
|
$ 454,211
|
|
|
Professional & Business Services — 10.1%
|
||
1,000,000(b)
|
Adevinta ASA Facility B2, Term Loan, 11/5/27
|
$ 1,002,969
|
|
1,800,000
|
Amentum Government Services Holdings LLC, First
|
|
|
|
Lien Tranche 2 Term Loan, 5.5% (LIBOR +
|
|
|
|
475 bps), 1/29/27
|
1,812,375
|
|
1,050,000
|
Ankura Consulting Group LLC, First Lien Closing Date
|
|
|
|
Term Loan, 5.25% (LIBOR + 450 bps), 3/17/28
|
1,056,562
|
|
1,485,000
|
APX Group, Inc., Initial Loan Term Loan, 5.09% (LIBOR +
|
|
|
|
500 bps/PRIME + 400 bps + 500 bps), 12/31/25
|
1,496,601
|
|
1,532,052
|
Athenahealth, Inc., First Lien Term B-1 Loan, 4.41%
|
|
|
|
(LIBOR + 425 bps), 2/11/26
|
1,540,862
|
|
560,915(b)
|
Atlas CC Acquisition Corp., Term Loan B, 4/28/28
|
561,266
|
|
114,085(b)
|
Atlas CC Acquisition Corp., Term Loan C, 4/28/28
|
114,156
|
|
982,500
|
Blackstone CQP Holdco LP, Initial Term Loan, 3.687%
|
|
|
|
(LIBOR + 350 bps), 9/30/24
|
982,807
|
|
500,000
|
eResearchTechnology, Inc., First Lien Initial Term Loan,
|
|
|
|
0.0%, 2/4/27
|
502,422
|
|
1,350,000(b)
|
Maximus, Inc., Term Loan B, 5/12/28
|
1,355,062
|
|
1,047,375
|
PAE Incor, First Lien Initial Term Loan, 5.25% (LIBOR +
|
|
|
|
450 bps), 10/19/27
|
1,050,124
|
|
104,167
|
PPD, Inc., Initial Term Loan, 2.75% (LIBOR +
|
|
|
|
225 bps), 1/13/28
|
104,145
|
|
1,131,007
|
SIWF Holdings, Inc. (aka Spring Window Fashions),
|
|
|
First Lien Initial Term Loan, 4.343% (LIBOR +
|
|||
|
425 bps), 6/15/25
|
1,134,070
|
|
1,915,396
|
Verscend Holding Corp., Term Loan B, 4.093% (LIBOR +
|
|
|
|
400 bps), 8/27/25
|
1,921,382
|
|
|
Total Professional & Business Services
|
$ 14,634,803
|
|
|
Retail — 6.6%
|
|
|
970,125
|
Harbor Freight Tools USA, Inc., Initial Term Loan, 3.75%
|
|
|
|
(LIBOR + 300 bps), 10/19/27
|
$ 973,358
|
|
1,462,500
|
Mattress Firm, Inc. Term Loan, 6.25% (LIBOR +
|
|
|
|
525 bps), 11/26/27
|
1,488,094
|
|
1,050,000
|
Michaels Cos., Inc., The Term B Loan, 5.0% (LIBOR +
|
|
|
|
425 bps), 4/15/28
|
1,054,101
|
|
500,000
|
Petco Animal Supplies, Inc., Term Loan B, 4.0%
|
|
|
|
(LIBOR + 325 bps), 3/3/28
|
500,581
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Retail — (continued)
|
|
|
1,050,000
|
PetSmart LLC, Initial Term Loan, 4.5% (LIBOR +
|
|
|
|
375 bps), 2/11/28
|
$ 1,054,987
|
|
500,000
|
Rent-A-Center, Inc., Initial Term Loan, 4.75% (LIBOR +
|
|
|
|
400 bps), 2/17/28
|
504,063
|
|
802,985
|
Service Logic Acquisition, Inc., First Lien Closing Date
|
|
|
|
Initial Term Loan, 4.75% (LIBOR +
|
|
|
|
400 bps), 10/29/27
|
808,506
|
|
2,127,075
|
Staples, Inc., 2019 Refinancing New Term B-2 Loan,
|
|
|
|
4.676% (LIBOR + 450 bps), 9/12/24
|
2,103,145
|
|
500,000(b)
|
Torrid LLC, Cov-Lite Term Loan B, 5/19/28
|
497,500
|
|
648,375
|
TruGreen LP, First Lien Second Refinancing Term Loan,
|
|
|
|
4.75% (LIBOR + 400 bps), 11/2/27
|
651,313
|
|
|
Total Retail
|
$ 9,635,648
|
|
|
Retailing — 0.3%
|
|
|
500,000
|
Garrett LX I S.a.r.l., Term Loan B, 3.75% (LIBOR +
|
|
|
|
325 bps), 4/30/28
|
$ 500,000
|
|
|
Total Retailing
|
$ 500,000
|
|
|
Securities & Trusts — 3.2%
|
|
|
1,000,000
|
CCRR Parent, Inc., First Lien Initial Term Loan, 5.0%
|
|
|
|
(LIBOR + 425 bps), 3/6/28
|
$ 1,004,375
|
|
1,506,254
|
KSBR Holding Corp., Initial Term Loan, 3.343% (LIBOR +
|
|
|
|
325 bps), 4/15/26
|
1,500,605
|
|
1,861,004
|
Spectacle Gary Holdings LLC, Closing Date Term Loan,
|
|
|
|
11.0% (LIBOR + 900 bps), 12/23/25
|
2,031,596
|
|
138,996
|
Spectacle Gary Holdings LLC, Delayed Draw Term Loan,
|
|
|
|
11.0% (LIBOR + 900 bps), 12/23/25
|
151,738
|
|
|
Total Securities & Trusts
|
$ 4,688,314
|
|
|
Telecommunications — 2.8%
|
|
|
500,000
|
Gogo Intermediate Holdings LLC, Initial Term Loan, 4.5%
|
|
|
|
(LIBOR + 375 bps), 4/30/28
|
$ 499,375
|
|
500,000(b)
|
Virgin Media Bristol LLC, Term Q Loan, 1/31/29
|
500,573
|
|
1,043,359
|
Windstream Services II LLC, Initial Term Loan, 7.25%
|
|
|
|
(LIBOR + 625 bps), 9/21/27
|
1,047,924
|
|
1,988,458
|
Xplornet Communications, Inc., Initial Term Loan,
|
|
|
|
4.843% (LIBOR + 475 bps), 6/10/27
|
1,994,516
|
|
|
Total Telecommunications
|
$ 4,042,388
|
|
|
Textile & Apparel — 0.7%
|
|
|
650,000
|
Adient US LLC, Term B-1 Loan, 3.593% (LIBOR +
|
|
|
|
350 bps), 4/10/28
|
$ 652,133
|
|
349,125
|
Canada Goose Inc., 2021 Refinancing Term Loan,
|
|
|
|
4.25% (LIBOR + 350 bps), 10/7/27
|
351,016
|
|
|
Total Textile & Apparel
|
$ 1,003,149
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Transport — 0.8%
|
|
|
1,112,261
|
Patriot Container Corp. (aka Wastequip), First Lien
|
|
|
|
Closing Date Term Loan, 0.0% (LIBOR +
|
|
|
|
350 bps), 3/20/25
|
$ 1,103,455
|
|
|
Total Transport
|
$ 1,103,455
|
|
|
Transportation — 0.5%
|
|
|
700,000
|
AIT Worldwide Logistics Holdings, Inc., First Lien
|
|
|
|
Initial Term Loan, 5.5% (LIBOR + 475 bps), 4/6/28
|
$ 699,563
|
|
|
Total Transportation
|
$ 699,563
|
|
|
Utilities — 6.3%
|
|
|
1,146,116
|
Compass Power Generation LLC, Tranche B-1 Term
|
|
|
|
Loan, 4.5% (LIBOR + 350 bps), 12/20/24
|
$ 1,142,534
|
|
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
|
1,776,011
|
|
1,933,083
|
Edgewater Generation LLC, Term Loan, 3.843%
|
|
|
|
(LIBOR + 375 bps), 12/13/25
|
1,861,800
|
|
1,243,750
|
Exgen Renewables IV LLC, Term Loan, 3.75%
|
|
|
|
(LIBOR + 275 bps), 12/15/27
|
1,247,507
|
|
992,500
|
Hamilton Projects Acquiror LLC, Term Loan, 5.75%
|
|
|
|
(LIBOR + 475 bps), 6/17/27
|
993,865
|
|
1,444,088
|
PG & E Corp., Term Loan, 3.5% (LIBOR +
|
|
|
|
300 bps), 6/23/25
|
1,437,469
|
|
750,000(b)
|
Sabre Industries, Inc., (MUTI-SII, Inc.) Term
|
|
|
|
Loan, 5/19/28
|
749,063
|
|
|
Total Utilities
|
$ 9,208,249
|
|
|
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
|
|
|
|
(Cost $175,178,260)
|
$179,709,978
|
|
Shares
|
|
|
|
|
COMMON STOCKS — 1.7% of Net Assets
|
||
|
Energy Equipment & Services — 1.2%
|
|
|
64,805(c)
|
FTS International, Inc.
|
$ 1,699,835
|
|
|
Total Energy Equipment & Services
|
$ 1,699,835
|
|
|
Oil, Gas & Consumable Fuels — 0.4%
|
|
|
23,920(c)
|
Summit Midstream Partners LP
|
$ 603,741
|
|
|
Total Oil, Gas & Consumable Fuels
|
$ 603,741
|
Shares
|
|
Value
|
|
|
Specialty Retail — 0.1%
|
|
|
91,346+^(c)
|
Targus Cayman SubCo., Ltd.
|
$ 139,759
|
|
|
Total Specialty Retail
|
$ 139,759
|
|
|
TOTAL COMMON STOCKS
|
|
|
|
(Cost $2,116,913)
|
$ 2,443,335
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
|
|
|
ASSET BACKED SECURITIES — 2.7%
|
||
|
of Net Assets
|
|
|
1,000,000(a)
|
522 Funding CLO, Ltd., Series 2019-4A, Class E, 7.188%
|
|
|
|
(3 Month USD LIBOR + 700 bps), 4/20/30 (144A)
|
$ 997,824
|
|
1,000,000(a)
|
Goldentree Loan Management US CLO 2, Ltd., Series
|
|
|
|
2017-2A, Class E, 4.888% (3 Month USD LIBOR +
|
|
|
|
470 bps), 11/28/30 (144A)
|
938,063
|
|
1,000,000(a)
|
Madison Park Funding XXII, Ltd., Series 2016-22A,
|
|
|
|
Class ER, 6.884% (3 Month USD LIBOR +
|
|
|
|
670 bps), 1/15/33 (144A)
|
999,998
|
|
1,000,000(a)
|
Octagon Investment Partners XXI, Ltd., Series 2014-1A,
|
|
|
|
Class DRR, 7.154% (3 Month USD LIBOR +
|
||
|
700 bps), 2/14/31 (144A)
|
1,000,153
|
|
|
TOTAL ASSET BACKED SECURITIES
|
|
|
|
(Cost $3,940,004)
|
$ 3,936,038
|
|
|
COLLATERALIZED MORTGAGE
|
|
|
|
OBLIGATION — 2.9% of Net Assets
|
|
|
4,100,000(a)
|
Connecticut Avenue Securities Trust, Series 2019-HRP1,
|
|
|
|
Class B1, 9.342% (1 Month USD LIBOR +
|
|
|
|
925 bps), 11/25/39 (144A)
|
$ 4,213,298
|
|
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATION
|
|
|
|
(Cost $4,100,000)
|
$ 4,213,298
|
|
|
COMMERCIAL MORTGAGE-BACKED
|
||
|
SECURITIES — 0.9% of Net Assets
|
|
|
190,013(a)
|
FREMF Mortgage Trust, Series 2020-KF74, Class C,
|
|
|
|
6.357% (1 Month USD LIBOR + 625 bps),
|
|
|
|
1/25/27 (144A)
|
$ 187,692
|
|
625,000(a)
|
Morgan Stanley Capital I Trust, Series 2019-BPR,
|
|
|
|
Class D, 4.101% (1 Month USD LIBOR +
|
|
|
|
400 bps), 5/15/36 (144A)
|
437,731
|
|
1,000,000
|
Wells Fargo Commercial Mortgage Trust, Series
|
|
|
|
2015-C28, Class E, 3.0%, 5/15/48 (144A)
|
697,442
|
|
|
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
|
|
|
|
(Cost $1,589,028)
|
$ 1,322,865
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
CORPORATE BONDS — 16.4% of Net Assets
|
|
|
|
Advertising — 1.1%
|
|
|
255,000
|
Clear Channel Outdoor Holdings, Inc., 7.5%,
|
|
|
|
6/1/29 (144A)
|
$ 254,447
|
|
1,250,000(d)
|
MDC Partners, Inc., 7.5%, 5/1/24 (144A)
|
1,271,875
|
|
|
Total Advertising
|
$ 1,526,322
|
|
|
Banks — 1.1%
|
|
|
1,000,000(e)(f)
|
Citigroup, Inc., 4.7% (SOFRRATE + 323 bps)
|
$ 1,027,500
|
|
500,000
|
Freedom Mortgage Corp., 8.25%, 4/15/25 (144A)
|
520,000
|
|
|
Total Banks
|
$ 1,547,500
|
|
|
Building Materials — 1.5%
|
|
|
1,000,000
|
Koppers, Inc., 6.0%, 2/15/25 (144A)
|
$ 1,024,400
|
|
996,000
|
Patrick Industries, Inc., 7.5%, 10/15/27 (144A)
|
1,079,415
|
|
|
Total Building Materials
|
$ 2,103,815
|
|
|
Chemicals — 0.7%
|
|
|
1,000,000
|
Hexion, Inc., 7.875%, 7/15/27 (144A)
|
$ 1,077,625
|
|
|
Total Chemicals
|
$ 1,077,625
|
|
|
Coal — 1.4%
|
|
|
2,000,000
|
SunCoke Energy Partners LP/SunCoke Energy Partners
|
|
|
|
Finance Corp., 7.5%, 6/15/25 (144A)
|
$ 2,070,000
|
|
|
Total Coal
|
$ 2,070,000
|
|
|
Commercial Services — 0.3%
|
|
|
200,000
|
Allied Universal Holdco LLC/Allied Universal Finance
|
|
|
|
Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A)
|
$ 198,540
|
|
205,000
|
Allied Universal Holdco LLC/Allied Universal Finance
|
|
|
|
Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A)
|
205,266
|
|
|
Total Commercial Services
|
$ 403,806
|
|
|
Computers — 0.1%
|
|
|
100,000
|
Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A)
|
$ 110,875
|
|
|
Total Computers
|
$ 110,875
|
|
|
Diversified Financial Services — 1.1%
|
|
|
1,520,000
|
VistaJet Malta Finance Plc/XO Management
|
|
|
|
Holding, Inc., 10.5%, 6/1/24 (144A)
|
$ 1,630,200
|
|
|
Total Diversified Financial Services
|
$ 1,630,200
|
|
|
Engineering & Construction — 0.8%
|
|
|
1,000,000
|
PowerTeam Services LLC, 9.033%, 12/4/25 (144A)
|
$ 1,102,500
|
|
|
Total Engineering & Construction
|
$ 1,102,500
|
|
|
Entertainment — 0.7%
|
|
|
1,005,000
|
Mohegan Gaming & Entertainment, 8.0%, 2/1/26 (144A)
|
$ 1,027,613
|
|
|
Total Entertainment
|
$ 1,027,613
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Healthcare-Products — 0.3%
|
|
|
380,000
|
Varex Imaging Corp., 7.875%, 10/15/27 (144A)
|
$ 429,400
|
|
|
Total Healthcare-Products
|
$ 429,400
|
|
|
Healthcare-Services — 0.7%
|
|
|
1,000,000
|
RegionalCare Hospital Partners Holdings, Inc./LifePoint
|
|
|
|
Health, Inc., 9.75%, 12/1/26 (144A)
|
$ 1,077,500
|
|
|
Total Healthcare-Services
|
$ 1,077,500
|
|
|
Iron & Steel — 1.4%
|
|
|
1,087,000
|
Cleveland-Cliffs, Inc., 9.875%, 10/17/25 (144A)
|
$ 1,271,850
|
|
500,000
|
Metinvest BV, 7.75%, 10/17/29 (144A)
|
546,373
|
|
265,000
|
TMS International Corp., 6.25%, 4/15/29 (144A)
|
275,600
|
|
|
Total Iron & Steel
|
$ 2,093,823
|
|
|
Leisure Time — 0.4%
|
|
|
105,000
|
Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A)
|
$ 116,151
|
|
500,000
|
Viking Cruises, Ltd., 5.875%, 9/15/27 (144A)
|
482,500
|
|
|
Total Leisure Time
|
$ 598,651
|
|
|
Lodging — 0.7%
|
|
|
1,000,000
|
Station Casinos LLC, 4.5%, 2/15/28 (144A)
|
$ 1,010,990
|
|
|
Total Lodging
|
$ 1,010,990
|
|
|
Media — 0.7%
|
|
|
1,000,000
|
Sinclair Television Group, Inc., 5.5%, 3/1/30 (144A)
|
$ 1,000,230
|
|
|
Total Media
|
$ 1,000,230
|
|
|
Mining — 0.3%
|
|
|
331,000
|
Joseph T Ryerson & Son, Inc., 8.5%, 8/1/28 (144A)
|
$ 366,086
|
|
|
Total Mining
|
$ 366,086
|
|
|
Oil & Gas — 1.1%
|
|
|
1,500,000
|
MEG Energy Corp., 7.125%, 2/1/27 (144A)
|
$ 1,608,750
|
|
|
Total Oil & Gas
|
$ 1,608,750
|
|
|
REITs — 1.5%
|
|
|
1,000,000
|
iStar, Inc., 4.75%, 10/1/24
|
$ 1,045,250
|
|
1,065,000
|
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL
|
|
|
|
Capital LLC, 7.875%, 2/15/25 (144A)
|
1,140,881
|
|
|
Total REITs
|
$ 2,186,131
|
|
|
Retail — 0.5%
|
|
|
500,000
|
LBM Acquisition LLC, 6.25%, 1/15/29 (144A)
|
$ 511,250
|
|
221,000
|
Party City Holdings, Inc., 8.75%, 2/15/26 (144A)
|
233,984
|
|
|
Total Retail
|
$ 745,234
|
|
|
TOTAL CORPORATE BONDS
|
|
|
|
(Cost $21,578,685)
|
$ 23,717,051
|
Principal
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
INSURANCE-LINKED SECURITIES — 0.7% of
|
|
|
|
Net Assets#
|
|
|
|
Event Linked Bonds — 0.2%
|
|
|
|
Windstorm – U.S. Regional — 0.2%
|
|
|
250,000(a)
|
Matterhorn Re, 7.003% (3 Month U.S. Treasury Bill +
|
|
|
|
700 bps), 12/7/21 (144A)
|
$ 253,650
|
|
|
Total Event Linked Bonds
|
$ 253,650
|
|
|
|||
Face
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
|
|
|
Collateralized Reinsurance — 0.0%†
|
|
|
|
Multiperil – Worldwide — 0.0%†
|
|
|
27,000+(c)(g)
|
Limestone Re, 3/1/23 (144A)
|
$ 37,266
|
|
300,000+(c)(g)
|
Resilience Re, 10/6/21
|
30
|
|
|
|
$ 37,296
|
|
|
Windstorm – Florida — 0.0%†
|
|
|
250,000+(c)(g)
|
Formby Re 2018, 2/28/22
|
$ 34,798
|
|
|
Total Collateralized Reinsurance
|
$ 72,094
|
|
|
Reinsurance Sidecars — 0.5%
|
|
|
|
Multiperil – U.S. — 0.0%†
|
|
|
250,000+(c)(g)
|
Carnoustie Re 2017, 11/30/21
|
$ 32,950
|
|
250,000+(c)(h)
|
Harambee Re 2018, 12/31/21
|
825
|
|
250,000+(h)
|
Harambee Re 2019, 12/31/22
|
3,250
|
|
|
|
$ 37,025
|
|
|
Multiperil – Worldwide — 0.5%
|
|
|
3,037+(h)
|
Alturas Re 2019-2, 3/10/22
|
$ 8,066
|
|
29,558+(c)(h)
|
Alturas Re 2020-2, 3/10/23
|
35,709
|
|
250,000+(c)(g)
|
Bantry Re 2016, 3/31/22
|
20,150
|
|
1,270,809+(c)(g)
|
Berwick Re 2018-1, 12/31/21
|
122,102
|
|
907,913+(c)(g)
|
Berwick Re 2019-1, 12/31/22
|
108,496
|
|
20,000+(g)
|
Eden Re II, 3/22/22 (144A)
|
5,172
|
|
3,800+(g)
|
Eden Re II, 3/22/23 (144A)
|
20,025
|
|
300,000+(c)(h)
|
Lorenz Re 2018, 7/1/21
|
3,210
|
|
199,590+(c)(h)
|
Lorenz Re 2019, 6/30/22
|
9,381
|
|
300,000+(c)(g)
|
Merion Re 2018-2, 12/31/21
|
49,650
|
|
400,000+(c)(g)
|
Pangaea Re 2018-1, 12/31/21
|
8,422
|
|
400,000+(c)(g)
|
Pangaea Re 2018-3, 7/1/22
|
8,297
|
|
327,699+(c)(g)
|
Pangaea Re 2019-1, 2/1/23
|
6,828
|
|
294,125+(c)(g)
|
Pangaea Re 2019-3, 7/1/23
|
10,580
|
|
324,259+(g)
|
Pangaea Re 2020-1, 2/1/24
|
6,881
|
|
150,000+(g)
|
Sector Re V, 12/1/23 (144A)
|
37,624
|
|
10,000+(c)(g)
|
Sector Re V, 12/1/24 (144A)
|
27,050
|
Face
|
|
|
|
Amount
|
|
|
|
USD ($)
|
|
Value
|
|
|
Multiperil – Worldwide — (continued)
|
|
|
400,000+(c)(g)
|
St. Andrews Re 2017-1, 2/1/22
|
$ 27,120
|
|
347,597+(c)(g)
|
St. Andrews Re 2017-4, 6/1/22
|
34,203
|
|
253,645+(c)(g)
|
Woburn Re 2018, 12/31/21
|
18,618
|
|
244,914+(c)(g)
|
Woburn Re 2019, 12/31/22
|
72,421
|
|
|
|
$ 640,005
|
|
|
Total Reinsurance Sidecars
|
$ 677,030
|
|
|
TOTAL INSURANCE-LINKED SECURITIES
|
|
|
|
(Cost $1,300,902)
|
$ 1,002,774
|
|
|
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 149.2%
|
|
|
|
(Cost $209,803,792)
|
$216,345,339
|
|
|
OTHER ASSETS AND LIABILITIES — (49.2)%
|
$ (71,538,951)
|
|
|
NET ASSETS — 100.0%
|
$144,806,388
|
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 May
31, 2021, the value of these securities amounted to $31,497,289, or 21.7% of net assets.
|
†
|
Amount rounds to less than 0.1%.
|
*
|
Senior secured floating rate loan interests in which the Fund 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 May 31, 2021.
|
^
|
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 May 31, 2021.
|
(b)
|
This term loan will settle after May 31, 2021, at which time the interest rate will be determined.
|
(c)
|
Non-income producing security.
|
(d)
|
Debt obligation initially issued at one coupon which converts to a higher coupon at a
specific date. The rate shown is the rate at May 31, 2021.
|
(e)
|
The interest rate is subject to change periodically. The interest rate and/or reference
index and spread shown at May 31, 2021.
|
(f)
|
Security is perpetual in nature and has no stated maturity date.
|
(g)
|
Issued as participation notes.
|
(h)
|
Issued as preference shares.
|
#
|
Securities are restricted as to resale.
|
Restricted Securities
|
Acquisition date
|
Cost
|
Value
|
Alturas Re 2019-2
|
12/19/2018
|
$ 3,037
|
$ 8,066
|
Alturas Re 2020-2
|
1/1/2020
|
29,558
|
35,709
|
Bantry Re 2016
|
2/6/2019
|
20,150
|
20,150
|
Berwick Re 2018-1
|
1/10/2018
|
209,553
|
122,102
|
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
|
5,172
|
Eden Re II
|
1/22/2019
|
446
|
20,025
|
Formby Re 2018
|
7/9/2018
|
27,581
|
34,798
|
Harambee Re 2018
|
12/19/2017
|
12,719
|
825
|
Harambee Re 2019
|
12/20/2018
|
—
|
3,250
|
Limestone Re
|
6/20/2018
|
19,960
|
37,266
|
Lorenz Re 2018
|
6/26/2018
|
68,068
|
3,210
|
Lorenz Re 2019
|
6/26/2019
|
63,642
|
9,381
|
Matterhorn Re
|
4/30/2020
|
250,000
|
253,650
|
Merion Re 2018-2
|
12/28/2017
|
12,346
|
49,650
|
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
|
—
|
6,881
|
Resilience Re
|
4/13/2017
|
980
|
30
|
Sector Re V
|
1/1/2020
|
10,000
|
27,050
|
Sector Re V, Series 8, Class C
|
12/4/2018
|
57,134
|
37,624
|
St. Andrews Re 2017-1
|
1/5/2017
|
27,099
|
27,120
|
St. Andrews Re 2017-4
|
3/31/2017
|
—
|
34,203
|
Woburn Re 2018
|
3/20/2018
|
89,763
|
18,618
|
Woburn Re 2019
|
1/30/2019
|
63,932
|
72,421
|
Total Restricted Securities
|
|
|
$ 1,002,774
|
% of Net assets
|
|
|
0.7%
|
Aggregate gross unrealized appreciation for all investments in which
|
|
there is an excess of value over tax cost
|
$ 7,755,535
|
Aggregate gross unrealized depreciation for all investments in which
|
|
there is an excess of tax cost over value
|
(1,880,008)
|
Net unrealized appreciation
|
$ 5,875,527
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Senior Secured Floating Rate
|
|
|
|
|
Loan Interests
|
$ —
|
$179,709,978
|
$ —
|
$179,709,978
|
Common Stocks
|
|
|
|
|
Specialty Retail
|
—
|
—
|
139,759
|
139,759
|
All Other Common Stocks
|
2,303,576
|
—
|
—
|
2,303,576
|
Asset Backed Securities
|
—
|
3,936,038
|
—
|
3,936,038
|
Collateralized Mortgage
|
|
|
|
|
Obligation
|
—
|
4,213,298
|
—
|
4,213,298
|
Commercial Mortgage-Backed
|
|
|
|
|
Securities
|
—
|
1,322,865
|
—
|
1,322,865
|
Corporate Bonds
|
—
|
23,717,051
|
—
|
23,717,051
|
Insurance-Linked Securities
|
|
|
|
|
Collateralized Reinsurance
|
|
|
|
|
Multiperil - Worldwide
|
—
|
—
|
37,296
|
37,296
|
Windstorm - Florida
|
—
|
—
|
34,798
|
34,798
|
Reinsurance Sidecars
|
|
|
|
|
Multiperil - U.S.
|
—
|
—
|
37,025
|
37,025
|
Multiperil - Worldwide
|
—
|
—
|
640,005
|
640,005
|
All Other Insurance-Linked
|
|
|
|
|
Security
|
—
|
253,650
|
—
|
253,650
|
Total Investments in Securities
|
$ 2,303,576
|
$213,152,880
|
$888,883
|
$216,345,339
|
Other Financial Instruments
|
|
|
|
|
Credit agreement (a)
|
$ —
|
$ (69,450,000)
|
$ —
|
$ (69,450,000)
|
Total Other Financial Instruments
|
$ —
|
$ (69,450,000)
|
$ —
|
$ (69,450,000)
|
(a) The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.
|
|
|
|
Change in
|
|
|
|
|
|
Balance
|
Realized
|
unrealized
|
|
|
Accrued
|
Balance
|
|
as of
|
gain
|
appreciation
|
|
|
discounts/
|
as of
|
|
11/30/20
|
(loss)(1)
|
(depreciation)(2)
|
Purchases
|
Sales
|
premiums
|
5/31/21
|
Common Stocks
|
|
|
|
|
|
|
|
Specialty Retail
|
$ 120,576
|
$ —
|
$ 19,183
|
$ —
|
$ —
|
$ —
|
$139,759
|
Insurance-Linked
|
|
|
|
|
|
|
|
Securities
|
|
|
|
|
|
|
|
Collateralized
|
|
|
|
|
|
|
|
Reinsurance
|
|
|
|
|
|
|
|
Multiperil –
|
|
|
|
|
|
|
|
Worldwide
|
42,442
|
—
|
1,894
|
—
|
(7,040)
|
—
|
37,296
|
Windstorms –
|
|
|
|
|
|
|
|
Florida
|
44,229
|
—
|
—
|
—
|
(9,431)
|
—
|
34,798
|
Reinsurance
|
|
|
|
|
|
|
|
Sidecars
|
|
|
|
|
|
|
|
Multiperil – U.S.
|
41,662
|
—
|
2,158
|
—
|
(6,795)
|
—
|
37,025
|
Multiperil –
|
|
|
|
|
|
|
|
Worldwide
|
1,690,975
|
—
|
(45,578)
|
—
|
(1,005,392)
|
—
|
640,005
|
Total
|
$1,939,884
|
$ —
|
$ (22,343)
|
$ —
|
$(1,028,658)
|
$ —
|
$888,883
|
(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 six months ended May 31, 2021,
there were no transfers in or out of Level 3.
|
Net change in unrealized appreciation (depreciation) of Level 3 investments
|
|
still held and considered Level 3 at May 31, 2021:
|
$(14,543)
|
ASSETS:
|
|
Investments in unaffiliated issuers, at value (cost $209,803,792)
|
$ 216,345,339
|
Cash
|
5,739,953
|
Receivables —
|
|
Investment securities sold
|
3,888,193
|
Dividends
|
33,525
|
Interest
|
964,101
|
Other assets
|
108
|
Total assets
|
$ 226,971,219
|
LIABILITIES:
|
|
Payables —
|
|
Credit agreement
|
$ 69,450,000
|
Investment securities purchased
|
12,173,705
|
Interest expense
|
5,161
|
Directors’ fees
|
3,558
|
Unrealized depreciation on unfunded loan commitments
|
105
|
Due to affiliates
|
15,548
|
Accrued expenses
|
516,754
|
Total liabilities
|
$ 82,164,831
|
NET ASSETS:
|
|
Paid-in capital
|
$ 208,118,096
|
Distributable earnings (loss)
|
(63,311,708)
|
Net assets
|
$ 144,806,388
|
NET ASSET VALUE PER SHARE:
|
|
No par value
|
|
Based on $144,806,388/12,369,087 shares
|
$ 11.71
|
INVESTMENT INCOME:
|
|
|
Interest from unaffiliated issuers
|
$ 5,367,790
|
|
Dividends from unaffiliated issuers
|
112,515
|
|
Total investment income
|
|
$ 5,480,305
|
EXPENSES:
|
|
|
Management fees
|
$ 808,213
|
|
Administrative expense
|
65,873
|
|
Transfer agent fees
|
42,817
|
|
Shareowner communications expense
|
52,391
|
|
Custodian fees
|
14,377
|
|
Professional fees
|
157,234
|
|
Printing expense
|
100,000
|
|
Pricing fees
|
10,812
|
|
Directors’ fees
|
3,232
|
|
Interest expense
|
361,400
|
|
Miscellaneous
|
26,259
|
|
Total expenses
|
|
$ 1,642,608
|
Net investment income
|
|
$ 3,837,697
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
|
|
|
Net realized gain (loss) on:
|
|
|
Investments in unaffiliated issuers
|
$ (1,952,349)
|
|
Swap contracts
|
(1,979)
|
$ (1,954,328)
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
Investments in unaffiliated issuers
|
$ 8,920,729
|
|
Unfunded loan commitments
|
1,807
|
$ 8,922,536
|
Net realized and unrealized gain (loss) on investments
|
|
$ 6,968,208
|
Net increase in net assets resulting from operations
|
|
$ 10,805,905
|
|
Six Months
|
|
|
Ended
|
Year
|
|
5/31/21
|
Ended
|
|
(unaudited)
|
11/30/20
|
FROM OPERATIONS:
|
|
|
Net investment income (loss)
|
$ 3,837,697
|
$ 16,823,696
|
Net realized gain (loss) on investments
|
(1,954,328)
|
(17,863,156)
|
Change in net unrealized appreciation (depreciation)
|
|
|
on investments
|
8,922,536
|
2,911,121
|
Net increase in net assets resulting from operations
|
$ 10,805,905
|
$ 1,871,661
|
DISTRIBUTIONS TO SHAREOWNERS:
|
|
|
($0.38 and $0.74 per share, respectively)
|
$ (5,411,475)
|
$ (18,368,094)
|
Total distributions to shareowners
|
$ (5,411,475)
|
$ (18,368,094)
|
FROM FUND SHARE TRANSACTIONS:
|
|
|
Cost of shares repurchased through tender offer (Note 8)
|
$ (136,821,893)
|
$ —
|
Net decrease in net assets resulting from Fund
|
|
|
share transactions
|
$ (136,821,893)
|
$ —
|
Net decrease in net assets
|
$(131,427,463)
|
$ (16,496,433)
|
NET ASSETS:
|
|
|
Beginning of period
|
$ 276,233,851
|
$ 292,730,284
|
End of period
|
$ 144,806,388
|
$ 276,233,851
|
|
Six Months
|
Six Months
|
|
|
|
Ended
|
Ended
|
|
|
|
05/31/21
|
05/31/21
|
Year Ended
|
Year Ended
|
|
Shares
|
Amount
|
11/30/20
|
11/30/20
|
|
(unaudited)
|
(unaudited)
|
Shares
|
Amount
|
FUND SHARE TRANSACTION
|
|
|
|
|
Shares sold
|
—
|
$ —
|
—
|
$ —
|
Reinvestment of
|
|
|
|
|
distributions
|
—
|
—
|
—
|
—
|
Less shares
|
|
|
|
|
repurchased through
|
|
|
|
|
tender offer (Note 8)
|
(12,369,087)
|
(136,821,893)
|
—
|
—
|
Net decrease
|
(12,369,087)
|
$ (136,821,893)
|
—
|
$ —
|
Cash Flows From Operating Activities:
|
|
Net increase in net assets resulting from operations
|
$ 10,805,905
|
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
|
$ (58,381,048)
|
Proceeds from disposition and maturity of investment securities
|
231,449,009
|
Net accretion and amortization of discount/premium on investment securities
|
(896,528)
|
Change in unrealized appreciation on investments in unaffiliated issuers
|
(8,920,729)
|
Change in unrealized appreciation on unfunded loan commitments
|
(1,807)
|
Net realized loss on investments in unaffiliated issuers
|
1,952,349
|
Decrease in interest receivable
|
1,046,788
|
Increase in other assets
|
(100)
|
Decrease in due to affiliates
|
(19,567)
|
Decrease in directors’ fees payable
|
(1,471)
|
Increase in accrued expenses payable
|
91,582
|
Net cash, restricted cash and foreign currencies from operating activities
|
$ 177,124,383
|
Cash Flows Used in Financing Activities:
|
|
Borrowings received
|
$ 21,500,000
|
Borrowings repaid
|
(57,500,000)
|
Increase in interest expense payable
|
1,692
|
Distributions to shareowners
|
(5,411,475)
|
Payment for shares repurchased through tender offer (Note 8)
|
(136,821,893)
|
Net cash, restricted cash and foreign currencies used in
|
|
financing activities
|
$ (178,231,676)
|
Effect of Foreign Exchange Fluctuations on Cash:
|
|
Effect of foreign exchange fluctuations on cash
|
$ —
|
Cash, Restricted Cash and Foreign Currencies:
|
|
Beginning of period*
|
$ 6,847,246
|
End of period*
|
$ 5,739,953
|
Cash Flow Information:
|
|
Cash paid for interest
|
$ 359,708
|
* The following table provides a reconciliation of cash, restricted cash and foreign currencies reported within Statement of Assets and Liabilities that sum to the total of the same such
amounts shown in the Statement of Cash Flows:
|
|
Six Months
|
|
|
Ended
|
|
|
5/31/21
|
Year Ended
|
|
(unaudited)
|
11/30/20
|
Cash
|
$5,739,953
|
$ 6,847,246
|
Foreign currencies, at value
|
—
|
—
|
Swaps collateral
|
—
|
—
|
Total cash, restricted cash and foreign currencies
|
|
|
shown in the Statement of Cash Flows
|
$5,739,953
|
$ 6,847,246
|
|
Six Months
|
|
|
|
|
|
|
Ended
|
Year
|
Year
|
Year
|
Year
|
Year
|
|
5/31/21
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|
(unaudited)
|
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
|
$ 11.17
|
$ 11.83
|
$ 12.04
|
$ 12.42
|
$ 12.50
|
$ 12.30
|
Increase (decrease) from investment operations: (a)
|
|
|
|
|
|
|
Net investment income
|
$ 0.27
|
$ 0.68
|
$ 0.73
|
$ 0.74
|
$ 0.71
|
$ 0.77
|
Net realized and unrealized gain (loss) on investments
|
0.65
|
(0.60)
|
(0.20)
|
(0.40)
|
(0.06)
|
0.15
|
Net increase (decrease) from investment operations
|
$ 0.92
|
$ 0.08
|
$ 0.53
|
$ 0.34
|
$ 0.65
|
$ 0.92
|
Distributions to shareowners from:
|
|
|
|
|
|
|
Net investment income and previously undistributed net
|
|
|
|
|
|
|
investment income
|
$ (0.38)(b)
|
$ (0.74)(b)
|
$ (0.74)(b)
|
$ (0.72)
|
$ (0.73)(b)
|
$ (0.72)
|
Net increase (decrease) in net asset value
|
$ 0.54
|
$ (0.66)
|
$ (0.21)
|
$ (0.38)
|
$ (0.08)
|
$ 0.20
|
Net asset value, end of period
|
$ 11.71
|
$ 11.17
|
$ 11.83
|
$ 12.04
|
$ 12.42
|
$ 12.50
|
Market value, end of period
|
$ 11.30
|
$ 10.73
|
$ 10.53
|
$ 10.40
|
$ 11.47
|
$ 11.78
|
Total return at net asset value (c)
|
8.41%(d)
|
1.89%
|
5.38%
|
3.34%
|
5.55%
|
8.31%
|
Total return at market value (c)
|
8.90%(d)
|
9.96%
|
8.59%
|
(3.34)%
|
3.43%
|
15.92%
|
Ratios to average net assets of shareowners:
|
|
|
|
|
|
|
Total expenses plus interest expense (e)(f)
|
2.04%(g)
|
2.58%
|
2.90%
|
2.56%
|
2.21%
|
1.96%
|
Net investment income available to shareowners
|
4.76%(g)
|
6.26%
|
6.08%
|
5.98%
|
5.62%
|
6.32%
|
Portfolio turnover rate
|
29%(d)
|
73%
|
48%
|
34%
|
75%
|
52%
|
Net assets, end of period (in thousands)
|
$144,806
|
$276,234
|
$292,730
|
$297,903
|
$307,195
|
$309,308
|
Financial Highlights (continued)
|
|
|
|
|
|
|
|
||||||
|
||||||
|
Six Months
Ended
|
Year
|
Year
|
Year
|
Year
|
Year
|
|
5/31/21
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|
(unaudited)
|
11/30/20
|
11/30/19
|
11/30/18
|
11/30/17
|
11/30/16*
|
Total amount of debt outstanding (in thousands)
|
$ 69,450
|
$105,450
|
$139,450
|
$143,450
|
$143,450
|
$143,450
|
Asset coverage per $1,000 of indebtedness
|
$ 3,085
|
$ 3,620
|
$ 3,099
|
$ 3,077
|
$ 3,141
|
$ 3,156
|
*
|
The Fund 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 Fund during the period. The Fund has accumulated undistributed net
investment income which is the part of the Fund’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 Fund’s dividend reinvestment plan. Total investment return does not reflect
brokerage commissions. Past performance is not a guarantee of future results.
|
(d)
|
Not annualized.
|
(e)
|
Expense ratios do not reflect the effect of distribution payments to preferred shareowners.
|
(f)
|
Includes interest expense of 0.45%, 0.70%, 1.60%, 1.35%, 0.95% and 0.63%, respectively.
|
(g)
|
Annualized.
|
|
2020
|
Distributions paid from:
|
|
Ordinary income
|
$18,368,094
|
Total
|
$18,368,094
|
|
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
|
$ —
|
$(1,979)
|
$ —
|
$ —
|
$ —
|
Total Value
|
$ —
|
$(1,979)
|
$ —
|
$ —
|
$ —
|
|
|
|
|
Unrealized
|
|
|
|
|
Appreciation
|
Loan
|
Principal
|
Cost
|
Value
|
(Depreciation)
|
DG Investment
|
|
|
|
|
Intermediate
|
|
|
|
|
Holdings 2, Inc., (aka
|
|
|
|
|
Convergint Technologies
|
|
|
|
|
Holdings LLC) First Lien
|
|
|
|
|
Initial Term Loan
|
$ 18,701
|
$ 18,701
|
$ 18,719
|
$ 18
|
Service Logic
|
|
|
|
|
Acquisition, Inc., First
|
|
|
|
|
Lien Delayed Draw
|
|
|
|
|
Term Loan
|
197,015
|
198,493
|
198,370
|
(123)
|
Total Value
|
$215,716
|
$217,194
|
$217,089
|
$(105)
|
|
5/31/21
|
11/30/20
|
Shares outstanding at beginning of period
|
24,738,174
|
24,738,174
|
Shares outstanding at end of period
|
12,369,087
|
24,738,174
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Directors
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Officers
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Thomas J. Perna, Chairman
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Lisa M. Jones, President and
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John E. Baumgardner, Jr.
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Chief Executive Officer
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Diane Durnin
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Anthony J. Koenig, Jr., Treasurer
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Benjamin M. Friedman
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and Chief Financial and
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Lisa M. Jones
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Accounting Officer
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Lorraine H. Monchak
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Christopher J. Kelley, Secretary and
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Craig C. MacKay
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Chief Legal Officer
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Marguerite A. Piret
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Fred J. Ricciardi
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Kenneth J. Taubes
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You can call American Stock Transfer & Trust Company (AST) for:
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Account Information
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1-800-710-0935
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Or write to AST:
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For
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Write to
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General inquiries, lost dividend checks,
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American Stock
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change of address, lost stock certificates,
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Transfer & Trust
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stock transfer
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Operations Center
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6201 15th Ave.
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Brooklyn, NY 11219
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Dividend reinvestment plan (DRIP)
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American Stock
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Transfer & Trust
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Wall Street Station
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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
|
|
these services (see general
|
|
Audit Committee approval policy
|
|
below for details on obtaining
|
|
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
|
||
contribution-in-kind reports
|
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4. Actuarial services (i.e., setting
|
||
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
|
||
unrelated to the audit
|
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9. Any other service that the Public
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Company Accounting Oversight Board
|
||
determines, by regulation, is
|
||
impermissible
|
AUDIT COMMITTEE APPROVAL POLICY
|
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
|
procedures at the audit client (as
|
Audit Committee meeting
|
defined in rule 2-01(f)(4)) level
|
will serve as continual
|
the firm providing the service.
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confirmation that has
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not provided any
|
|
restricted services.
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