UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22795
First Trust Intermediate Duration
Preferred & Income Fund
(Exact name of registrant as specified in charter)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)
Registrant’s telephone number, including area code: 630-765-8000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
1 | |
2 | |
4 | |
7 | |
16 | |
17 | |
18 | |
19 | |
20 | |
21 | |
28 |
Performance | ||||
Average Annual Total Returns | ||||
6 Months Ended 4/30/22 | 1 Year Ended 4/30/22 | 5 Years Ended 4/30/22 | Inception (5/23/13) to 4/30/22 | |
Fund Performance(3) | ||||
NAV | -11.30% | -7.32% | 4.69% | 6.78% |
Market Value | -18.37% | -13.29% | 4.13% | 5.51% |
Index Performance | ||||
ICE BofA US Investment Grade Institutional Capital Securities Index | -7.82% | -6.20% | 3.84% | 4.51% |
Blended Index(4) | -10.15% | -8.15% | 3.56% | N/A |
ICE BofA Fixed Rate Preferred Securities Index | -11.70% | -10.10% | 2.39% | 3.90% |
Prior Blended Index | -9.89% | -8.16% | 3.19% | 4.19% |
(1) | Most recent distribution paid or declared through April 30, 2022. Subject to change in the future. |
(2) | Distribution rates are calculated by annualizing the most recent distribution paid or declared through the report date and then dividing by Common Share Price or NAV, as applicable, as of April 30, 2022. Subject to change in the future. |
(3) | Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results. |
(4) | The Blended Index consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index. The Blended Index is intended to reflect the proportional market cap of each segment of the preferred and hybrid securities market. The Prior Blended Index consists of a 50/50 blend of the ICE BofA Fixed Rate Preferred Securities Index and the ICE BofA U.S. Capital Securities Index. The Blended Index was added to reflect the diverse allocation of institutional preferred and hybrid securities in the Fund’s portfolio. The Blended Index and Prior Blended Index returns are calculated by using the monthly returns of the indices listed above during each period shown. At the beginning of each month the indices are rebalanced to a 30/30/30/10 and 50-50 ratio respectively to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Index for each period shown above. Since the ICE USD Contingent Capital Index had an inception date of December 31, 2013, the performance of the Blended Index is not available for all of the periods disclosed. |
(5) | The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
Performance | ||||
Average Annual Total Returns | ||||
6 Months Ended 4/30/22 | 1 Year Ended 4/30/22 | 5 Years Ended 4/30/22 | Inception (5/23/13) to 4/30/22 | |
Fund Performance* | ||||
NAV | -11.30% | -7.32% | 4.69% | 6.78% |
Market Value | -18.37% | -13.29% | 4.13% | 5.51% |
Index Performance | ||||
ICE BofA US Investment Grade Institutional Capital Securities Index | -7.82% | -6.20% | 3.84% | 4.51% |
Blended Index** | -10.15% | -8.15% | 3.56% | N/A |
ICE BofA Fixed Rate Preferred Securities Index | -11.70% | -10.10% | 2.39% | 3.90% |
Prior Blended Index | -9.89% | -8.16% | 3.19% | 4.19% |
* | Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. |
** | The Blended Index consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index. The Blended Index is intended to reflect the proportional market cap of each segment of the preferred and hybrid securities market. The Prior Blended Index consists of a 50/50 blend of the ICE BofA Fixed Rate Preferred Securities Index and the ICE BofA U.S. Capital Securities Index. The Blended Index was added to reflect the diverse allocation of institutional preferred and hybrid securities in the Fund’s portfolio. The Blended Index and Prior Blended Index returns are calculated by using the monthly returns of the indices listed above during each period shown. At the beginning of each month the indices are rebalanced to a 30/30/30/10 and 50-50 ratio respectively to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Index for each period shown above. Since the ICE USD Contingent Capital Index had an inception date of December 31, 2013, the performance of the Blended Index is not available for all of the periods disclosed. |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES – 21.1% | ||||||||
Banks – 3.3% | ||||||||
3,007 | Atlantic Union Bankshares Corp., Series A | 6.88% | (a) | $77,340 | ||||
45,331 | Citizens Financial Group, Inc., Series D (b) | 6.35% | (a) | 1,172,713 | ||||
12,374 | Fifth Third Bancorp, Series I (b) | 6.63% | (a) | 320,363 | ||||
70,463 | First Republic Bank, Series M | 4.00% | (a) | 1,233,102 | ||||
143,945 | JPMorgan Chase & Co., Series LL (c) | 4.63% | (a) | 2,789,654 | ||||
56,961 | Old National Bancorp, Series A (c) | 7.00% | (a) | 1,490,669 | ||||
272,168 | Pinnacle Financial Partners, Inc., Series B (c) | 6.75% | (a) | 6,964,779 | ||||
602,536 | Signature Bank, Series A (c) | 5.00% | (a) | 11,526,514 | ||||
102,268 | Wells Fargo & Co., Series Q (b) | 5.85% | (a) | 2,494,317 | ||||
49,802 | Wells Fargo & Co., Series Y | 5.63% | (a) | 1,175,327 | ||||
205,000 | WesBanco, Inc., Series A (b) (c) | 6.75% | (a) | 5,537,050 | ||||
66,146 | Western Alliance Bancorp, Series A (b) | 4.25% | (a) | 1,453,228 | ||||
255,439 | Wintrust Financial Corp., Series E (b) (c) | 6.88% | (a) | 6,792,123 | ||||
43,027,179 | ||||||||
Capital Markets – 1.2% | ||||||||
29,434 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 579,850 | ||||
173,946 | Affiliated Managers Group, Inc. (d) | 4.20% | 09/30/61 | 3,110,155 | ||||
369,562 | Carlyle Finance LLC (d) | 4.63% | 05/15/61 | 6,932,983 | ||||
269,834 | KKR Group Finance Co., IX LLC (c) | 4.63% | 04/01/61 | 5,199,701 | ||||
12,696 | Oaktree Capital Group LLC, Series A | 6.63% | (a) | 324,637 | ||||
5,847 | State Street Corp., Series D (b) | 5.90% | (a) | 147,344 | ||||
16,294,670 | ||||||||
Diversified Financial Services – 1.2% | ||||||||
187,368 | Apollo Asset Management, Inc., Series B (c) | 6.38% | (a) | 4,774,136 | ||||
518,884 | Equitable Holdings, Inc., Series A (c) | 5.25% | (a) | 11,290,916 | ||||
16,065,052 | ||||||||
Diversified Telecommunication Services – 0.3% | ||||||||
132,294 | Qwest Corp. (d) | 6.50% | 09/01/56 | 2,956,771 | ||||
29,752 | Qwest Corp. (d) | 6.75% | 06/15/57 | 667,635 | ||||
3,624,406 | ||||||||
Electric Utilities – 1.1% | ||||||||
245,850 | Brookfield BRP Holdings Canada, Inc. (c) | 4.63% | (a) | 4,296,229 | ||||
195,763 | Brookfield Infrastructure Finance ULC (d) | 5.00% | 05/24/81 | 3,807,590 | ||||
120,245 | SCE Trust IV, Series J (b) (c) | 5.38% | (a) | 2,621,341 | ||||
81,831 | SCE Trust V, Series K (b) | 5.45% | (a) | 1,953,306 | ||||
63,514 | Southern (The) Co., Series 2020A (d) | 4.95% | 01/30/80 | 1,341,416 | ||||
14,019,882 | ||||||||
Equity Real Estate Investment Trusts – 0.5% | ||||||||
69,919 | Agree Realty Corp., Series A | 4.25% | (a) | 1,313,778 | ||||
11,821 | DigitalBridge Group, Inc., Series I | 7.15% | (a) | 271,056 | ||||
1,939 | DigitalBridge Group, Inc., Series J | 7.13% | (a) | 43,724 | ||||
173,947 | Global Net Lease, Inc., Series A (d) | 7.25% | (a) | 4,407,817 | ||||
17,466 | National Storage Affiliates Trust, Series A | 6.00% | (a) | 439,270 | ||||
6,475,645 | ||||||||
Food Products – 0.7% | ||||||||
352,723 | CHS, Inc., Series 3 (b) (c) | 6.75% | (a) | 9,340,105 | ||||
Gas Utilities – 0.3% | ||||||||
197,017 | South Jersey Industries, Inc. (c) (d) | 5.63% | 09/16/79 | 3,447,798 |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES (Continued) | ||||||||
Independent Power & Renewable Electricity Producers – 0.3% | ||||||||
161,321 | Brookfield Renewable Partners L.P., Series 17 | 5.25% | (a) | $3,365,156 | ||||
Insurance – 5.5% | ||||||||
471,737 | Aegon Funding Co., LLC (c) | 5.10% | 12/15/49 | 9,977,238 | ||||
611 | Allstate (The) Corp. (b) | 5.10% | 01/15/53 | 15,397 | ||||
503,143 | American Equity Investment Life Holding Co., Series A (b) (c) | 5.95% | (a) | 12,422,601 | ||||
247,889 | American Equity Investment Life Holding Co., Series B (b) (c) | 6.63% | (a) | 6,417,846 | ||||
193,648 | AmTrust Financial Services, Inc. (d) | 7.25% | 06/15/55 | 3,679,312 | ||||
210,480 | AmTrust Financial Services, Inc. (d) | 7.50% | 09/15/55 | 3,946,500 | ||||
192,000 | Arch Capital Group Ltd., Series G (d) | 4.55% | (a) | 3,703,680 | ||||
52,243 | Aspen Insurance Holdings Ltd. (d) | 5.63% | (a) | 1,216,739 | ||||
349,200 | Aspen Insurance Holdings Ltd. (c) | 5.63% | (a) | 8,083,980 | ||||
8,296 | Aspen Insurance Holdings Ltd. (b) | 5.95% | (a) | 203,169 | ||||
133,393 | CNO Financial Group, Inc. (d) | 5.13% | 11/25/60 | 2,734,557 | ||||
584,250 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (d) (e) | 3.70% | 05/15/37 | 12,123,187 | ||||
11,540 | Globe Life, Inc. (d) | 4.25% | 06/15/61 | 228,030 | ||||
193,528 | Phoenix Cos. (The), Inc. | 7.45% | 01/15/32 | 3,538,176 | ||||
160,945 | RenaissanceRe Holdings Ltd., Series G | 4.20% | (a) | 3,022,547 | ||||
71,312,959 | ||||||||
Mortgage Real Estate Investment Trusts – 0.4% | ||||||||
6,592 | AGNC Investment Corp., Series C (b) | 7.00% | (a) | 162,295 | ||||
117,083 | AGNC Investment Corp., Series F (b) (d) | 6.13% | (a) | 2,706,959 | ||||
73,779 | Annaly Capital Management, Inc., Series F (b) | 6.95% | (a) | 1,831,933 | ||||
4,701,187 | ||||||||
Multi-Utilities – 1.8% | ||||||||
84,780 | Brookfield Infrastructure Partners L.P., Series 13 | 5.13% | (a) | 1,648,115 | ||||
169 | Brookfield Infrastructure Partners L.P., Series 14 | 5.00% | (a) | 3,199 | ||||
141,212 | DTE Energy Co. | 4.38% | 12/01/81 | 2,800,234 | ||||
15,000 | DTE Energy Co., Series E | 5.25% | 12/01/77 | 348,450 | ||||
670,375 | Integrys Holding, Inc. (b) (d) | 6.00% | 08/01/73 | 16,926,969 | ||||
74,647 | Sempra Energy | 5.75% | 07/01/79 | 1,787,795 | ||||
23,514,762 | ||||||||
Oil, Gas & Consumable Fuels – 1.7% | ||||||||
35,235 | Energy Transfer L.P., Series C (b) | 7.38% | (a) | 837,536 | ||||
1,879 | Energy Transfer L.P., Series D (b) | 7.63% | (a) | 45,171 | ||||
573,841 | Energy Transfer L.P., Series E (b) (c) | 7.60% | (a) | 13,886,952 | ||||
172,376 | NuStar Energy L.P., Series A, 3 Mo. LIBOR + 6.77% (e) | 7.59% | (a) | 4,137,024 | ||||
8,648 | NuStar Energy L.P., Series C (b) | 9.00% | (a) | 211,876 | ||||
135,233 | NuStar Logistics L.P., 3 Mo. LIBOR + 6.73% (d) (e) | 7.78% | 01/15/43 | 3,420,043 | ||||
22,538,602 | ||||||||
Real Estate Management & Development – 1.7% | ||||||||
273,319 | Brookfield Property Partners L.P., Series A | 5.75% | (a) | 5,398,050 | ||||
374,243 | Brookfield Property Partners L.P., Series A2 (c) | 6.38% | (a) | 7,892,785 | ||||
398,983 | Brookfield Property Preferred L.P. | 6.25% | 07/26/81 | 8,326,775 | ||||
21,617,610 | ||||||||
Trading Companies & Distributors – 0.6% | ||||||||
284,980 | WESCO International, Inc., Series A (b) (d) | 10.63% | (a) | 8,136,179 | ||||
Wireless Telecommunication Services – 0.5% | ||||||||
75,137 | United States Cellular Corp. (d) | 6.25% | 09/01/69 | 1,628,219 |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES (Continued) | ||||||||
Wireless Telecommunication Services (Continued) | ||||||||
253,239 | United States Cellular Corp. (d) | 5.50% | 06/01/70 | $5,106,564 | ||||
6,734,783 | ||||||||
Total $25 Par Preferred Securities | 274,215,975 | |||||||
(Cost $302,719,982) | ||||||||
$100 PAR PREFERRED SECURITIES – 3.3% | ||||||||
Banks – 3.3% | ||||||||
80,000 | AgriBank FCB (b) | 6.88% | (a) | 8,420,000 | ||||
179,000 | CoBank ACB, Series F (b) (c) | 6.25% | (a) | 18,079,000 | ||||
54,250 | CoBank ACB, Series H (b) (c) | 6.20% | (a) | 5,682,687 | ||||
102,000 | Farm Credit Bank of Texas (b) (c) (f) | 6.75% | (a) | 10,582,500 | ||||
Total $100 Par Preferred Securities | 42,764,187 | |||||||
(Cost $42,908,750) | ||||||||
$1,000 PAR PREFERRED SECURITIES – 3.8% | ||||||||
Banks – 2.9% | ||||||||
7,719 | Bank of America Corp., Series L | 7.25% | (a) | 9,392,634 | ||||
23,451 | Wells Fargo & Co., Series L | 7.50% | (a) | 28,410,652 | ||||
37,803,286 | ||||||||
Diversified Financial Services – 0.9% | ||||||||
12,000 | Compeer Financial ACA (b) (c) (f) | 6.75% | (a) | 12,240,000 | ||||
Total $1,000 Par Preferred Securities | 50,043,286 | |||||||
(Cost $54,528,152) | ||||||||
$1,000,000 PAR PREFERRED SECURITIES – 1.2% | ||||||||
Mortgage Real Estate Investment Trusts – 1.2% | ||||||||
12 | FT Real Estate Securities Co., Inc. (g) (h) (i) | 9.50% | (a) | 15,311,808 | ||||
(Cost $15,990,000) | ||||||||
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES – 113.7% | ||||||||
Banks – 50.0% | ||||||||
$12,935,000 | Australia & New Zealand Banking Group Ltd. (b) (c) (f) (j) | 6.75% | (a) | 13,560,213 | ||||
8,800,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (c) (j) | 6.50% | (a) | 8,547,000 | ||||
2,000,000 | Banco Mercantil del Norte S.A. (b) (f) (j) | 6.88% | (a) | 1,981,290 | ||||
5,000,000 | Banco Mercantil del Norte S.A. (b) (f) (j) | 7.50% | (a) | 4,793,875 | ||||
8,000,000 | Banco Mercantil del Norte S.A. (b) (f) (j) | 7.63% | (a) | 7,934,680 | ||||
7,400,000 | Banco Mercantil del Norte S.A. (b) (f) (j) | 8.38% | (a) | 7,649,935 | ||||
10,800,000 | Banco Santander S.A. (b) (c) (j) | 4.75% | (a) | 9,566,843 | ||||
12,600,000 | Banco Santander S.A. (b) (j) (k) | 7.50% | (a) | 12,737,819 | ||||
6,114,000 | Bank of America Corp., Series RR (b) (c) | 4.38% | (a) | 5,426,175 | ||||
6,000,000 | Bank of America Corp., Series TT (b) | 6.13% | (a) | 6,012,000 | ||||
5,900,000 | Bank of America Corp., Series X (b) (c) | 6.25% | (a) | 5,987,320 | ||||
10,300,000 | Bank of Nova Scotia (The) (b) (c) | 4.90% | (a) | 10,131,698 | ||||
7,300,000 | Barclays PLC (b) (c) (j) | 4.38% | (a) | 6,104,625 | ||||
11,200,000 | Barclays PLC (b) (c) (j) | 6.13% | (a) | 10,996,944 | ||||
49,560,000 | Barclays PLC (b) (c) (d) (j) | 8.00% | (a) | 51,201,675 | ||||
8,550,000 | BBVA Bancomer S.A. (b) (d) (f) (j) | 5.88% | 09/13/34 | 8,161,231 | ||||
15,000,000 | BNP Paribas S.A. (b) (c) (f) (j) | 4.63% | (a) | 13,605,600 | ||||
3,300,000 | BNP Paribas S.A. (b) (f) (j) | 7.38% | (a) | 3,437,296 | ||||
13,370,000 | Citigroup, Inc. (b) (c) | 3.88% | (a) | 12,110,813 | ||||
5,041,000 | Citigroup, Inc. (b) (c) | 5.90% | (a) | 5,137,636 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Banks (Continued) | ||||||||
$3,022,000 | Citigroup, Inc. (b) | 5.95% | (a) | $3,022,000 | ||||
9,937,000 | Citigroup, Inc., Series D (b) (c) | 5.35% | (a) | 9,812,787 | ||||
8,600,000 | Citigroup, Inc., Series P (b) (c) | 5.95% | (a) | 8,418,970 | ||||
14,486,000 | Citigroup, Inc., Series W (b) (c) | 4.00% | (a) | 13,182,260 | ||||
7,381,000 | Citigroup, Inc., Series Y (b) (c) | 4.15% | (a) | 6,547,685 | ||||
1,720,000 | Citizens Financial Group, Inc., Series B (b) | 6.00% | (a) | 1,644,836 | ||||
6,800,000 | Citizens Financial Group, Inc., Series G (b) (c) | 4.00% | (a) | 6,052,000 | ||||
25,000,000 | CoBank ACB, Series I (b) (c) | 6.25% | (a) | 25,187,500 | ||||
2,800,000 | Commerzbank AG (b) (j) (k) | 7.00% | (a) | 2,769,200 | ||||
20,000,000 | Credit Agricole S.A. (b) (c) (f) (j) | 6.88% | (a) | 20,135,000 | ||||
28,240,000 | Credit Agricole S.A. (b) (c) (f) (j) | 8.13% | (a) | 30,437,693 | ||||
3,000,000 | Danske Bank A.S. (b) (j) (k) | 4.38% | (a) | 2,718,750 | ||||
9,080,000 | Danske Bank A.S. (b) (j) (k) | 6.13% | (a) | 8,995,847 | ||||
6,740,000 | Danske Bank A.S. (b) (c) (j) (k) | 7.00% | (a) | 6,716,397 | ||||
3,450,000 | Farm Credit Bank of Texas, Series 3 (b) (c) (f) | 6.20% | (a) | 3,657,000 | ||||
7,500,000 | Farm Credit Bank of Texas, Series 4 (b) (c) (d) (f) | 5.70% | (a) | 7,875,000 | ||||
2,464,000 | Fifth Third Bancorp, Series H (b) | 5.10% | (a) | 2,399,320 | ||||
18,000,000 | HSBC Holdings PLC (b) (c) (j) | 6.38% | (a) | 18,101,790 | ||||
1,600,000 | Huntington Bancshares, Inc., Series G (b) (c) | 4.45% | (a) | 1,536,133 | ||||
14,092,000 | ING Groep N.V. (b) (j) | 5.75% | (a) | 13,540,087 | ||||
12,920,000 | ING Groep N.V. (b) (c) (j) | 6.50% | (a) | 12,917,416 | ||||
16,200,000 | Intesa Sanpaolo S.p.A. (b) (c) (f) (j) | 7.70% | (a) | 16,362,000 | ||||
6,646,000 | JPMorgan Chase & Co., Series Q (b) (c) | 5.15% | (a) | 6,554,617 | ||||
5,045,000 | JPMorgan Chase & Co., Series V, 3 Mo. LIBOR + 3.32% (c) (e) | 4.29% | (a) | 4,994,550 | ||||
13,045,000 | Lloyds Banking Group PLC (b) (c) (j) | 6.75% | (a) | 13,149,817 | ||||
21,213,000 | Lloyds Banking Group PLC (b) (c) (j) | 7.50% | (a) | 21,676,928 | ||||
5,400,000 | M&T Bank Corp. (b) (c) | 3.50% | (a) | 4,549,569 | ||||
2,000,000 | Macquarie Bank Ltd. (b) (f) (j) | 6.13% | (a) | 1,927,670 | ||||
2,900,000 | NatWest Group PLC (b) (j) | 6.00% | (a) | 2,865,345 | ||||
1,200,000 | NatWest Group PLC (b) (c) (j) | 8.00% | (a) | 1,265,208 | ||||
24,400,000 | Nordea Bank Abp (b) (c) (f) (j) | 6.63% | (a) | 24,827,000 | ||||
6,300,000 | PNC Financial Services Group (The), Inc., Series T (b) (c) | 3.40% | (a) | 5,433,750 | ||||
3,000,000 | PNC Financial Services Group (The), Inc., Series U (b) | 6.00% | (a) | 2,988,600 | ||||
5,150,000 | Regions Financial Corp., Series D (b) (c) | 5.75% | (a) | 5,265,875 | ||||
9,200,000 | Skandinaviska Enskilda Banken AB (b) (c) (j) (k) | 5.13% | (a) | 8,837,750 | ||||
26,100,000 | Societe Generale S.A. (b) (c) (f) (j) | 5.38% | (a) | 22,981,050 | ||||
6,710,000 | Societe Generale S.A. (b) (c) (f) (j) | 7.88% | (a) | 6,883,826 | ||||
1,300,000 | Societe Generale S.A. (b) (f) (j) | 8.00% | (a) | 1,355,803 | ||||
19,940,000 | Standard Chartered PLC (b) (f) (j) | 4.30% | (a) | 16,550,200 | ||||
9,400,000 | Standard Chartered PLC (b) (f) (j) | 6.00% | (a) | 9,364,750 | ||||
65,000 | Standard Chartered PLC (b) (k) | 7.01% | (a) | 75,697 | ||||
14,346,000 | SVB Financial Group, Series D (b) (c) | 4.25% | (a) | 12,445,155 | ||||
5,800,000 | Swedbank AB, Series NC5 (b) (j) (k) | 5.63% | (a) | 5,752,875 | ||||
2,779,000 | Texas Capital Bancshares, Inc. (b) | 4.00% | 05/06/31 | 2,666,679 | ||||
580,000 | Truist Financial Corp., Series L (b) | 5.05% | (a) | 553,900 | ||||
21,201,000 | UniCredit S.p.A. (b) (c) (j) (k) | 8.00% | (a) | 21,426,579 | ||||
5,000,000 | UniCredit S.p.A. (b) (d) (f) | 5.46% | 06/30/35 | 4,521,435 | ||||
16,181,000 | Wells Fargo & Co., Series BB (b) (c) | 3.90% | (a) | 14,774,467 | ||||
650,803,434 | ||||||||
Capital Markets – 12.7% | ||||||||
12,296,000 | Apollo Management Holdings L.P. (b) (c) (d) (f) | 4.95% | 01/14/50 | 11,432,769 | ||||
8,340,000 | Bank of New York Mellon (The) Corp., Series I (b) (c) | 3.75% | (a) | 7,443,450 | ||||
2,200,000 | Charles Schwab (The) Corp. (b) | 5.00% | (a) | 2,125,134 | ||||
12,294,000 | Charles Schwab (The) Corp., Series G (b) (c) | 5.38% | (a) | 12,432,307 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Capital Markets (Continued) | ||||||||
$19,380,000 | Charles Schwab (The) Corp., Series I (b) (c) | 4.00% | (a) | $17,597,040 | ||||
19,220,000 | Credit Suisse Group AG (b) (c) (f) (j) | 5.25% | (a) | 16,937,625 | ||||
2,000,000 | Credit Suisse Group AG (b) (f) (j) | 6.25% | (a) | 1,945,998 | ||||
12,080,000 | Credit Suisse Group AG (b) (c) (f) (j) | 6.38% | (a) | 11,402,191 | ||||
1,629,000 | Credit Suisse Group AG (b) (c) (f) (j) | 7.50% | (a) | 1,635,671 | ||||
28,250,000 | Credit Suisse Group AG (b) (c) (f) (j) | 7.50% | (a) | 28,046,600 | ||||
13,900,000 | Deutsche Bank AG (b) (j) | 6.00% | (a) | 12,996,500 | ||||
3,400,000 | Deutsche Bank AG (b) (j) | 7.50% | (a) | 3,344,750 | ||||
7,850,000 | EFG International AG (b) (j) (k) | 5.50% | (a) | 7,531,361 | ||||
300,000 | Goldman Sachs Group (The), Inc., Series R (b) (c) | 4.95% | (a) | 289,500 | ||||
4,680,000 | Goldman Sachs Group (The), Inc., Series T (b) (c) | 3.80% | (a) | 4,130,026 | ||||
11,486,000 | Goldman Sachs Group (The), Inc., Series U (b) (c) | 3.65% | (a) | 9,992,820 | ||||
10,000,000 | UBS Group AG (b) (f) (j) | 4.88% | (a) | 9,212,500 | ||||
4,800,000 | UBS Group AG (b) (j) (k) | 6.88% | (a) | 4,875,648 | ||||
2,165,000 | UBS Group AG (b) (f) (j) | 7.00% | (a) | 2,205,594 | ||||
165,577,484 | ||||||||
Consumer Finance – 1.9% | ||||||||
4,500,000 | Ally Financial, Inc., Series B (b) | 4.70% | (a) | 3,899,812 | ||||
12,861,000 | American Express Co. (b) (c) | 3.55% | (a) | 11,109,975 | ||||
11,339,000 | Capital One Financial Corp., Series M (b) (c) | 3.95% | (a) | 9,864,930 | ||||
24,874,717 | ||||||||
Diversified Financial Services – 4.0% | ||||||||
15,000,000 | American AgCredit Corp. (b) (c) (f) | 5.25% | (a) | 13,706,250 | ||||
9,300,000 | Ares Finance Co. III LLC (b) (c) (f) | 4.13% | 06/30/51 | 8,665,440 | ||||
9,350,000 | Capital Farm Credit ACA, Series 1 (b) (c) (f) | 5.00% | (a) | 8,555,250 | ||||
3,800,000 | Compeer Financial ACA (b) (c) (f) | 4.88% | (a) | 3,377,250 | ||||
1,850,000 | Depository Trust & Clearing (The) Corp., Series D (b) (f) | 3.38% | (a) | 1,646,500 | ||||
11,949,000 | Voya Financial, Inc. (b) (c) | 5.65% | 05/15/53 | 11,904,251 | ||||
4,781,000 | Voya Financial, Inc., Series A (b) (c) | 6.13% | (a) | 4,769,048 | ||||
52,623,989 | ||||||||
Diversified Telecommunication Services – 0.9% | ||||||||
11,222,000 | Koninklijke KPN N.V. (b) (d) (f) | 7.00% | 03/28/73 | 11,362,275 | ||||
Electric Utilities – 3.4% | ||||||||
5,116,000 | Edison International, Series B (b) (c) | 5.00% | (a) | 4,643,402 | ||||
26,976,000 | Emera, Inc., Series 16-A (b) (c) (d) | 6.75% | 06/15/76 | 27,448,080 | ||||
8,586,000 | Southern (The) Co., Series 21-A (b) (c) | 3.75% | 09/15/51 | 7,748,865 | ||||
5,110,000 | Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (c) (e) | 4.52% | (a) | 5,033,350 | ||||
44,873,697 | ||||||||
Energy Equipment & Services – 1.6% | ||||||||
21,650,000 | Transcanada Trust (b) (c) (d) | 5.50% | 09/15/79 | 20,919,312 | ||||
Food Products – 5.5% | ||||||||
6,000,000 | Dairy Farmers of America, Inc. (c) (g) | 7.13% | (a) | 5,887,501 | ||||
17,788,000 | Land O’Lakes Capital Trust I (c) (d) (g) | 7.45% | 03/15/28 | 20,014,080 | ||||
10,000,000 | Land O’Lakes, Inc. (c) (f) | 7.25% | (a) | 10,488,000 | ||||
33,000,000 | Land O’Lakes, Inc. (c) (f) | 8.00% | (a) | 34,774,575 | ||||
71,164,156 | ||||||||
Insurance – 14.3% | ||||||||
3,900,000 | Allianz SE (b) (f) | 3.50% | (a) | 3,539,250 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Insurance (Continued) | ||||||||
$7,368,000 | Asahi Mutual Life Insurance Co. (b) (c) (k) | 6.50% | (a) | $7,524,570 | ||||
17,585,000 | Assurant, Inc. (b) (c) (d) | 7.00% | 03/27/48 | 18,189,133 | ||||
5,150,000 | Assured Guaranty Municipal Holdings, Inc. (b) (d) (f) | 6.40% | 12/15/66 | 5,209,225 | ||||
9,932,000 | AXIS Specialty Finance LLC (b) (d) | 4.90% | 01/15/40 | 9,250,367 | ||||
8,704,000 | Enstar Finance LLC (b) (c) (d) | 5.75% | 09/01/40 | 8,577,134 | ||||
17,149,000 | Enstar Finance LLC (b) (d) | 5.50% | 01/15/42 | 15,978,667 | ||||
15,300,000 | Fortegra Financial Corp. (b) (c) (d) (g) | 8.50% | 10/15/57 | 18,305,521 | ||||
22,078,000 | Global Atlantic Fin Co. (b) (d) (f) | 4.70% | 10/15/51 | 20,076,850 | ||||
6,200,000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (c) (e) (f) | 2.63% | 02/12/47 | 5,462,632 | ||||
8,183,000 | Kuvare US Holdings, Inc. (b) (c) (f) | 7.00% | 02/17/51 | 8,496,059 | ||||
2,000,000 | La Mondiale SAM (b) (c) (k) | 5.88% | 01/26/47 | 2,025,488 | ||||
9,500,000 | Lancashire Holdings Ltd. (b) (c) (k) | 5.63% | 09/18/41 | 8,497,750 | ||||
6,700,000 | Liberty Mutual Group, Inc. (b) (c) (f) | 4.13% | 12/15/51 | 6,090,601 | ||||
11,300,000 | Markel Corp. (b) (c) | 6.00% | (a) | 11,568,375 | ||||
2,442,000 | Nationwide Financial Services Capital Trust (d) (l) | 7.90% | 03/01/37 | 2,905,980 | ||||
2,910,000 | Nationwide Financial Services, Inc. (c) (d) | 6.75% | 05/15/37 | 3,131,887 | ||||
2,000,000 | Principal Financial Group, Inc., 3 Mo. LIBOR + 3.04% (e) | 3.55% | 05/15/55 | 1,925,000 | ||||
12,900,000 | QBE Insurance Group Ltd. (b) (c) (f) | 5.88% | (a) | 12,996,750 | ||||
9,765,000 | QBE Insurance Group Ltd. (b) (c) (k) | 6.75% | 12/02/44 | 10,109,363 | ||||
2,000,000 | QBE Insurance Group Ltd. (b) (k) | 5.88% | 06/17/46 | 2,035,229 | ||||
5,070,000 | Reinsurance Group of America, Inc., 3 Mo. LIBOR + 2.67% (d) (e) | 3.49% | 12/15/65 | 4,537,650 | ||||
186,433,481 | ||||||||
Multi-Utilities – 3.2% | ||||||||
16,581,000 | Algonquin Power & Utilities Corp. (b) (c) | 4.75% | 01/18/82 | 15,187,698 | ||||
4,491,000 | CenterPoint Energy, Inc., Series A (b) (c) | 6.13% | (a) | 4,324,137 | ||||
6,400,000 | NiSource, Inc. (b) (c) | 5.65% | (a) | 6,208,000 | ||||
3,906,000 | Sempra Energy (b) (c) | 4.88% | (a) | 3,857,175 | ||||
13,642,000 | Sempra Energy (b) (c) | 4.13% | 04/01/52 | 12,053,848 | ||||
41,630,858 | ||||||||
Oil, Gas & Consumable Fuels – 10.7% | ||||||||
4,500,000 | Buckeye Partners L.P. (b) | 6.38% | 01/22/78 | 3,722,310 | ||||
13,756,000 | DCP Midstream L.P., Series A (b) (c) | 7.38% | (a) | 13,102,590 | ||||
7,907,000 | DCP Midstream Operating L.P. (b) (c) (f) | 5.85% | 05/21/43 | 7,201,656 | ||||
27,810,000 | Enbridge, Inc. (b) (c) | 6.25% | 03/01/78 | 28,107,426 | ||||
21,262,000 | Enbridge, Inc., Series 16-A (b) (c) | 6.00% | 01/15/77 | 21,403,377 | ||||
15,150,000 | Enbridge, Inc., Series 20-A (b) (c) | 5.75% | 07/15/80 | 15,074,250 | ||||
20,365,000 | Energy Transfer L.P., 3 Mo. LIBOR + 3.02% (e) | 3.33% | 11/01/66 | 16,801,125 | ||||
805,000 | Energy Transfer L.P., Series A (b) | 6.25% | (a) | 685,256 | ||||
5,428,000 | Energy Transfer L.P., Series F (b) | 6.75% | (a) | 5,238,020 | ||||
2,236,000 | Energy Transfer L.P., Series H (b) | 6.50% | (a) | 2,130,036 | ||||
13,399,000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (c) (e) | 3.30% | 06/01/67 | 11,709,453 | ||||
8,287,000 | Enterprise Products Operating LLC, Series D (b) (c) | 4.88% | 08/16/77 | 7,417,754 | ||||
6,450,000 | Transcanada Trust (b) (d) | 5.60% | 03/07/82 | 6,248,438 | ||||
138,841,691 | ||||||||
Trading Companies & Distributors – 3.8% | ||||||||
41,445,000 | AerCap Holdings N.V. (b) (c) | 5.88% | 10/10/79 | 38,915,197 | ||||
4,863,000 | Air Lease Corp., Series B (b) (d) | 4.65% | (a) | 4,388,858 | ||||
7,200,000 | Aircastle Ltd. (b) (d) (f) | 5.25% | (a) | 6,418,016 | ||||
49,722,071 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Transportation Infrastructure – 1.7% | ||||||||
$18,772,000 | AerCap Global Aviation Trust (b) (c) (f) | 6.50% | 06/15/45 | $18,276,044 | ||||
3,844,000 | BNSF Funding Trust I (b) (d) | 6.61% | 12/15/55 | 3,959,320 | ||||
22,235,364 | ||||||||
Total Capital Preferred Securities | 1,481,062,529 | |||||||
(Cost $1,533,496,302) | ||||||||
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
FOREIGN CORPORATE BONDS AND NOTES – 1.9% | ||||||||
Insurance – 1.9% | ||||||||
23,795,925 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (f) (m) | 7.63% | 10/15/25 | 24,198,790 | ||||
(Cost $24,743,602) | ||||||||
CORPORATE BONDS AND NOTES – 0.5% | ||||||||
Insurance – 0.5% | ||||||||
6,600,000 | AmTrust Financial Services, Inc. (d) | 6.13% | 08/15/23 | 6,583,403 | ||||
(Cost $6,593,966) |
Shares | Description | Value | ||
EXCHANGE-TRADED FUNDS – 0.1% | ||||
Capital Markets – 0.1% | ||||
120,493 | Invesco Preferred ETF | 1,502,547 | ||
(Cost $1,657,715) | ||||
Total Investments – 145.6% | 1,895,682,525 | |||
(Cost $1,982,638,469) | ||||
REVERSE REPURCHASE AGREEMENT – (7.7)% | ||||
(100,000,000) | Scotia Bank, due 7/29/22, 1 month LIBOR plus 65 bps | (100,000,000) | ||
Outstanding Loan – (39.4)% | (512,600,000) | |||
Net Other Assets and Liabilities – 1.5% | 19,300,344 | |||
Net Assets – 100.0% | $1,302,382,869 |
(a) | Perpetual maturity. |
(b) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2022. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
(c) | All or a portion of this security serves as collateral on the outstanding loan. |
(d) | This security or a portion of this security is segregated as collateral for reverse repurchase agreements. All of these securities are corporate bonds with a remaining contractual maturity of 30-90 days. At April 30, 2022, securities noted as such are valued at $108,181,705. |
(e) | Floating or variable rate security. |
(f) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be liquid by Stonebridge Advisors LLC (the “Sub-Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At April 30, 2022, securities noted as such amounted to $544,185,408 or 41.8% of net assets. |
(g) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers (see Note 2D - Restricted Securities in the Notes to Financial Statements). |
(h) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940, as amended. At April 30, 2022, securities noted as such are valued at $15,311,808 or 1.2% of net assets. |
(i) | This security’s value was determined using significant unobservable inputs. (see Note 2A- Portfolio Valuation in the Notes to Financial Statements). |
(j) | This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At April 30, 2022, securities noted as such amounted to $551,972,445 or 28.8% of managed assets. Of these securities, 5.5% originated in emerging markets, and 94.5% originated in foreign markets. |
(k) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(l) | Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Sub-Advisor. |
(m) | These notes are Senior Payment-in-kind (“PIK”) Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum (“Cash Interest Rate”) and PIK interest will accrue on the notes at a rate per annum equal to the Cash Interest Rate plus 75 basis points. For the six months ended April 30, 2022, this security paid all of its interest in cash. |
LIBOR | London Interbank Offered Rate |
ASSETS TABLE | ||||
Total Value at 4/30/2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
$25 Par Preferred Securities: | ||||
Insurance | $ 71,312,959 | $ 48,025,784 | $ 23,287,175 | $ — |
Multi-Utilities | 23,514,762 | 6,587,793 | 16,926,969 | — |
Other industry categories* | 179,388,254 | 179,388,254 | — | — |
$100 Par Preferred Securities* | 42,764,187 | — | 42,764,187 | — |
$1,000 Par Preferred Securities: | ||||
Banks | 37,803,286 | 37,803,286 | — | — |
Diversified Financial Services | 12,240,000 | — | 12,240,000 | — |
$1,000,000 Par Preferred Securities* | 15,311,808 | — | — | 15,311,808 |
Capital Preferred Securities* | 1,481,062,529 | — | 1,481,062,529 | — |
Foreign Corporate Bonds and Notes* | 24,198,790 | — | 24,198,790 | — |
Corporate Bonds and Notes* | 6,583,403 | — | 6,583,403 | — |
Exchange-Traded Funds* | 1,502,547 | 1,502,547 | — | — |
Total Investments | $ 1,895,682,525 | $ 273,307,664 | $ 1,607,063,053 | $ 15,311,808 |
LIABILITIES TABLE | ||||
Total Value at 4/30/2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Reverse Repurchase Agreements | $ (100,000,000) | $ — | $ (100,000,000) | $ — |
* | See Portfolio of Investments for industry breakout. |
Beginning Balance at October 31, 2021 | |
$1,000,000 Par Preferred Securities | $16,938,396 |
Net Realized Gain (Loss) | — |
Net Change in Unrealized Appreciation/Depreciation | (1,626,588) |
Purchases | — |
Sales | — |
Transfers In | — |
Transfers Out | — |
Ending Balance at April 30, 2022 | |
$1,000,000 Par Preferred Securities | 15,311,808 |
Total Level 3 holdings | $15,311,808 |
ASSETS: | |
Investments, at value (Cost $1,982,638,469) | $ 1,895,682,525 |
Cash | 140,769 |
Foreign currency (Cost $100) | 98 |
Receivables: | |
Interest | 19,874,552 |
Dividends | 1,373,720 |
Investment securities sold | 788,861 |
Interest reclaims | 239,837 |
Dividend reclaims | 81,760 |
Prepaid expenses | 31,601 |
Total Assets | 1,918,213,723 |
LIABILITIES: | |
Outstanding loan | 512,600,000 |
Reverse repurchase agreement | 100,000,000 |
Payables: | |
Investment advisory fees | 1,366,299 |
Interest and fees on loan and repurchase agreement | 718,084 |
Investment securities purchased | 697,611 |
Administrative fees | 305,443 |
Legal fees | 64,744 |
Custodian fees | 34,323 |
Audit and tax fees | 27,370 |
Shareholder reporting fees | 10,898 |
Transfer agent fees | 4,885 |
Financial reporting fees | 771 |
Other liabilities | 426 |
Total Liabilities | 615,830,854 |
NET ASSETS | $1,302,382,869 |
NET ASSETS consist of: | |
Paid-in capital | $ 1,430,655,674 |
Par value | 608,478 |
Accumulated distributable earnings (loss) | (128,881,283) |
NET ASSETS | $1,302,382,869 |
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share) | $21.40 |
Number of Common Shares outstanding (unlimited number of Common Shares has been authorized) | 60,847,827 |
INVESTMENT INCOME: | ||
Interest (net of foreign withholding tax of $6,932) | $ 46,414,381 | |
Dividends (net of foreign withholding tax of $34,763) | 12,783,608 | |
Other | 100 | |
Total investment income | 59,198,089 | |
EXPENSES: | ||
Investment advisory fees | 8,767,229 | |
Interest and fees on loan and repurchase agreement | 3,156,787 | |
Administrative fees | 344,160 | |
Custodian fees | 102,811 | |
Shareholder reporting fees | 99,436 | |
Legal fees | 55,364 | |
Listing expense | 29,763 | |
Audit and tax fees | 20,643 | |
Transfer agent fees | 11,338 | |
Trustees’ fees and expenses | 7,719 | |
Financial reporting fees | 4,625 | |
Other | 25,846 | |
Total expenses | 12,625,721 | |
NET INVESTMENT INCOME (LOSS) | 46,572,368 | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||
Net realized gain (loss) on: | ||
Investments | 2,985,634 | |
Foreign currency transactions | (35) | |
Net realized gain (loss) | 2,985,599 | |
Net change in unrealized appreciation (depreciation) on: | ||
Investments | (217,664,794) | |
Foreign currency translation | (2) | |
Net change in unrealized appreciation (depreciation) | (217,664,796) | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | (214,679,197) | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(168,106,829) |
Six Months Ended 4/30/2022 (Unaudited) | Year Ended 10/31/2021 | ||
OPERATIONS: | |||
Net investment income (loss) | $ 46,572,368 | $ 95,982,008 | |
Net realized gain (loss) | 2,985,599 | 33,755,999 | |
Net change in unrealized appreciation (depreciation) | (217,664,796) | 101,543,158 | |
Net increase (decrease) in net assets resulting from operations | (168,106,829) | 231,281,165 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||
Investment operations | (46,543,367) | (89,986,073) | |
Return of capital | — | (2,998,208) | |
Total distributions to shareholders | (46,543,367) | (92,984,281) | |
CAPITAL TRANSACTIONS: | |||
Proceeds from Common Shares reinvested | 669,323 | 1,365,713 | |
Net increase (decrease) in net assets resulting from capital transactions | 669,323 | 1,365,713 | |
Total increase (decrease) in net assets | (213,980,873) | 139,662,597 | |
NET ASSETS: | |||
Beginning of period | 1,516,363,742 | 1,376,701,145 | |
End of period | $ 1,302,382,869 | $ 1,516,363,742 | |
CAPITAL TRANSACTIONS were as follows: | |||
Common Shares at beginning of period | 60,820,579 | 60,765,997 | |
Common Shares issued as reinvestment under the Dividend Reinvestment Plan | 27,248 | 54,582 | |
Common Shares at end of period | 60,847,827 | 60,820,579 |
Cash flows from operating activities: | ||
Net increase (decrease) in net assets resulting from operations | $(168,106,829) | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: | ||
Purchases of investments | (232,765,893) | |
Sales, maturities and paydown of investments | 286,419,192 | |
Net amortization/accretion of premiums/discounts on investments | 139,019 | |
Net realized gain/loss on investments | (2,985,634) | |
Net change in unrealized appreciation/depreciation on investments | 217,664,794 | |
Changes in assets and liabilities: | ||
Increase in interest receivable | (295,287) | |
Increase in interest reclaims receivable | (17,471) | |
Decrease in dividend reclaims receivable | 1 | |
Increase in dividends receivable | (320,600) | |
Increase in prepaid expenses | (19,225) | |
Increase in interest and fees payable on loan and repurchase agreement | 215,993 | |
Decrease in investment advisory fees payable |