Symphony Floating Rate Senior Loan Fund

  • Management Style
    Active
  • Closing Price (Jan 27, 2023)
    $6.84
  • NAV (Jan 26, 2023)
    $6.98
  • Distribution Rate (Jan 28, 2023)
    8.77%
  • Management Fee
    1.25%
  • Total Assets (Nov 30, 2022)
    $90 Million
  • Management Style
    Active
  • NAV (Jan 26, 2023)
    $6.80
  • Distribution Rate
    8.29%
  • Management Fee
    1.25%
  • Total Assets (Nov 30, 2022)
    $90 Million

Why Invest?

  • High level of capital preservation as Senior Loans have first priority of repayment and are secured by the issuer’s assets
  • Low interest rate risk as the floating rate coupons on Senior Loans protect investors from capital loss when interest rates rise
  • Experienced Sub-Advisor: Nuveen Asset Management

Investment Objectives

  • Provide monthly distributions, and
  • Preserve capital

The Fund invests in an actively managed, diversified portfolio consisting primarily of short-duration floating rate senior corporate instruments, including senior loans and other senior debt obligations of North American non-investment grade corporate borrowers.

This Fund is for Investors who are:

  • Seeking a high level of income
  • Seeking capital preservation
  • Comfortable with an investment that employs leverage

FUND FACTS

  • Ticker (Class A Unit)
    SSF.UN
  • CUSIP (Class A Unit)
    87158A104
  • Outstanding (Class A Unit) (Jan 28, 2023)
    7,445,776
  • CUSIP (Class U Unit)
    87158A203
  • Inception Date (CAD Hedged)
    November 1, 2011
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • Currency
    Hedged to CAD (Class A)
  • Custodian
    CIBC Mellon Trust Company
  • Eligibility
    All registered and non-registered accounts
  • Annual Redemption Date
    2nd last business day of March
  • Annual Redemption Notice Deadline
    Last business day of January
  • Leverage
    Up to 40% of total assets
  • Sub Advisor
    Symphony Asset Management LLC

Portfolio Manager

Nuveen Asset Management, LLC (“NAM”), is the is the sub-advisor for the Symphony Floating Rate Senior Loan Fund. NAM specializes in the management of debt and equity strategies including senior loan portfolios. NAM, a registered investment adviser, has been in business for over thirty years and had an aggregate of U.S. $252 billion of assets under management as of September 30, 2022. NAM is an indirect subsidiary of Nuveen, LLC which is a subsidiary of Teachers Insurance and Annuity Association of America.

Symphony Floating Rate Senior Loan Fund

Summary of Investment Portfolio as at September 30, 2022

Total Net Asset Value$90,945,000

Top 25 Holdings

% of Portfolio% of Net Asset Value
QuarterNorth Energy Holding Inc.4.1%
Cash and short-term investments2.8%
Medline Industries Inc Term Loan B 3.250% due October 23, 20281.7%
Surgery Center Holdings Inc Extended Term Loan 3.750% due August 31, 20261.5%
Clear Channel Outdoor Holdings, Inc. Term Loan B 3.500% due August 21, 20261.5%
Parexel Term Loan B 3.250% due November 15, 20281.3%
Energy Harbor Corp1.2%
LifePoint Health, Inc. Term Loan B 3.750% due November 16, 20251.2%
Zelis Healthcare Corp. 2021 Term Loan 3.500% due September 30, 20261.2%
Mileage Plus Holdings, LLC Term Loan B 5.250% due June 21, 20271.2%
Epicor Software Corporation 2021 Term Loan B 3.250% due July 31, 20271.2%
QuarterNorth Energy Holding Inc. 2nd Lien Term Loan 8.000% due August 27, 20261.2%
Greeneden U.S. Holdings II, LLC 2020 Term Loan B 4.000% due December 01, 20271.1%
Petsmart Inc. Initial Term Loan 3.750% due February 11, 20281.1%
Caesars Resort Collection, LLC First Lien Term Loan 2.750% due December 23, 20241.0%
Norton Life Lock 2022 Term Loan 2.000% due January 28, 20291.0%
HD Supply Waterworks, Ltd. Refinanced Term Loan 2.500% due July 27, 20281.0%
Cyxtera DC Holdings, Inc. First Lien Term Loan 3.000% due May 01, 20240.9%
Bausch + Lomb Initial Term Loan 3.250% due May 10, 20270.9%
Directv Term Loan B 5.000% due August 02, 20270.9%
Revlon Consumer Products Corporation 2016 Term Loan 3.500% due September 07, 20230.9%
Cengage Learning Acquisitions, Inc. Term Loan 4.750% due July 14, 20260.9%
Onex Carestream Finance LP Second Lien Term Loan 4.500% due August 05, 20230.9%
WestJet Airlines Ltd. Term Loan 3.000% due December 11, 20260.9%
Cequel Communications, LLC Term Loan B-3 2.250% due January 15, 20260.8%
Total32.4%0%
Performance NAV History

Growth of $10,000(1)

Annual Compound Returns(1)

1-Year 3-Year 5-Year 10-Year S.I.- A & U(2)
Symphony Floating Rate Senior Loan Fund - Class A (7.1%) 0.4% 1.7% 3.2% 4.2%
Symphony Floating Rate Senior Loan Fund - Class U (7.2%) 0.7% 2.0% 3.2% 4.1%

Year-by-Year Returns

2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Symphony Floating Rate Senior Loan Fund - Class A (7.1%) 13.9% (4.4%) 8.3% (0.8%) 3.4% 17.2% (6.2%) 1.0% 9.9% 14.9%
Symphony Floating Rate Senior Loan Fund - Class U (7.2%) 13.5% (3.2%) 8.8% (0.6%) 3.6% 15.6% (5.6%) 0.3% 9.2% 14.5%

Returns for Symphony Floating Rate Senior Loan Fund are unaudited.

You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”).  If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them. 

There are ongoing fees and expenses associated with owning units of an investment fund.  An investment fund must prepare disclosure documents that contain key information about the fund.  You can find more detailed information about the fund in the public filings available at www.sedar.com.  The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns.  Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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Distributions

The actual breakdown of distributions for tax purposes will be provided to unitholders annually in March as soon as possible following receipt of the information from the Fund’s individual holdings. This information will also be posted on the website as soon as it is available.

This information is of a general nature only and does not constitute legal or tax advice to any particular investor. Accordingly, prospective investors are advised to consult their own tax advisors with respect to their individual circumstances.

DRIP Plan

Tax Allocation

The following information is applicable to holders who, for the purposes of the Income Tax Act (Canada), are resident in Canada and hold trust units as capital property. If this is not the case, a tax advisor should be consulted.

Holders of trust units outside of a RRSP, DPSP, RRIF, RESP or TFSA should expect to receive a T3 slip from their investment dealer. T3 supplementary slips will indicate Other Income (Investment Income and Non-Investment Income) in Box 26, Foreign Non-Business Income in Box 25, Capital Gains in Box 21 and Eligible Dividend Income in Box 49. Dividend income is subject to the standard gross up and federal dividend tax credit rules. The return of capital component is a non-taxable amount that serves to reduce the adjusted cost base of the Fund units and is reported in Box 42.

Select a year
Record Date Payment Date Capital Gains Eligible Dividend Foreign Non- Business Income Foreign Non- Business Income Tax Paid Other Income Return of Capital Total Distribution
Mar 31, 2023 Apr 17, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Feb 28, 2023 Mar 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Jan 31, 2023 Feb 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Dec 30, 2022 Jan 16, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Nov 30, 2022 Dec 14, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Oct 31, 2022 Nov 14, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Sep 30, 2022 Oct 17, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Aug 31, 2022 Sep 15, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Jul 29, 2022 Aug 15, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.05000
Jun 30, 2022 Jul 15, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04250
May 31, 2022 Jun 14, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04250
Apr 29, 2022 May 13, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.04250
Total 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.57750
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