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Symphony Floating Rate Senior Loan Fund

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  • Closing Price (Jan 18, 2019) $8.33
  • Distribution $0.05
  • Distribution Rate (Jan 19, 2019) 7.08%
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Jan 17, 2019) $8.53
  • Total Assets (Dec 31, 2018) $175 Million
  • Distribution $0.05
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Jan 17, 2019) $8.23
  • Total Assets (Dec 31, 2018) $175 Million
  • Distribution $0.05625
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Jan 17, 2019) $8.81
  • Distribution $0.05625
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.25%
  • NAV (Jan 17, 2019) $9.24

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, best in class Sub-Advisor Symphony Asset Management has top-ranked performance and US$16bn Senior Loan AUM

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

  • Class A Unit Ticker
    SSF.UN
  • Class A Unit CUSIP
    87158A104
  • Class A Unit Ouststanding (Jan 19, 2019)
    11,812,657
  • Class U Unit CUSIP
    87158A203
  • Class C Unit CUSIP
    87158A302
  • Class F Unit CUSIP
    87158A401
  • Inception Date
    November 1, 2011
  • Currency
    Hedged to CAD (Class A, C, F)
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • 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

Symphony Asset Management LLC manages approximately US$16.3 billion in senior loans and has approximately US$19.6 billion in total assets under management, as at June 30, 2018. Senior Loan closed end funds sub-advised by Symphony have achieved top Lipper performance rankings in the Loan Participation Fund category over 10 years (as at June 30, 2018)(1). Symphony is a wholly-owned subsidiary of Nuveen Investments Inc.

Symphony Floating Rate Senior Loan Fund

Summary of Investment Portfolio as at December 31, 2018

Total Net Asset Value$106,393,024.00

Top 10 Holdings

% of Portfolio% of Net Asset Value
Scientific Games Corp Term B-5 Loan1.8%3.0%
Albertson's LLC Term Loan B-71.7%2.9%
Tibco Software, Inc. (Balboa Merger Sub) Term Loan B-11.6%2.6%
Cash and short-term investments1.5%2.5%
Fieldwood Energy LLC Exit Term Loan1.5%2.5%
Caesars Resort Collection First Lien Term Loan1.5%2.4%
Infor (US) Inc. (Lawson Software) Tranche B-2 Term Loan1.4%2.3%
SS&C Technologies, Inc./ Sunshine Acquisition II, Inc. Term Loan B31.4%2.3%
Cengage Learning Acquisitions, Inc. (Thomson Learning) Exit Term Loan1.3%2.2%
Sequa Corporation Initial Term Loan1.2%2.1%
Total14.9%24.8%
Performance NAV History

Annual Compound Returns(1)

YTD1-Year3-Year 5-YearSince inception - Cl A & Cl USince Inception - Cl C & Cl F
Symphony Floating Rate Senior Loan Fund - Class A(0.8%)(0.8%)6.3%2.6%5.3%n.a
Symphony Floating Rate Senior Loan Fund - Class C (1.2%)(1.2%) n.an.an.a0.8%
Symphony Floating Rate Senior Loan Fund - Class F(0.2%)(0.2%)n.a n.an.a1.4%
Symphony Floating Rate Senior Loan Fund - Class U(0.6%)(0.6%)6.0%2.4%4.9%n.a
Credit Suisse Leveraged Loan Index1.1%1.1%5.0% 3.3%4.5%2.6%

Year-by-Year Returns

Since inception (Cl A & Cl U)Since Inception (Cl C & Cl F)201820172016201520142013 20122011(3)
Symphony Floating Rate Senior Loan Fund - Class A5.3%n.a(0.8%)3.4%17.2%(6.2%)1.0%9.9%14.9%0.7%
Symphony Floating Rate Senior Loan Fund - Class Cn.a0.8%(1.2%)n.an.an.an.an.an.a n.a
Symphony Floating Rate Senior Loan Fund - Class Fn.a1.4%(0.2%)n.an.an.an.an.an.an.a
Symphony Floating Rate Senior Loan Fund - Class U4.9%n.a(0.6%)3.6%15.6%(5.6%)0.3%9.2%14.5%0.3%
Credit Suisse Leveraged Loan Index4.5%2.6% 1.1% 4.2%9.9%(0.4%)2.1%6.2%9.4%0.5%

The tables show the past performance of the Fund. Past performance does not necessarily indicate how the Fund will perform in the future. The information shown is based on Net Asset Value per Class A or Class U unit and assumes that distributions made by the Fund on its units in the periods shown were reinvested (at Net Asset Value per Class A or Class U unit) in additional units of the Fund.

The tables show the Fund’s year-by-year and compound returns for each period indicated compared with the Credit Suisse Leveraged Loan Index. The Credit Suisse Leveraged Loan Index (“Loan Index”) is an appropriate benchmark as it is designed to mirror the investable universe of the US dollar denominated leveraged loan market in which the Fund also invests. The Loan Index is unleveraged and its returns are calculated without the deduction of fees and Fund expenses, whereas the performance of the Fund includes the impact of leverage and is calculated after deducting fees and Fund expenses. Since the Fund is actively managed, the sector weightings may differ from those of the Loan Index.

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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Class U Unit

Record Date Payment Date Return of Capital Foreign Non- Business Income Total Distribution
Dec 31, 2018 Jan 15, 2019 0.00000 0.00000 0.05000
Nov 30, 2018 Dec 14, 2018 0.00000 0.00000 0.05000
Oct 31, 2018 Nov 14, 2018 0.00000 0.00000 0.05000
Sep 28, 2018 Oct 15, 2018 0.00000 0.00000 0.05000
Aug 31, 2018 Sep 17, 2018 0.00000 0.00000 0.05000
Jul 31, 2018 Aug 15, 2018 0.00000 0.00000 0.05000
Jun 29, 2018 Jul 16, 2018 0.00000 0.00000 0.05000
May 31, 2018 Jun 14, 2018 0.00000 0.00000 0.05000
Apr 30, 2018 May 14, 2018 0.00000 0.00000 0.05000
Mar 29, 2018 Apr 13, 2018 0.00000 0.00000 0.05000
Feb 28, 2018 Mar 14, 2018 0.00000 0.00000 0.05000
Jan 31, 2018 Feb 14, 2018 0.00000 0.00000 0.05000
Total 0.00000 0.00000 0.60000
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