Senior Securities [Table Text Block] |
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Year
Ended May 31, | |
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2023 | | |
2022 | | |
2021 | | |
2020 | | |
2019 | |
Net
asset value – Beginning of year (Common shares) | |
$ | 13.240 | | |
$ | 14.560 | | |
$ | 13.030 | | |
$ | 15.210 | | |
$ | 15.610 | |
Income
(Loss) From Operations | |
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Net
investment income(1) | |
$ | 1.154 | | |
$ | 0.705 | | |
$ | 0.718 | | |
$ | 0.843 | | |
$ | 0.847 | |
Net
realized and unrealized gain (loss) | |
| (0.640) | | |
| (1.159) | | |
| 1.545 | | |
| (2.016) | | |
| (0.373) | |
Total
income (loss) from operations | |
$ | 0.514 | | |
$ | (0.454) | | |
$ | 2.263 | | |
$ | (1.173) | | |
$ | 0.474 | |
Less
Distributions to Common Shareholders | |
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From
net investment income | |
$ | (1.054) | | |
$ | (0.804) | | |
$ | (0.733) | | |
$ | (1.007) | | |
$ | (0.874) | |
Tax
return of capital | |
| — | | |
| (0.126) | | |
| — | | |
| — | | |
| — | |
Total
distributions to common shareholders | |
$ | (1.054) | | |
$ | (0.930) | | |
$ | (0.733) | | |
$ | (1.007) | | |
$ | (0.874) | |
Premium
from common shares sold through shelf offering(1) | |
$ | — | | |
$ | 0.009 | | |
$ | — | | |
$ | — | | |
$ | — | |
Discount
on tender offer(1) | |
$ | — | | |
$ | 0.055 | | |
$ | — | | |
$ | — | | |
$ | — | |
Net
asset value – End of year (Common shares) | |
$ | 12.700 | | |
$ | 13.240 | | |
$ | 14.560 | | |
$ | 13.030 | | |
$ | 15.210 | |
Market
value – End of year (Common shares) | |
$ | 11.240 | | |
$ | 12.280 | | |
$ | 14.280 | | |
$ | 11.240 | | |
$ | 13.480 | |
Total
Investment Return on Net Asset Value(2) | |
| 4.87% | | |
| (2.81)% | | |
| 18.25% | | |
| (7.36)% | | |
| 3.77% | |
Total
Investment Return on Market Value(2) | |
| 0.14% | | |
| (8.10)% | | |
| 34.36% | | |
| (9.83)% | | |
| (3.32)% | |
Ratios/Supplemental
Data | |
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Net
assets applicable to common shares, end of year (000’s omitted) | |
$ | 369,557 | | |
$ | 385,295 | | |
$ | 580,590 | | |
$ | 519,465 | | |
$ | 606,408 | |
Ratios
(as a percentage of average daily net assets applicable to common shares):† | |
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Expenses
excluding interest and fees | |
| 1.32%(3) | | |
| 1.25% | | |
| 1.33% | | |
| 1.26% | | |
| 1.28% | |
Interest
and fee expense(4) | |
| 2.89% | | |
| 0.92% | | |
| 0.91% | | |
| 1.79% | | |
| 2.00% | |
Total
expenses | |
| 4.21%(3) | | |
| 2.17% | | |
| 2.24% | | |
| 3.05% | | |
| 3.28% | |
Net
investment income | |
| 8.98% | | |
| 4.91% | | |
| 5.08% | | |
| 5.85% | | |
| 5.49% | |
Portfolio
Turnover | |
| 16% | | |
| 53% | | |
| 32% | | |
| 34% | | |
| 24% | |
Senior
Securities: | |
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Total
notes payable outstanding (in 000’s) | |
$ | 118,000 | | |
$ | 147,000 | | |
$ | 250,000 | | |
$ | 190,000 | | |
$ | 248,000 | |
Asset
coverage per $1,000 of notes payable(5) | |
$ | 4,810 | | |
$ | 4,165 | | |
$ | 3,642 | | |
$ | 4,155 | | |
$ | 3,768 | |
Total
preferred shares outstanding | |
| 800 | | |
| 800 | | |
| 800 | | |
| 800 | | |
| 800 | |
Asset
coverage per preferred share(6) | |
$ | 286,645 | | |
$ | 269,734 | | |
$ | 275,936 | | |
$ | 292,394 | | |
$ | 284,880 | |
Involuntary
liquidation preference per preferred share(7) | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | |
Approximate
market value per preferred share(7) | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | |
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Year
Ended May 31, | |
| |
2018 | | |
2017 | | |
2016 | | |
2015 | | |
2014 | |
Net
asset value – Beginning of year (Common shares) | |
$ | 15.570 | | |
$ | 14.680 | | |
$ | 15.640 | | |
$ | 16.080 | | |
$ | 16.300 | |
Income
(Loss) From Operations | |
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Net
investment income(1) | |
$ | 0.792 | | |
$ | 0.864 | | |
$ | 0.908 | | |
$ | 0.882 | | |
$ | 0.889 | |
Net
realized and unrealized gain (loss) | |
| 0.076 | | |
| 0.899 | | |
| (0.964) | | |
| (0.431) | | |
| (0.145) | |
Total
income (loss) from operations | |
$ | 0.868 | | |
$ | 1.763 | | |
$ | (0.056) | | |
$ | 0.451 | | |
$ | 0.744 | |
Less
Distributions to Common Shareholders | |
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From
net investment income | |
$ | (0.828) | | |
$ | (0.873) | | |
$ | (0.904) | | |
$ | (0.891) | | |
$ | (0.966) | |
Total
distributions to common shareholders | |
$ | (0.828) | | |
$ | (0.873) | | |
$ | (0.904) | | |
$ | (0.891) | | |
$ | (0.966) | |
Premium
from common shares sold through shelf offering(1) | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 0.002 | |
Net
asset value – End of year (Common shares) | |
$ | 15.610 | | |
$ | 15.570 | | |
$ | 14.680 | | |
$ | 15.640 | | |
$ | 16.080 | |
Market
value – End of year (Common shares) | |
$ | 14.850 | | |
$ | 15.150 | | |
$ | 13.560 | | |
$ | 14.360 | | |
$ | 15.180 | |
Total
Investment Return on Net Asset Value(2) | |
| 6.03% | | |
| 12.65% | | |
| 0.46% | | |
| 3.43% | | |
| 4.87% | |
Total
Investment Return on Market Value(2) | |
| 3.67% | | |
| 18.58% | | |
| 1.14% | | |
| 0.59% | | |
| (3.19)% | |
Ratios/Supplemental
Data | |
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Net assets
applicable to common shares, end of year (000’s omitted) | |
$ | 622,241 | | |
$ | 620,772 | | |
$ | 585,101 | | |
$ | 623,439 | | |
$ | 641,079 | |
Ratios
(as a percentage of average daily net assets applicable to common shares):† | |
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Expenses excluding
interest and fees(8) | |
| 1.28% | | |
| 1.32% | | |
| 1.36% | | |
| 1.37% | | |
| 1.36% | |
Interest
and fee expense(4) | |
| 1.52% | | |
| 1.16% | | |
| 0.93% | | |
| 0.80% | | |
| 0.77% | |
Total expenses | |
| 2.80% | | |
| 2.48% | | |
| 2.29% | | |
| 2.17% | | |
| 2.13% | |
Net investment
income | |
| 5.09% | | |
| 5.68% | | |
| 6.22% | | |
| 5.60% | | |
| 5.50% | |
Portfolio
Turnover | |
| 34% | | |
| 47% | | |
| 29% | | |
| 32% | | |
| 35% | |
Senior Securities: | |
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Total notes
payable outstanding (in 000’s) | |
$ | 254,000 | | |
$ | 246,000 | | |
$ | 232,000 | | |
$ | 290,000 | | |
$ | 300,000 | |
Asset
coverage per $1,000 of notes payable(5) | |
$ | 3,765 | | |
$ | 3,849 | | |
$ | 3,867 | | |
$ | 3,426 | | |
$ | 3,404 | |
Total preferred
shares outstanding | |
| 800 | | |
| 800 | | |
| 800 | | |
| 800 | | |
| 800 | |
Asset
coverage per preferred share(6) | |
$ | 286,300 | | |
$ | 290,421 | | |
$ | 287,532 | | |
$ | 268,497 | | |
$ | 268,705 | |
Involuntary
liquidation preference per preferred share(7) | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | |
Approximate
market value per preferred share(7) | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | | |
$ | 100,000 | |
| (1) | Computed using average common
shares outstanding. |
| (2) | Returns are historical and are
calculated by determining the percentage change in net asset value or market value with all
distributions reinvested. Distributions are assumed to be reinvested at prices obtained under
the Trust’s dividend reinvestment plan. |
| (3) | Includes a reduction by the investment
adviser of a portion of its adviser fee due to the Trust’s investment in the Liquidity
Fund (equal to less than 0.005% of average daily net assets for the year ended May 31, 2023). |
| (4) | Interest and fee expense relates
to variable rate term preferred shares and the notes payable. |
| (5) | Calculated by subtracting the
Trust’s total liabilities (not including the notes payable and preferred shares) from
the Trust’s total assets, and dividing the result by the notes payable balance in thousands. |
| (6) | Calculated by subtracting the
Trust’s total liabilities (not including the notes payable and preferred shares) from
the Trust’s total assets, dividing the result by the sum of the value of the notes
payable and liquidation value of the preferred shares, and multiplying the result by the
liquidation value of one preferred share. Such amount equates to 287%, 270%, 276%, 292%,
285%, 286%, 290%, 288%, 268% and 269% at May 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017,
2016, 2015 and 2014, respectively. |
| (7) | Plus accumulated and unpaid dividends. |
| (8) | Excludes the effect of custody
fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits,
which were earned on cash deposit balances, were discontinued by the custodian. |
| † | Ratios based on net assets
applicable to common shares plus preferred shares (variable rate term preferred shares and
APS, as applicable) and borrowings are presented below. Ratios do not reflect the effect
of dividend payments to APS shareholders and exclude the effect of custody fee credits, if
any. |
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