The Bank of New York Mellon (the “Custodian”) serves as the Fund’s Custodian. As compensation for the Custodian’s services as custodian, the Fund pays the Custodian a monthly fee at the annual rate of 0.01% of the first $200 million of the Fund’s average weekly total managed assets, 0.008% of the next $300 million of the Fund’s average weekly total managed assets, 0.006% of the next $500 million of the Fund’s average weekly total managed assets, and 0.005% of the Fund’s average weekly total managed assets above $1 billion.
The Fund pays each Director, who is not a director, officer or employee of the Adviser, a fee of $9,000 per annum, plus $750 for each in-person meeting of the Board or Audit Committee, $500 for each in-person meeting of the Nominating and Governance Committee attended, and $250 for each telephone meeting attended. The Audit Committee Chair receives an additional annual fee of $3,000. The Fund also reimburses all Directors for travel and out-of-pocket expenses incurred in connection with such meetings.
The Fund pays the Adviser a fee of $35,000 per annum for Chief Compliance Officer services and reimburses out-of-pocket expenses incurred in connection with providing services in this role.
5.Purchases and Sales of Securities
For the six months ended May 31, 2020, the cost of purchases and proceeds from sales of securities, excluding short-term investments, aggregated $17,716,065 and $21,448,517, respectively.
At May 31, 2020, the aggregate cost of securities for federal income tax purposes was $303,907,710, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $14,154,049 and the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $14,247,970.
6.Common Stock
At May 31, 2020, 240,000,000 shares of $0.01 par value Common Stock were authorized.
Common Stock transactions were as follows:
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Six Months Ended
05/31/20
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Year Ended
11/30/19
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Shares
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Amount
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Shares
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Amount
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Shares issued under the Dividend Reinvestment and Cash Purchase Plan
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15,369
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$
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338,941
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17,580
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$
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378,522
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7.Preferred Stock
The Fund’s Articles of Incorporation authorize the issuance of up to 10,000,000 shares of $0.01 par value preferred stock. The Fund does not currently have any issued and outstanding shares of preferred stock.