John Hancock
Financial Opportunities Fund
Quarterly portfolio holdings 3/31/2022
Fund’s investments |
As of 3-31-22
(unaudited)
Shares | Value | ||||
Common stocks 112.8% (97.1% of Total investments) | $822,989,767 | ||||
(Cost $455,079,478) | |||||
Financials 112.1% | 818,130,900 | ||||
Banks 92.4% | |||||
1st Source Corp. | 121,706 | 5,628,903 | |||
American Business Bank (A) | 74,896 | 3,113,427 | |||
American National Bankshares, Inc. | 85,338 | 3,215,536 | |||
American Riviera Bancorp (A) | 200,863 | 4,133,761 | |||
Ameris Bancorp | 266,062 | 11,674,801 | |||
Atlantic Union Bankshares Corp. | 219,949 | 8,069,929 | |||
Avidbank Holdings, Inc. (A) | 200,000 | 5,170,000 | |||
Bank of America Corp. (B)(C) | 409,620 | 16,884,536 | |||
Bank of Marin Bancorp | 167,891 | 5,887,937 | |||
Bank7 Corp. | 77,220 | 1,823,936 | |||
Bar Harbor Bankshares | 144,017 | 4,121,767 | |||
BayCom Corp. | 175,855 | 3,828,363 | |||
Bremer Financial Corp. (D)(E) | 41,667 | 4,359,530 | |||
Business First Bancshares, Inc. | 158,286 | 3,851,098 | |||
C&F Financial Corp. | 25,073 | 1,256,408 | |||
California BanCorp (A) | 121,815 | 2,802,963 | |||
Cambridge Bancorp | 78,431 | 6,666,635 | |||
Camden National Corp. | 68,551 | 3,224,639 | |||
CB Financial Services, Inc. | 54,602 | 1,285,877 | |||
Central Pacific Financial Corp. | 134,081 | 3,740,860 | |||
Central Valley Community Bancorp | 127,261 | 2,971,544 | |||
Centric Financial Corp. (A) | 289,240 | 2,849,014 | |||
Citizens Community Bancorp, Inc. | 169,116 | 2,555,343 | |||
Citizens Financial Group, Inc. | 340,789 | 15,447,965 | |||
Civista Bancshares, Inc. | 183,001 | 4,410,324 | |||
Coastal Financial Corp. (A) | 134,013 | 6,131,095 | |||
Codorus Valley Bancorp, Inc. | 92,622 | 2,037,684 | |||
Colony Bankcorp, Inc. | 86,996 | 1,624,215 | |||
Columbia Banking System, Inc. | 66,697 | 2,152,312 | |||
Comerica, Inc. | 167,706 | 15,165,654 | |||
Communities First Financial Corp. (A) | 115,523 | 6,902,499 | |||
ConnectOne Bancorp, Inc. | 85,763 | 2,745,274 | |||
Cullen/Frost Bankers, Inc. (B)(C) | 101,941 | 14,109,654 | |||
CVB Financial Corp. (B)(C) | 192,862 | 4,476,327 | |||
Eagle Bancorp Montana, Inc. | 127,715 | 2,851,876 | |||
East West Bancorp, Inc. | 43,408 | 3,430,100 | |||
Equity Bancshares, Inc., Class A | 148,933 | 4,812,025 | |||
Evans Bancorp, Inc. | 69,760 | 2,650,880 | |||
Farmers & Merchants Bancorp, Inc. | 114,822 | 4,150,815 | |||
Farmers National Banc Corp. | 149,103 | 2,543,697 | |||
Fifth Third Bancorp | 390,495 | 16,806,905 | |||
First Business Financial Services, Inc. | 91,858 | 3,013,861 | |||
First Community Corp. | 132,912 | 2,817,734 | |||
First Financial Bancorp | 403,431 | 9,299,085 | |||
First Horizon Corp. | 288,112 | 6,767,751 | |||
First Interstate BancSystem, Inc., Class A | 175,848 | 6,465,931 | |||
First Merchants Corp. | 114,010 | 4,742,816 | |||
First Mid Bancshares, Inc. | 76,166 | 2,931,629 | |||
First Northwest Bancorp | 75,171 | 1,660,527 | |||
First Reliance Bancshares, Inc. (A)(F) | 426,454 | 4,200,572 |
2 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
Shares | Value | ||||
Financials (continued) | |||||
Banks (continued) | |||||
Flushing Financial Corp. | 119,947 | $2,680,815 | |||
German American Bancorp, Inc. | 125,538 | 4,769,189 | |||
Glacier Bancorp, Inc. (B)(C) | 66,564 | 3,346,838 | |||
Great Southern Bancorp, Inc. | 40,257 | 2,375,566 | |||
Hancock Whitney Corp. | 238,868 | 12,456,966 | |||
HBT Financial, Inc. | 199,367 | 3,624,492 | |||
Heritage Commerce Corp. | 519,533 | 5,844,746 | |||
Horizon Bancorp, Inc. | 438,980 | 8,195,757 | |||
Huntington Bancshares, Inc. (B)(C) | 1,168,601 | 17,084,947 | |||
InBankshares Corp. (A) | 207,676 | 1,993,690 | |||
Independent Bank Corp. (Massachusetts) (B)(C) | 79,360 | 6,482,918 | |||
Independent Bank Corp. (Michigan) | 163,971 | 3,607,362 | |||
JPMorgan Chase & Co. (B)(C) | 100,408 | 13,687,619 | |||
KeyCorp (B)(C) | 693,596 | 15,522,682 | |||
Landmark Bancorp, Inc. | 53,439 | 1,407,049 | |||
Level One Bancorp, Inc. | 81,429 | 3,251,460 | |||
Limestone Bancorp, Inc. | 41,589 | 867,547 | |||
Live Oak Bancshares, Inc. (B)(C) | 100,017 | 5,089,865 | |||
M&T Bank Corp. (B)(C) | 98,700 | 16,729,650 | |||
Metrocity Bankshares, Inc. | 65,263 | 1,532,375 | |||
Mid Penn Bancorp, Inc. | 64,256 | 1,722,703 | |||
MidWestOne Financial Group, Inc. | 133,914 | 4,432,553 | |||
NBT Bancorp, Inc. | 101,770 | 3,676,950 | |||
Nicolet Bankshares, Inc. (A) | 95,864 | 8,969,994 | |||
Northrim BanCorp, Inc. | 97,720 | 4,257,660 | |||
Ohio Valley Banc Corp. | 41,435 | 1,251,337 | |||
Old National Bancorp | 364,040 | 5,962,975 | |||
Old Second Bancorp, Inc. | 318,549 | 4,622,146 | |||
Orange County Bancorp, Inc. | 43,740 | 1,750,037 | |||
Pacific Premier Bancorp, Inc. | 285,177 | 10,081,007 | |||
PacWest Bancorp (B)(C) | 183,961 | 7,934,238 | |||
Pinnacle Financial Partners, Inc. | 126,415 | 11,640,293 | |||
Plumas Bancorp (C) | 53,328 | 2,031,797 | |||
Popular, Inc. | 142,766 | 11,669,693 | |||
Prime Meridian Holding Company | 125,087 | 3,377,349 | |||
Private Bancorp of America, Inc. (A) | 118,082 | 3,483,419 | |||
QCR Holdings, Inc. | 76,319 | 4,318,892 | |||
Red River Bancshares, Inc. | 52,471 | 2,776,241 | |||
Regions Financial Corp. | 634,883 | 14,132,496 | |||
Renasant Corp. | 146,291 | 4,893,434 | |||
SB Financial Group, Inc. | 260,087 | 5,178,332 | |||
Shore Bancshares, Inc. | 209,035 | 4,281,037 | |||
Sierra Bancorp | 104,579 | 2,612,383 | |||
South Atlantic Bancshares, Inc. (A) | 289,568 | 4,627,297 | |||
Southern California Bancorp (A) | 123,856 | 1,907,382 | |||
Southern First Bancshares, Inc. (A) | 131,586 | 6,689,832 | |||
SouthState Corp. (B)(C) | 105,813 | 8,633,283 | |||
Stock Yards Bancorp, Inc. | 94,346 | 4,990,903 | |||
Synovus Financial Corp. | 230,856 | 11,311,944 | |||
The Community Financial Corp. | 89,596 | 3,583,840 | |||
The First Bancorp, Inc. | 245,664 | 7,389,573 | |||
The First Bancshares, Inc. | 210,000 | 7,068,600 | |||
The PNC Financial Services Group, Inc. (C) | 82,262 | 15,173,226 |
SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 3 |
Shares | Value | ||||
Financials (continued) | |||||
Banks (continued) | |||||
Third Coast Bancshares, Inc. (A) | 75,223 | $1,737,651 | |||
TriCo Bancshares | 204,465 | 8,184,734 | |||
Truist Financial Corp. (B)(C) | 266,891 | 15,132,720 | |||
U.S. Bancorp | 280,111 | 14,887,900 | |||
Umpqua Holdings Corp. | 257,141 | 4,849,679 | |||
United BanCorp of Alabama, Inc., Class A | 170,487 | 4,944,123 | |||
United Bankshares, Inc. (B)(C) | 136,598 | 4,764,538 | |||
Univest Financial Corp. | 136,945 | 3,664,648 | |||
Washington Trust Bancorp, Inc. | 112,988 | 5,931,870 | |||
WTB Financial Corp., Class B (B)(C) | 6,902 | 2,650,368 | |||
Zions Bancorp NA (B)(C) | 257,366 | 16,872,915 | |||
Capital markets 10.2% | |||||
Ares Management Corp., Class A (B)(C) | 195,864 | 15,910,033 | |||
Brookfield Asset Management, Inc., Class A (B)(C) | 95,834 | 5,421,329 | |||
Invesco, Ltd. (C) | 114,189 | 2,633,198 | |||
KKR & Company, Inc. | 240,867 | 14,083,493 | |||
Oaktree Specialty Lending Corp. | 873,464 | 6,437,430 | |||
Onex Corp. | 124,888 | 8,369,489 | |||
Sixth Street Specialty Lending, Inc. | 178,694 | 4,161,783 | |||
The Blackstone Group, Inc. | 140,678 | 17,857,665 | |||
Consumer finance 0.9% | |||||
Discover Financial Services | 57,696 | 6,357,522 | |||
Diversified financial services 1.8% | |||||
Equitable Holdings, Inc. | 145,837 | 4,507,822 | |||
Eurazeo SE | 102,323 | 8,602,645 | |||
Insurance 0.7% | |||||
Assured Guaranty, Ltd. | 82,048 | 5,223,176 | |||
Thrifts and mortgage finance 6.1% | |||||
ESSA Bancorp, Inc. | 79,039 | 1,418,750 | |||
OP Bancorp | 170,717 | 2,364,430 | |||
Premier Financial Corp. | 424,815 | 12,884,639 | |||
Provident Financial Holdings, Inc. | 106,084 | 1,754,629 | |||
Riverview Bancorp, Inc. | 219,730 | 1,658,962 | |||
Southern Missouri Bancorp, Inc. | 105,980 | 5,293,701 | |||
Territorial Bancorp, Inc. | 25,795 | 619,080 | |||
Timberland Bancorp, Inc. | 107,082 | 2,892,285 | |||
Westbury Bancorp, Inc. (A) | 104,057 | 3,453,652 | |||
WSFS Financial Corp. | 260,696 | 12,153,648 | |||
Real estate 0.7% | 4,858,867 | ||||
Equity real estate investment trusts 0.7% | |||||
Plymouth Industrial REIT, Inc. | 179,294 | 4,858,867 | |||
Preferred securities 3.3% (2.9% of Total investments) | $24,268,396 | ||||
(Cost $24,498,200) | |||||
Financials 3.0% | 22,041,774 | ||||
Banks 2.6% | |||||
Atlantic Union Bankshares Corp., 6.875% | 57,500 | 1,495,575 | |||
CNB Financial Corp., 7.125% | 60,000 | 1,566,000 | |||
First Business Financial Services, Inc. (7.000% to 3-15-27, then 3 month CME Term SOFR + 5.390%) (G) | 4,000 | 4,000,000 | |||
Level One Bancorp, Inc., 7.500% | 50,000 | 1,311,000 | |||
Northpointe Bancshares, Inc. (8.250% to 12-30-25, then SOFR + 7.990%) (A)(G) | 160,000 | 4,068,000 |
4 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
Shares | Value | ||||
Financials (continued) | |||||
Banks (continued) | |||||
Pinnacle Financial Partners, Inc., 6.750% | 71,825 | $1,891,871 | |||
Tectonic Financial, Inc. (9.000% to 5-15-24, then 3 month LIBOR + 6.720%) | 186,840 | 1,986,109 | |||
United Community Banks, Inc., 6.875% | 57,500 | 1,486,375 | |||
WesBanco, Inc. (6.750% to 11-15-25, then 5 Year CMT + 6.557%) (B)(C) | 50,000 | 1,353,000 | |||
Mortgage real estate investment trusts 0.4% | |||||
Invesco Mortgage Capital, Inc. (7.750% to 12-27-24, then 3 month LIBOR + 5.180%) | 121,425 | 2,883,844 | |||
Real estate 0.3% | 2,226,622 | ||||
Equity real estate investment trusts 0.3% | |||||
Sotherly Hotels, Inc., 8.000% (A) | 50,424 | 933,348 | |||
Sotherly Hotels, Inc., 8.250% (A) | 67,358 | 1,293,274 | |||
Rate (%) | Maturity date | Par value^ | Value | ||
Certificate of deposit 0.0% (0.0% of Total investments) | $80,427 | ||||
(Cost $80,427) | |||||
Country Bank for Savings | 1.140 | 08-29-22 | 2,104 | 2,104 | |
East Boston Savings Bank | 0.150 | 11-01-23 | 1,938 | 1,938 | |
Eastern Savings Bank FSB | 0.200 | 04-24-23 | 1,962 | 1,962 | |
First Bank Richmond NA | 1.250 | 12-05-22 | 21,642 | 21,642 | |
First Federal of Northern Michigan | 0.250 | 01-09-23 | 3,057 | 3,057 | |
First National Bank | 0.400 | 06-17-22 | 1,360 | 1,360 | |
First Savings Bank of Percaise | 0.600 | 04-05-23 | 5,138 | 5,138 | |
Home National Bank | 0.200 | 11-04-22 | 18,927 | 18,927 | |
Hudson United Bank | 0.800 | 04-24-23 | 2,260 | 2,260 | |
Machias Savings Bank | 0.150 | 05-31-22 | 2,016 | 2,016 | |
Milford Federal Bank | 0.100 | 04-28-22 | 2,063 | 2,063 | |
Mt. McKinley Bank | 0.500 | 12-02-22 | 1,734 | 1,734 | |
MutualOne Bank | 0.500 | 09-11-23 | 4,265 | 4,265 | |
Newburyport Five Cents Savings Bank | 0.700 | 10-19-22 | 2,152 | 2,152 | |
Newtown Savings Bank | 0.250 | 06-01-22 | 1,991 | 1,991 | |
Rosedale Federal Savings & Loan Association | 0.500 | 06-01-22 | 2,050 | 2,050 | |
Salem Five Bancorp | 0.250 | 12-19-22 | 1,748 | 1,748 | |
Sunshine Federal Savings and Loan Association | 0.500 | 05-10-23 | 2,087 | 2,087 | |
The Milford Bank | 0.250 | 06-12-23 | 1,933 | 1,933 |
Total investments (Cost $479,658,105) 116.1% | $847,338,590 | ||||
Other assets and liabilities, net (16.1%) | (117,684,338) | ||||
Total net assets 100.0% | $729,654,252 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Security Abbreviations and Legend | |
CME | Chicago Mercantile Exchange |
CMT | Constant Maturity Treasury |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
(A) | Non-income producing security. |
(B) | All or a portion of this security is on loan as of 3-31-22, and is a component of the fund’s leverage under the Liquidity Agreement. |
(C) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 3-31-22 was $129,458,709. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $109,936,223. |
(D) | Restricted security as to resale, excluding 144A securities. For more information on this security refer to the Notes to fund’s investments. |
(E) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 5 |
(F) | The fund owns 5% or more of the outstanding voting shares of the issuer and the security is considered an affiliate of the fund. For more information on this security refer to the Notes to fund’s investments. |
(G) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
6 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
DERIVATIVES
SWAPS
Interest rate swaps | ||||||||||
Counterparty (OTC)/ Centrally cleared | Notional amount | Currency | Payments made | Payments received | Fixed payment frequency | Floating payment frequency | Maturity date | Unamortized upfront payment paid (received) | Unrealized appreciation (depreciation) | Value |
Centrally cleared | 5,000,000 | USD | Fixed 1.790% | USD 3 month LIBOR BBA(a) | Semi-Annual | Quarterly | Aug 2022 | — | $(21,058) | $(21,058) |
Centrally cleared | 15,000,000 | USD | Fixed 1.220% | USD 3 month LIBOR BBA(a) | Semi-Annual | Quarterly | Mar 2030 | — | 1,302,948 | 1,302,948 |
Centrally cleared | 25,000,000 | USD | Fixed 1.136% | USD 3 month LIBOR BBA(a) | Semi-Annual | Quarterly | Mar 2030 | — | 2,325,756 | 2,325,756 |
Centrally cleared | 25,000,000 | USD | Fixed 1.077% | USD 3 month LIBOR BBA(a) | Semi-Annual | Quarterly | Mar 2030 | — | 2,435,953 | 2,435,953 |
— | $6,043,599 | $6,043,599 |
(a) | At 3-31-22, the 3 month LIBOR was 0.962%. |
Derivatives Currency Abbreviations | |
USD | U.S. Dollar |
Derivatives Abbreviations | |
BBA | The British Banker’s Association |
LIBOR | London Interbank Offered Rate |
OTC | Over-the-counter |
SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 7 |
Notes to Fund’s investments (unaudited) |
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other
disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the
NYSE pursuant to the fund’s Valuation Policies and Procedures.
In order to value the securities,
the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal
market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are typically
valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of
securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Swaps are generally valued using evaluated prices obtained from an
independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.
In certain instances, the Pricing
Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as
scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and
assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund’s Pricing Committee following procedures established by the Board of
Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for
such securities existed. Trading in foreign securities may be completed before the scheduled daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities
between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the
fund’s Pricing Committee, following procedures established by the Board of Trustees. The fund uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in
order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.
The fund uses a three-tier hierarchy
to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities,
including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment
speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities
valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund’s own assumptions in determining the fair value of investments. Factors used in
determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the
risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the
values by input classification of the fund’s investments as of March 31, 2022, by major security category or type:
Total value at 3-31-22 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Common stocks | ||||
Financials | ||||
Banks | $674,071,539 | $669,712,009 | — | $4,359,530 |
Capital markets | 74,874,420 | 74,874,420 | — | — |
Consumer finance | 6,357,522 | 6,357,522 | — | — |
Diversified financial services | 13,110,467 | 4,507,822 | $8,602,645 | — |
Insurance | 5,223,176 | 5,223,176 | — | — |
Thrifts and mortgage finance | 44,493,776 | 44,493,776 | — | — |
Real estate | ||||
Equity real estate investment trusts | 4,858,867 | 4,858,867 | — | — |
Preferred securities | ||||
Financials | ||||
Banks | 19,157,930 | 11,089,930 | 8,068,000 | — |
Mortgage real estate investment trusts | 2,883,844 | 2,883,844 | — | — |
Real estate | ||||
Equity real estate investment trusts | 2,226,622 | 2,226,622 | — | — |
8 | | |
Total value at 3-31-22 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
(continued) | ||||
Certificate of deposit | $80,427 | — | $80,427 | — |
Total investments in securities | $847,338,590 | $826,227,988 | $16,751,072 | $4,359,530 |
Derivatives: | ||||
Assets | ||||
Swap contracts | $6,064,657 | — | $6,064,657 | — |
Liabilities | ||||
Swap contracts | (21,058) | — | (21,058) | — |
Restricted securities. The fund may hold restricted securities which are restricted as to resale and the fund has limited rights to registration under the Securities Act of 1933. Disposal may involve
time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. The following table summarizes the restricted securities held at March 31, 2022:
Issuer, Description | Original acquisition date | Acquisition cost | Beginning share amount | Shares purchased | Shares sold | Ending share amount | Value as a percentage of net assets | Ending value |
Bremer Financial Corp. | 10-25-19 | $5,000,040 | 41,667 | — | — | 41,667 | 0.6% | $4,359,530 |
Transactions in securities of
affiliated issuers. Affiliated issuers, as defined by the 1940 Act, are those in which the fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary
of the fund’s transactions in the securities of these issuers during the period ended March 31, 2022, is set forth below:
Dividends and distributions | |||||||||
Affiliate | Ending share amount | Beginning value | Cost of purchases | Proceeds from shares sold | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Income distributions received | Capital gain distributions received | Ending value |
First Reliance Bancshares, Inc. | 426,454 | $4,349,831 | — | — | — | $(149,259) | — | — | $4,200,572 |
For additional information on the
fund’s significant accounting policies and risks, please refer to the fund’s most recent semiannual or annual shareholder report and prospectus.
| | 9 |