UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-04537

 

LIBERTY ALL-STAR GROWTH FUND, INC.

(Exact name of registrant as specified in charter)

 

1290 Broadway, Suite 1100, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

 

Sareena Khwaja-Dixon

ALPS Fund Services, Inc.

1290 Broadway, Suite 1100

Denver, Colorado 80203

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (303) 623-2577

 

Date of fiscal year end: December 31

 

Date of reporting period: September 30, 2018

 

 

 

Item 1 – Schedule of Investments.

 

Liberty All-Star® Growth Fund

Schedule of Investments

  September 30, 2018 (Unaudited)

 

   SHARES   MARKET VALUE 
COMMON STOCKS (97.94%)        
COMMUNICATION SERVICES (3.48%)        
Entertainment (1.97%)        

Take-Two Interactive Software, Inc.(a)

   10,000   $1,379,900 
Walt Disney Co.   17,738    2,074,282 
         3,454,182 
Interactive Media & Services (1.51%)          

Alphabet, Inc., Class C(a)

   1,901    2,268,786 
Care.com, Inc.(a)   7,977    176,371 
Eventbrite, Inc.(a)   5,013    190,344 
         2,635,501 
CONSUMER DISCRETIONARY (20.19%)          
Distributors (0.86%)          
Pool Corp.   9,000    1,501,920 
           

Diversified Consumer Services (1.90%)

        
Chegg, Inc.(a)   116,736    3,318,804 
           
Hotels, Restaurants & Leisure (3.87%)          
Hyatt Hotels Corp., Class A   14,000    1,114,260 
Lindblad Expeditions Holdings, Inc.(a)   19,009    282,664 
Planet Fitness, Inc., Class A(a)   26,939    1,455,514 
Texas Roadhouse, Inc.   20,000    1,385,800 
Yum! Brands, Inc.   27,936    2,539,662 
         6,777,900 

Internet & Direct Marketing Retail (5.96%)

        
Amazon.com, Inc.(a)   1,103    2,209,309 
Booking Holdings, Inc.(a)   744    1,476,096 
Etsy, Inc.(a)   25,000    1,284,500 
Stamps.com, Inc.(a)   9,919    2,243,678 
Wayfair, Inc., Class A(a)   21,718    3,207,097 
         10,420,680 

Multiline Retail (1.07%)

        
Ollie's Bargain Outlet Holdings, Inc.(a)   19,427    1,866,935 
           

Specialty Retail (3.66%)

        
Burlington Stores, Inc.(a)   9,000    1,466,280 
Lowe's Cos., Inc.   15,715    1,804,396 
TJX Cos., Inc.   17,023    1,906,917 
Ulta Beauty, Inc.(a)   4,319    1,218,476 
         6,396,069 

Textiles, Apparel & Luxury Goods (2.87%)

        
Canada Goose Holdings, Inc.(a)(b)   20,039    1,293,317 
NIKE, Inc., Class B   25,174    2,132,741 

 

See Notes to Schedule of Investments.

 

 

 

Liberty All-Star® Growth Fund

Schedule of Investments

  September 30, 2018 (Unaudited)

 

   SHARES   MARKET VALUE 
COMMON STOCKS (continued)        
Textiles, Apparel & Luxury Goods (continued)        
PVH Corp.   11,000   $1,588,400 
         5,014,458 
CONSUMER STAPLES (4.12%)          
Food Products (2.46%)          
Lamb Weston Holdings, Inc.   20,000    1,332,000 
McCormick & Co., Inc.   11,000    1,449,250 
Mondelez International, Inc., Class A   35,346    1,518,464 
         4,299,714 
Household Products (0.68%)          
Church & Dwight Co., Inc.   20,000    1,187,400 
           
Personal Products (0.98%)          
Estee Lauder Cos., Inc., Class A   11,790    1,713,323 
           
 ENERGY (1.63%)          
Energy Equipment & Services (1.63%)          
Schlumberger, Ltd.   32,934    2,006,339 
Solaris Oilfield Infrastructure, Inc., Class A(a)(b)   44,498    840,567 
         2,846,906 
FINANCIALS (3.46%)          
Banks (2.12%)          
First Republic Bank   10,000    960,000 
Independent Bank Group, Inc.   25,779    1,709,147 
Signature Bank   9,089    1,043,781 
         3,712,928 
Capital Markets (0.97%)          
Raymond James Financial, Inc.   15,000    1,380,750 
Virtus Investment Partners, Inc.   2,752    313,040 
         1,693,790 
Thrifts & Mortgage Finance (0.37%)          

Axos Financial, Inc.(a)(b)

   19,017    653,995 
           
 HEALTH CARE (16.86%)          
Biotechnology (4.29%)          

ACADIA Pharmaceuticals, Inc.(a)(b)

   45,945    953,818 
Acorda Therapeutics, Inc.(a)   22,636    444,797 
Portola Pharmaceuticals, Inc.(a)(b)   58,639    1,561,557 
Puma Biotechnology, Inc.(a)(b)   37,092    1,700,668 
Regeneron Pharmaceuticals, Inc.(a)   5,308    2,144,644 
Ultragenyx Pharmaceutical, Inc.(a)(b)   9,134    697,290 
         7,502,774 

 

See Notes to Schedule of Investments.

 

 

 

Liberty All-Star® Growth Fund

Schedule of Investments

  September 30, 2018 (Unaudited)

 

   SHARES   MARKET VALUE 
COMMON STOCKS (continued)        
Health Care Equipment & Supplies (6.39%)        
Abbott Laboratories   17,091   $1,253,795 
Becton Dickinson and Co.   7,033    1,835,613 
Cooper Cos., Inc.   5,000    1,385,750 
Glaukos Corp.(a)   6,651    431,650 
Insulet Corp.(a)   31,542    3,341,875 
ResMed, Inc.   13,000    1,499,420 
STERIS PLC   12,500    1,430,000 
         11,178,103 
Health Care Providers & Services (3.11%)          

Diplomat Pharmacy, Inc.(a)(b)

   35,661    692,180 
Henry Schein, Inc.(a)   13,000    1,105,390 
PetIQ, Inc.(a)(b)   19,205    754,949 
UnitedHealth Group, Inc.   9,022    2,400,213 
US Physical Therapy, Inc.   4,052    480,567 
         5,433,299 
Life Sciences Tools & Services (1.51%)          

Charles River Laboratories International, Inc.(a)

   10,500    1,412,670 
Mettler-Toledo International, Inc.(a)   2,000    1,217,960 
         2,630,630 
Pharmaceuticals (1.56%)          
Jazz Pharmaceuticals PLC(a)   6,500    1,092,845 
Novo Nordisk A/S(c)   34,749    1,638,068 
         2,730,913 
INDUSTRIALS (12.47%)          
Aerospace & Defense (1.72%)          
HEICO Corp.   24,281    2,248,663 
Kratos Defense & Security Solutions, Inc.(a)   51,468    760,697 
         3,009,360 
Air Freight & Logistics (1.99%)          

XPO Logistics, Inc.(a)

   30,427    3,473,850 
           
Building Products (0.85%)          
Allegion PLC   3,212    290,911 
Lennox International, Inc.   5,500    1,201,200 
         1,492,111 
Commercial Services & Supplies (2.11%)          
Cintas Corp.   6,000    1,186,860 
Copart, Inc.(a)   25,000    1,288,250 
Rollins, Inc.   20,000    1,213,800 
         3,688,910 
Machinery (3.01%)          
Barnes Group, Inc.   18,998    1,349,428 

 

See Notes to Schedule of Investments.

 

 

 

Liberty All-Star® Growth Fund

Schedule of Investments

  September 30, 2018 (Unaudited)

 

   SHARES   MARKET VALUE 
COMMON STOCKS (continued)        
Machinery (continued)        

Middleby Corp.(a)(b)

   11,783   $1,524,131 
Snap-on, Inc.   6,500    1,193,400 
Xylem, Inc.   15,000    1,198,050 
         5,265,009 
Professional Services (0.71%)          

WageWorks, Inc.(a)

   29,001    1,239,793 
           
Road & Rail (1.34%)          
JB Hunt Transport Services, Inc.   8,846    1,052,143 
Old Dominion Freight Line, Inc.   8,000    1,290,080 
         2,342,223 
Trading Companies & Distributors (0.74%)          
H&E Equipment Services, Inc.   5,982    226,000 
SiteOne Landscape Supply, Inc.(a)   14,108    1,062,897 
         1,288,897 
INFORMATION TECHNOLOGY (28.63%)          
Electronic Equipment, Instruments & Components (1.99%)          
Cognex Corp.   20,000    1,116,400 
IPG Photonics Corp.(a)   5,000    780,350 
Littelfuse, Inc.   6,000    1,187,340 
nLight, Inc.(a)   10,759    238,957 
Novanta, Inc.(a)   2,284    156,226 
         3,479,273 
IT Services (7.38%)          
Alliance Data Systems Corp.   6,817    1,609,903 
Automatic Data Processing, Inc.   11,950    1,800,387 
EPAM Systems, Inc.(a)   11,514    1,585,478 
FleetCor Technologies, Inc.(a)   10,198    2,323,512 
Genpact, Ltd.   40,000    1,224,400 
GTT Communications, Inc.(a)(b)   15,992    694,053 
Jack Henry & Associates, Inc.   8,000    1,280,640 
Visa, Inc., Class A   15,973    2,397,387 
         12,915,760 
Semiconductors & Semiconductor Equipment (0.83%)          

Impinj, Inc.(a)(b)

   10,423    258,699 
Monolithic Power Systems, Inc.   9,500    1,192,535 
         1,451,234 
Software (18.43%)          

2U, Inc.(a)

   11,830    889,498 
Altair Engineering, Inc.(a)   14,561    632,676 
Autodesk, Inc.(a)   14,431    2,252,823 
Avalara, Inc.(a)(b)   12,286    429,150 

 

See Notes to Schedule of Investments.

 

 

 

Liberty All-Star® Growth Fund

Schedule of Investments

  September 30, 2018 (Unaudited)

 

   SHARES   MARKET VALUE 
COMMON STOCKS (continued)        
Software (continued)        

Ebix, Inc.(b)

   29,842   $2,361,994 
Everbridge, Inc.(a)   42,834    2,468,952 
Globant SA(a)   19,348    1,141,339 
HubSpot, Inc.(a)   7,971    1,203,222 
Microsoft Corp.   18,002    2,058,889 
Paycom Software, Inc.(a)(b)   11,000    1,709,510 
Paylocity Holding Corp.(a)   36,683    2,946,379 
Qualys, Inc.(a)   13,183    1,174,605 
RealPage, Inc.(a)   4,813    317,177 
Red Hat, Inc.(a)   14,875    2,027,165 
salesforce.com, Inc.(a)   11,647    1,852,222 
SPS Commerce, Inc.(a)   12,739    1,264,218 
SS&C Technologies Holdings, Inc.   30,000    1,704,900 
Synopsys, Inc.(a)   15,000    1,479,150 
Trade Desk, Inc., Class A(a)   18,607    2,807,982 
Ultimate Software Group, Inc.(a)   4,656    1,500,117 
         32,221,968 
MATERIALS (3.70%)          
Chemicals (2.87%)          
Ecolab, Inc.   15,302    2,399,048 
International Flavors & Fragrances, Inc.   8,500    1,182,520 
Praxair, Inc.   8,963    1,440,623 
         5,022,191 
Construction Materials (0.15%)          

US Concrete, Inc.(a)(b)

   5,678    260,336 
           
Containers & Packaging (0.68%)          
Avery Dennison Corp.   11,000    1,191,850 
           
 REAL ESTATE (3.40%)          
Equity Real Estate Investment Trusts (REITs) (1.27%)          
Equinix, Inc.   5,135    2,222,890 
           
Real Estate Management & Development (2.13%)          
FirstService Corp.   43,990    3,724,194 
           
TOTAL COMMON STOCKS          
(COST OF $107,241,984)        171,260,073 

 

See Notes to Schedule of Investments.

 

 

 

Liberty All-Star® Growth Fund

Schedule of Investments

  September 30, 2018 (Unaudited)

 

   SHARES   MARKET VALUE 
SHORT TERM INVESTMENTS (4.49%)        
MONEY MARKET FUND (2.27%)        
State Street Institutional US Government Money Market Fund, 1.936%(d)        
(COST OF $3,966,243)   3,966,243   $3,966,243 
           
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED (2.22%)          
State Street Navigator Securities Lending Government Money Market Portfolio, 2.19%          
(COST OF $3,885,279)   3,885,279    3,885,279 
           
TOTAL SHORT TERM INVESTMENTS          
(COST OF $7,851,522)        7,851,522 
           
TOTAL INVESTMENTS (102.43%)          
(COST OF $115,093,506)        179,111,595 
           
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.43%)        (4,260,198)
           
NET ASSETS (100.00%)       $174,851,397 
           
NET ASSET VALUE PER SHARE          

(27,616,263 SHARES OUTSTANDING)

       $6.33 

 

(a)Non-incomeproducing security.
(b)Security,or a portion of the security position, is currently on loan. The total market value of securities on loan is $14,323,562.
(c)AmericanDepositary Receipt.
(d)Ratereflects seven-day effective yield on September 30, 2018.

 

See Notes to Schedule of Investments.

 

 

 

Liberty All-Star® Growth Fund

Notes to Schedule of Investments

  September 30, 2018 (Unaudited)

 

Security Valuation

Equity securities are valued at the last sale price at the close of the principal exchange on which they trade, except for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”), which are valued at the NASDAQ official closing price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the- counter markets.

 

Cash collateral from securities lending activity is reinvested in the State Street Navigator Securities Lending Government Money Market Portfolio, a registered investment company under the Investment Company Act of 1940 (the “1940 Act”), which operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. Shares of registered investment companies are valued daily at that investment company’s net asset value per share.

 

The Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Fund's Board of Directors (the "Board"). When market quotations are not readily available, or in management’s judgment they do not accurately reflect fair value of a security, or an event occurs after the market close but before the Fund is priced that materially affects the value of a security, the security will be valued by the Fund’s Valuation Committee, using fair valuation procedures established by the Board. Examples of potentially significant events that could materially impact a Fund’s net asset value include, but are not limited to: single issuer events such as corporate actions, reorganizations, mergers, spin-offs, liquidations, acquisitions and buyouts; corporate announcements on earnings or product offerings; regulatory news; and litigation and multiple issuer events such as governmental actions; natural disasters or armed conflicts that affect a country or a region; or significant market fluctuations. Potential significant events are monitored by the Advisor, ALPS Advisors, Inc. (the “Advisor”), Sub-Advisers and/or the Valuation Committee through independent reviews of market indicators, general news sources and communications from the Fund’s custodian. As of September 30, 2018, the Fund held no securities that were fair valued.

 

Security Transactions

Security transactions are recorded on trade date. Cost is determined and gains/(losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

 

Income Recognition

Interest income is recorded on the accrual basis. Corporate actions and dividend income are recorded on the ex-date.

 

The Fund estimates components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of the cost of the related investments. Once the REIT reports annually the tax character of its distributions, the Fund revises its estimates. If the Fund no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

 

Lending of Portfolio Securities

The Fund may lend its portfolio securities only to borrowers that are approved by the Fund’s securities lending agent, State Street Bank & Trust Co. (“SSB”). The Fund will limit such lending to not more than 20% of the value of its total assets. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollar only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, or by irrevocable bank letters of credit issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of no less than 105% of the market value for all other securities. The collateral is maintained thereafter, at a market value equal to no less than 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

 

 

 

Liberty All-Star® Growth Fund

Notes to Schedule of Investments

  September 30, 2018 (Unaudited)

 

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Schedule of Investments as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities.

 

The following is a summary of the Fund’s securities lending positions and related cash and non- cash collateral received as of September 30, 2018:

 

Market Value
of Securities
on Loan
Cash
Collateral
Received
Non-Cash
Collateral
Received
Total
Collateral
Received
$14,323,562 $3,885,279 $10,779,115 $14,664,394

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

 

Fair Value Measurements

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

 

 

 

Liberty All-Star® Growth Fund

Notes to Schedule of Investments

  September 30, 2018 (Unaudited)

 

Valuation techniques used to value the Fund’s investments by major category are as follows:

 

Equity securities that are valued based on unadjusted quoted prices in active markets are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in shares of registered investment companies are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

 

Various inputs are used in determining the value of the Fund’s investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

 

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

 

Level 1 –Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

 

Level 2 –Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

 

Level 3 –Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2018:

 

  Valuation Inputs     
Investments in Securities at Value* Level 1   Level 2   Level 3   Total 
Common Stocks $171,260,073   $   $   $171,260,073 
Short Term Investments $7,851,522   $   $   $7,851,522 
Total $179,111,595   $   $   $179,111,595 

 

*See Schedule of Investments for industry classifications.

 

The Fund did not have any securities which used significant unobservable inputs (Level 3) in determining fair value during the period.

 

 

 

Liberty All-Star® Growth Fund

Notes to Schedule of Investments

  September 30, 2018 (Unaudited)

 

Indemnification

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund. Also, under the Fund’s organizational documents and by contract, the Directors and Officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be minimal.

 

Maryland Statutes

By resolution of the Board of Directors, the Fund has opted into the Maryland Control Share Acquisition Act and the Maryland Business Combination Act. In general, the Maryland Control Share Acquisition Act provides that “control shares” of a Maryland corporation acquired in a control share acquisition may not be voted except to the extent approved by shareholders at a meeting by a vote of two-thirds of the votes entitled to be cast on the matter (excluding shares owned by the acquirer and by officers or directors who are employees of the corporation). “Control shares” are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within certain statutorily defined ranges (one-tenth but less than one-third, one-third but less than a majority, and more than a majority of the voting power). In general, the Maryland Business Combination Act prohibits an interested shareholder (a shareholder that holds 10% or more of the voting power of the outstanding stock of the corporation) of a Maryland corporation from engaging in a business combination (generally defined to include a merger, consolidation, share exchange, sale of a substantial amount of assets, a transfer of the corporation’s securities and similar transactions to or with the interested shareholder or an entity affiliated with the interested shareholder) with the corporation for a period of five years after the most recent date on which the interested shareholder became an interested shareholder. At the time of adoption, March 19, 2009, the Board and the Fund were not aware of any shareholder that held control shares or that was an interested shareholder under the statutes.

 

Recent Accounting Pronouncement

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, which changes the fair value measurement disclosure requirements of FASB Accounting Standards Codification Topic 820, Fair Value Measurement. The update to Topic 820 includes new, eliminated, and modified disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods. Early adoption is permitted for any eliminated or modified disclosures. Management is currently evaluating the impact of the ASU.

 

 

 

Item 2 - Controls and Procedures.

 

(a)The registrant's Principal Executive Officer and Principal Financial Officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date.

 

(b)There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) during registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

Item 3 – Exhibits.

 

Separate certifications for the registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached as Ex99.CERT.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  LIBERTY ALL-STAR GROWTH FUND, INC.  
       
  By: /s/ William Parmentier  
    William Parmentier  
    President (principal executive officer)  
       
  Date: November 21, 2018  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  By: /s/ William Parmentier  
    William Parmentier  
    President (principal executive officer)  
       
  Date: November 21, 2018  
       
  By: /s/ Kimberly R. Storms  
    Kimberly R. Storms  
    Treasurer (principal financial officer)  
       
  Date: November 21, 2018